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Preds officially buy Del Biaggio's shares - owned 95% by Middle TN residents

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Old
07-23-2010, 07:55 AM
  #76
jlsg
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Originally Posted by SLake View Post
Not much else new there, it was a 12 minute interview that involved a lot of bantering, but one thing was clear...Tom and Thom are both excited about our roster and can't wait to drop the puck...
So am I

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08-05-2010, 10:57 AM
  #77
Seth Lake
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The Metro Sports Authority took a key step Thursday morning in ending the Predators' - and Nashville's - sordid relationship with Boots Del Biaggio.

The authority voted unanimously to release the team's ownership group from the guaranty agreement made between the city and the disgraced Del Biaggio. In addition, the authority waived a claim against Del Biaggio in a California bankruptcy court.

In exchange, the team's owners agreed to assume the full amount of the guaranty - some $31.2 million - and to make steps to purchase not only Del Biaggio's share of the team but also that of his partner, Warren Woo.
http://www.nashvillepost.com/news/20...one_with_boots

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“This is a good move,” said Metro Director of Law Sue Cain. “The local owners are going to gain more control, and it increases the likelihood the team will be here.”

Other hurdles still need to be cleared before the local ownership group can purchase Del Biaggio’s shares in the team before the Aug. 12 deadline. The deal still requires approval from the National Hockey League and CIT Group, the owners’ primary lender from the 2007 purchase of the team.

Sports Authority legal counsel Lary Thrailkill indicated at today’s meeting that the NHL and CIT were close to giving their approval.

The move also requires the local Predators owners to purchase the shares owned by Del Biaggio’s partner Warren Woo.

However, the Predators have indicated that Woo intends to buy back into the team and rejoin the ownership group.
http://www.tennessean.com/article/20...26/2066/NEWS03

A step closer to putting this behind us! If Woo is being bought out and then allowed to buy back in...I think it isn't long before Brett Wilson joins the ownership group either...

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08-05-2010, 11:37 AM
  #78
BigFatCat999
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I wish there was a chart showing how much is owned by what person and how much of out equity is owned by what person.

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08-05-2010, 12:59 PM
  #79
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Originally Posted by BigFatCat999 View Post
I wish there was a chart showing how much is owned by what person and how much of out equity is owned by what person.
Well...from what I know off the top of my head it is:

Local Ownership - 70%
Bankruptcy Court (Boots) - 25%
Warren Woo - 5%

For a while it appears with the latest news it will soon be:
Local Ownership - 100%

But then we're likely looking at:
Local Ownership - ~80%
Warren Woo, Brett Wilson, and others - >20%

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08-05-2010, 01:55 PM
  #80
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I LOVE the fact that the Tennessean's article has been up for a few hours already and there's not a comment on it. Hard to troll when the news is positive, ain't it?

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08-05-2010, 01:56 PM
  #81
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Originally Posted by SLake View Post
I LOVE the fact that the Tennessean's article has been up for a few hours already and there's not a comment on it. Hard to troll when the news is positive, ain't it?
"Why aren't you covering the Titans more? They might make .500 this year!"

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08-06-2010, 05:54 PM
  #82
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A San Francisco bankruptcy court on Friday approved the sale of disgraced Nashville Predators part-owner William “Boots” Del Biaggio’s stake in the team.

However, the team’s remaining owners have not yet finalized other matters necessary to close the deal — and an important deadline is approaching quickly.

The Predators' ownership group plans to buy Del Biaggio’s 27 percent stake in the team, which is valued at $25 million, for $15.2 million. But the deal is conditioned on a Aug. 12 closing so that the ownership group can make a $412,969 interest payment to CIT Lending Services Corp., the team’s lender, that is due Aug. 13 and otherwise would be owed by Del Biaggio’s estate.

Predators Senior Vice President Gerry Helper said he was pleased with today’s ruling because it “moved the process forward” but that “there’s other steps still to go.” Among those steps is NHL approval of the sale.
http://nashville.bizjournals.com/nas...2/daily50.html

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08-08-2010, 07:08 PM
  #83
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Looks a lot better than the day I moved back to Nashville from Atlanta. That day I turned the news on only to find out the Predators might be leaving town. Hopefully everything goes well and the team will be here a very long time.

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08-09-2010, 09:10 AM
  #84
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Originally Posted by SLake View Post
typical journalistsic license making it look like there is a chance this deal could fall through by the end of the week, but you gotta believe they would not have gone this far if they werent sure the next step would happen. and as for NHL approval Im sure thats a mere formality since it doesnt involve any new owners.

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08-10-2010, 10:44 PM
  #85
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In an interview following the press conference, Predators Chairman Tom Cigarran gave some positive news relative to the ownership group’s attempted purchase of the ownership shares of William “Boots” Del Biaggio, the disgraced former member of the group who is currently in prison for fraud and misappropriation of funds entrusted to him by the investors he represented.

“We have funded today,” Cigarran said. “We have our money sitting there ready to close.”
http://www.examiner.com/x-8246-Nashv...sfer-this-week

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09-02-2010, 03:38 PM
  #86
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It's official

http://blogs.tennessean.com/predator...aggios-shares/

Preds now own the shares.

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09-02-2010, 04:09 PM
  #87
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This doesn't matter though. The team is still in a horrible market with no fans, so stability is all just a pipe dream

In all seriousness, this is the best off-season this team and its fans have seen in years. I've been getting used to rollercoaster rides followed by surprising seasons. I know it's just my built-in Preds-fan-skepticism, but I really hope this great summer doesn't lead into a let down of a season. Now to get revenue up so we can start spending with the big boys. Or at least sort of like them.

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09-03-2010, 12:47 AM
  #88
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Originally Posted by ThirdManIn View Post
This doesn't matter though. The team is still in a horrible market with no fans, so stability is all just a pipe dream

In all seriousness, this is the best off-season this team and its fans have seen in years. I've been getting used to rollercoaster rides followed by surprising seasons. I know it's just my built-in Preds-fan-skepticism, but I really hope this great summer doesn't lead into a let down of a season. Now to get revenue up so we can start spending with the big boys. Or at least sort of like them.
I don't know about other people, but I still get a nervous feeling in my stomach when I hear 104.5 play that breaking news sound in their updates. They played that almost every day in '07 followed by "Dateline Hamilton...." and some doom/gloom news article.


Great news!! We're pretty much Nashville's team now.

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09-03-2010, 09:02 AM
  #89
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So will this allow you guys to start spending closer or all the way too the cap ceiling?

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09-03-2010, 09:17 AM
  #90
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Originally Posted by Dustin16182 View Post
So will this allow you guys to start spending closer or all the way too the cap ceiling?
Not really. The team realizes that is only generates so much money and spends accordingly. Spending to the cap would be foolish and debt producing. Look at the news about the Dodgers .... $433mil in debt ... stupid spending gone unchecked for too long. The Preds know that they can't play the game like that.

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09-03-2010, 01:46 PM
  #91
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Originally Posted by 101st_fan View Post
Not really. The team realizes that is only generates so much money and spends accordingly. Spending to the cap would be foolish and debt producing. Look at the news about the Dodgers .... $433mil in debt ... stupid spending gone unchecked for too long. The Preds know that they can't play the game like that.
Exactly. I'm sure BFC or you would have the figures more readily accessible, but it deserves mentioning that the team has nearly doubled their payroll since the lockout and continue to make modest increases in that figure from year to year as revenues increase.

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09-03-2010, 01:51 PM
  #92
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Originally Posted by SLake View Post
Exactly. I'm sure BFC or you would have the figures more readily accessible, but it deserves mentioning that the team has nearly doubled their payroll since the lockout and continue to make modest increases in that figure from year to year as revenues increase.
A SLAKE SIGHTING!!!!

Hold on, I have my specialty. 101st would be the specialist on this. If you need a crazy, humerous and roster specialist. That's me. (I think).

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09-04-2010, 10:48 AM
  #93
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Originally Posted by Dustin16182 View Post
So will this allow you guys to start spending closer or all the way too the cap ceiling?
no we will still spend at the cap midpoint.

going over the cap midpoint costs us double money. not only would we pay the salary we would also lose revenue sharing dollars.

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