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Ray Chambers has agreed to pay $25 million to unload his 47 percent stake in the team

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Old
09-24-2011, 09:22 PM
  #101
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Originally Posted by njdevsfn95 View Post
I would say their loan payment that was "missed" was 9/1/11 and their next is 9/1/14. Someone please correct me if wrong.

It is essentially 35.5 months away.
Ah so it was 9/1/14. He just said 2014 which could have meant Jan 2014. But yea it's still not reassuring since 3 years isn't exactly eternity.

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09-24-2011, 09:25 PM
  #102
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So the Post went from Chambers wanting a ludicrous $210 million to settling for negative $25 million. Not sure I buy the Post's source still.

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09-24-2011, 09:31 PM
  #103
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All the rumors start spiraling out of control once we get confirmation that a minority owner is selling/has sold. I wonder why. Oh yeah, because people are making **** up.

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09-24-2011, 09:47 PM
  #104
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This is getting depressing you guys.

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09-24-2011, 09:55 PM
  #105
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Probably had to pay a 25mm penalty to sell as his ownership stake probably had a fixed period before he could get out without penalty, we all have a kind of mini version with cell phones.

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09-24-2011, 09:57 PM
  #106
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Originally Posted by njdevsfn95 View Post
well, if we had payment due on a $100M loan and just paid $25M towards it then we are only on the hook for $75M (+ interest i guess) in 2014
These are two separate loans. Essentially one for the team and one for the building. The second one (which is bigger, $107M + interest) is for the arena.

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09-24-2011, 10:07 PM
  #107
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Originally Posted by Scottyk9 View Post
So it's what a lot of us figured when it was signed.

I backed off that idea after a while but I'm happy to know I was probably right
That doesn't make me feel any better about our chances of re-signing Zach though since it's unlikely we're going to magically get out of debt in a year.

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09-24-2011, 10:16 PM
  #108
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That doesn't make me feel any better about our chances of re-signing Zach though since it's unlikely we're going to magically get out of debt in a year.
Would Zach be willing to go year to year until we do get this thing settled?

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09-24-2011, 10:31 PM
  #109
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Originally Posted by guyincognito View Post
These are two separate loans. Essentially one for the team and one for the building. The second one (which is bigger, $107M + interest) is for the arena.
Isn't there an ongoing dispute with the city of Newark over how much money is owed, due to Newark lagging on the opening of the building?

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09-24-2011, 10:32 PM
  #110
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Originally Posted by Korean Devil 23 View Post
Would Zach be willing to go year to year until we do get this thing settled?
Probably not. I'm hoping that Vanderbeek taking full control of the team will sort out the finances so that Parise can be locked up long term.

I'm really hoping these rumours about Parise rejecting longer deals aren't true.

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09-24-2011, 10:42 PM
  #111
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Originally Posted by apice3 View Post
Isn't there an ongoing dispute with the city of Newark over how much money is owed, due to Newark lagging on the opening of the building?
That's chickenscratch and has to do with the BS deal that Sharpe James cut for the city. The city is looking for something like a million and change a year. Some rent.

What the loan is for is the money the Devils put up for the building. IIRC, they had a hard time coming up with it too, I think they just made the deadline. So the total for that must have been $107M. Makes sense, it's a $300M+ building and the state, um, I mean the city of Newark, kicked in $200M.

IF this is true, they survived the first balloon, Chambers walked away from his debt (thus being his payment for his share of the team, probably minimum value $120M, most likely more considering he'd still be on the hook and the debt will probably just bloat leading to some big problems next time around), and JVB is the lucky owner of a big mountain of debt that can't realistically be paid off. Outside investors aren't going to be easy to find unless operations get a helluva lot more streamlined and profitable.

He'll have to sell by the next balloon and will take a bath. Hope he's been crookedly syphoning money out.

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09-24-2011, 10:45 PM
  #112
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Originally Posted by guyincognito View Post
That's chickenscratch and has to do with the BS deal that Sharpe James cut for the city. The city is looking for something like a million and change a year. Some rent.

What the loan is for is the money the Devils put up for the building. IIRC, they had a hard time coming up with it too, I think they just made the deadline. So the total for that must have been $107M. Makes sense, it's a $300M+ building and the state, um, I mean the city of Newark, kicked in $200M.

IF this is true, they survived the first balloon, Chambers walked away from his debt (thus being his payment for his share of the team, probably minimum value $120M, most likely more considering he'd still be on the hook and the debt will probably just bloat leading to some big problems next time around), and JVB is the lucky owner of a big mountain of debt that can't realistically be paid off. Outside investors aren't going to be easy to find unless operations get a helluva lot more streamlined and profitable.

He'll have to sell by the next balloon and will take a bath. Hope he's been crookedly syphoning money out.
The whole Quebec Nordiques fans coming to NJ finally makes sense.Not sure if serious

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09-24-2011, 10:55 PM
  #113
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Why? The team would be prohibitively expensive and only a total moron would buy a building in a debt sale and then not use it. + the league and the leaserholder having to allow it. No one seems to understand why the Thrashers relocated. It had nothing to do with finances and it had nothing to do with ***** in the seats.

They had nowhere to play. They got locked out of the building by arena ownership.

It's much easier to buy a team for a low price with a clean title and nowhere to go.

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09-24-2011, 11:36 PM
  #114
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The whole Quebec Nordiques fans coming to NJ finally makes sense.Not sure if serious
Insert Kovalchuk in Nordiques jersey photoshop here.

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09-24-2011, 11:43 PM
  #115
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Also, screw Chambers. Chamber is probably my least favorite word in T9.

Every single time I type the word "chances", which I use a hell of a lot more than "chamber", the word "chamber" pops up. Then I hit space and I gotta go all the way back and redo it. F that.

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09-25-2011, 12:00 AM
  #116
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Originally Posted by apice3 View Post
Also, screw Chambers. Chamber is probably my least favorite word in T9.

Every single time I type the word "chances", which I use a hell of a lot more than "chamber", the word "chamber" pops up. Then I hit space and I gotta go all the way back and redo it. F that.
I hate that too. Jeter autocorrects into heterosexual.
No homo becomes no homosexual. You can call no homo, but you can't call no homosexual.

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09-25-2011, 12:04 AM
  #117
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Originally Posted by Zajacs Bowl Cut View Post
ah, a "Lou should retire or be fired" fanboy

havent had one of those in awhile
who is a "fanboy"?

I said that he has a difficult relationship with JVB. Never did I say he should be fired

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09-25-2011, 01:02 AM
  #118
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Quote:
Originally Posted by apice3 View Post
Also, screw Chambers. Chamber is probably my least favorite word in T9.

Every single time I type the word "chances", which I use a hell of a lot more than "chamber", the word "chamber" pops up. Then I hit space and I gotta go all the way back and redo it. F that.
Quote:
Originally Posted by Toquitoes View Post
I hate that too. Jeter autocorrects into heterosexual.
No homo becomes no homosexual. You can call no homo, but you can't call no homosexual.
: laugh:


Almost in tears.

And one of my good friends is a HUGE jeter fan. I saw jeter hit the HR tonight and went to text him nice HR jeter. It autocorrected and sent "Nice HR heterosexual."

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09-25-2011, 08:46 AM
  #119
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This is why I'm glad my phone has a QWERTY keypad.

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09-25-2011, 09:07 AM
  #120
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I think it's quite clear that Jeter is a heterosexual.

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09-25-2011, 09:12 AM
  #121
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who is a "fanboy"?

I said that he has a difficult relationship with JVB. Never did I say he should be fired
I wouldn't argue with this statement. VBK seems like a guy who's in favor of promoting the team--specifically the players--more often and making them more accessible, while Lou is the exact opposite.

And for those of you who claim Lou's not going anywhere blah blah blah" realize this: the team cannot afford to miss the playoffs AGAIN. Not only that, they'd more than like have to get to the second round. Even with a bad defense(which can improve over time), with the forwards they have there's no good reason to miss the playoffs, even as a low seed. The Eastern Conference is not scary. Emotionally and financially missing the playoffs is NOT an option; making the second round is almost mandatory.

They have another lousy season and Lou's gone. VBK isn't stupid. If this was any other franchise the GM would be out already given the results over the last several years.

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09-25-2011, 09:23 AM
  #122
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Originally Posted by Marv4Life View Post
I wouldn't argue with this statement. VBK seems like a guy who's in favor of promoting the team--specifically the players--more often and making them more accessible, while Lou is the exact opposite.

And for those of you who claim Lou's not going anywhere blah blah blah" realize this: the team cannot afford to miss the playoffs AGAIN. Not only that, they'd more than like have to get to the second round. Even with a bad defense(which can improve over time), with the forwards they have there's no good reason to miss the playoffs, even as a low seed. The Eastern Conference is not scary. Emotionally and financially missing the playoffs is NOT an option; making the second round is almost mandatory.

They have another lousy season and Lou's gone. VBK isn't stupid. If this was any other franchise the GM would be out already given the results over the last several years.
lol, and then who do you bring in as GM that is going to to save our ship?

Do you know how many GM's would kill to just make the playoffs 5 of 6 years? Obviously the results have been ******, but as somebody who is critical of Lou, what would you have suggested that he do differently over the span from the lockout until now? (and not hiring MacLean doesn't count, that's too obvious)

Lou isn't going anywhere as long as he is healthy

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09-25-2011, 10:32 AM
  #123
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Ranger fan here, do any devil fans know who, of the 2 owners, had the more money, liquid, real cash? I keep hearing that Chambers was the more liquid of the 2 and that the reason he punted was to limit his exposure to just $25 million.

The other question I have is about the amount of debt the devils have. I think one has to assume that the $25 million Chambers agreed to pay goes towards the principal that was due. Was that all that was due or only part? Also if the team is losing money each year someone had to cough up the shortfall. I also read that Chambers was tired of continually having to subsidize the operations.

If Vanderbeek remains as the sole owner does he have the money to run this team at the current levels? What constraints will the Banks put on him? Because they lose money will they make it a requirement of any loan renewal or renegotiation of him break even and cashflow on a positive basis? In order to do that will they require the team to reduce expenses? In sports the largest part of expenses is the player contracts and what impact will that have going forward in signing a Parise?

Not trying to rain on anyone's parade but I personally don't view this event as a positive for NJ if the owner leaving was the deeper pocketed owner. Since you guys are fans of the team I would be interested in hearing your insights.

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Old
09-25-2011, 10:46 AM
  #124
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Like many have speculated, VBK took majority ownership and will be looking to find a partner but perhaps at a different split than 47%/47%.

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09-25-2011, 11:35 AM
  #125
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I'm with JVB, this team is worth promoting. Lou has to realize that at the end of the day, it's a business. More accessibility to the team = more butts in the seat, IMO.

Oh and the bankruptcy story is delicious. I just had someone tell me they were bankrupt yesterday. Thanks, Post!

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