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Phoenix XCVII: Forget it, Jake. It's Glendale.

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Old
07-17-2013, 11:59 AM
  #851
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Originally Posted by Major4Boarding View Post
Adding - With Mr. Vinik's purchase of the Lightning, it too was due to the complexities of the deal. Assumption of debt - i.e. team debt (and maintenance lapses) and what was still owed by the "original" clowns to the Davidson family (they financed half of the original deal with Koules/Barrie).

Perhaps it's the referendum phase? Once that referendum deadline passes then the announcement will be made.
I don't believe Vinik assumed any debt, but he did assume payroll and operating costs from January onwards. Palace Sports was financing OK Hockey, along with another secured creditor from NY (name escapes me now), but PSE was holding the team as security and had financed nearly half of what OK had set as the purchase price. In the case of a default (which is what happened), Palace got control back, and sold to Vinik for a rumored $90-100 MM. As you know, Davidson's heirs simply wanted to divest themselves of all his sports properties.

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07-17-2013, 12:01 PM
  #852
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This won't close until after the referendum period lapses, otherwise it would have closed already. [MOD]


Last edited by Major4Boarding: 07-17-2013 at 12:19 PM. Reason: Rest of that wasn't necessary Cobra
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Old
07-17-2013, 12:31 PM
  #853
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I don't believe Vinik assumed any debt, but he did assume payroll and operating costs from January onwards. Palace Sports was financing OK Hockey, along with another secured creditor from NY (name escapes me now) , but PSE was holding the team as security and had financed nearly half of what OK had set as the purchase price. In the case of a default (which is what happened), Palace got control back, and sold to Vinik for a rumored $90-100 MM. As you know, Davidson's heirs simply wanted to divest themselves of all his sports properties.
That would be Galatioto Sports

To clarify on the assumption of debt part, it was the debt owed to Sun Sports for an advancement to cover payroll just before Vinik assumed those duties Jan. 2010.

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07-17-2013, 12:38 PM
  #854
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I wonder if the Fire and Police are helping to get signatures? They are the ones who have been defecated on by the incompetent Chavira and Sherwood! Time for redemption for the city workers and the taxpayers of Glendale whose ballot box votes were ignored by a group of corrupt rogue politicians. Yet to be seen is who got to Chavira and greased him?
In the past the pro-coyotes people used stand behind Jones and talk people out of signing so if they are going door-to-door they can't be followed. If it's true that they have 25 people getting signatures than it is doable. I wonder if the mayor has some of his campaign volunteers working on this too.

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07-17-2013, 12:43 PM
  #855
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I I wonder if the mayor has some of his campaign volunteers working on this too.
Negative... he has come out recently and stated that although he did not endorse the deal, he is "neutral" on the referendum.

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07-17-2013, 01:12 PM
  #856
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25 people at 400 signatures a piece seems feasible.

The question is whether or not 10000 people actually care or think this is a bad deal for the city. My guess is that the answer to that is no.

I know the relocationist camp has their hopes pinned to this but I wouldn't bet on it.

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07-17-2013, 01:32 PM
  #857
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25 people at 400 signatures a piece seems feasible.

The question is whether or not 10000 people actually care or think this is a bad deal for the city. My guess is that the answer to that is no.

I know the relocationist camp has their hopes pinned to this but I wouldn't bet on it.
As one of the most vocal members of the relocation camp we only have 2 possibilities:
1) the referendum gets the required signatures
2) Fortress backs out at the last minute.

So yeah I am rooting for #1. I know that it is a longshot but stranger things have happened in this saga.

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07-17-2013, 01:49 PM
  #858
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Originally Posted by aqib View Post
As one of the most vocal members of the relocation camp we only have 2 possibilities:
1) the referendum gets the required signatures
2) Fortress backs out at the last minute.

So yeah I am rooting for #1. I know that it is a longshot but stranger things have happened in this saga.
Either option would suit me just fine!

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07-17-2013, 01:51 PM
  #859
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Originally Posted by aqib View Post
1) the referendum gets the required signatures
2) Fortress backs out at the last minute.
Couple more, but certainly I would think beyond longshots...

3) The NHL BOG's rejects the sale.
4) The Az AG's Offices find Glendale breached Open Meeting Laws & Council Voting Procedures, over-turning the Lease Agreement.

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07-17-2013, 02:26 PM
  #860
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Originally Posted by aqib View Post
As one of the most vocal members of the relocation camp we only have 2 possibilities:
1) the referendum gets the required signatures 2) Fortress backs out at the last minute.

So yeah I am rooting for #1. I know that it is a longshot but stranger things have happened in this saga.
ZERO chances of this happening. The criteria for the type of person he needs to sign is too narrow. Registered voter, lives in Glendale, will stop to listen, will be influenced to sign...big case of NOPE. The people that actually stop to listen are turned off by his grumpiness, I've seen it first hand. And for the 25 people who are collecting signatures...nobody has seen them. I have a feeling they don't exist or at least they are not that great of a number.

400 signatures a day is quite a feat and thankfully looks impossible.



tick tock for KJ.

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07-17-2013, 02:50 PM
  #861
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Couple more, but certainly I would think beyond longshots...

3) The NHL BOG's rejects the sale.
4) The Az AG's Offices find Glendale breached Open Meeting Laws & Council Voting Procedures, over-turning the Lease Agreement.
5) at least one of the principles involved gets smacked upside the head by their mother, comes to their senses and backs out, causing the entire house of cards to come crashing down.

can I clarify something? i recall some confusion way back during one of the previous Glendale Council lease votes that they had not actually signed the lease, but had given permission to the City Manager, Beasley I guess at that time, to sign on behalf of the City. Is that the case now? By voting in favour of the new modified lease a couple of weeks ago, has Glendale effectively (and irreversibly) signed it? Or, did they authorize Bowers/Fischer to sign it? And would it be within the City Manager's powers to refuse to sign it?

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07-17-2013, 02:53 PM
  #862
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tick tock for KJ.
Same sort of thing as last go-round it appears then, and its like what, 100 degrees in the shade with 30% humidity? Thats just crazy, an old guy like that spending his days out of doors no matter how strongly he might feel about it. Wont matter if your dead.

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07-17-2013, 03:06 PM
  #863
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Originally Posted by mesamonster View Post
I wonder if the Fire and Police are helping to get signatures? They are the ones who have been defecated on by the incompetent Chavira and Sherwood! Time for redemption for the city workers and the taxpayers of Glendale whose ballot box votes were ignored by a group of corrupt rogue politicians. Yet to be seen is who got to Chavira and greased him?
They are not. They are far too intelligent to believe the likes of Alvarez and such alarmist scare tactics.

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07-17-2013, 03:07 PM
  #864
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Either option would suit me just fine!
I am curious Mesa. As a part time Scottsdale resident - Why such a bold statement?

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07-17-2013, 03:09 PM
  #865
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Same sort of thing as last go-round it appears then, and its like what, 100 degrees in the shade with 30% humidity? Thats just crazy, an old guy like that spending his days out of doors no matter how strongly he might feel about it. Wont matter if your dead.
You know what they say...If you can't take the heat, get out of the library...or something like that

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07-17-2013, 03:32 PM
  #866
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Seems to me like the longer it takes the less likely it is that it will happen at all. Would you agree with that?
No. This is a very complex deal that is just going to take time. You have gobs of money being loaned here and there by this and that, and those people need to be paid back. IE: The NHL is lending these jokers $85MM... they are going to want it back. So there are page after page explain that process and what happens if this happens, etc.

Life would be so much easier if someone just wanted to buy the team and pay cash for it. The problem is all those people also want to move it.

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07-17-2013, 03:35 PM
  #867
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ZERO chances of this happening. The criteria for the type of person he needs to sign is too narrow. Registered voter, lives in Glendale, will stop to listen, will be influenced to sign...big case of NOPE. The people that actually stop to listen are turned off by his grumpiness, I've seen it first hand. And for the 25 people who are collecting signatures...nobody has seen them. I have a feeling they don't exist or at least they are not that great of a number.

400 signatures a day is quite a feat and thankfully looks impossible.



tick tock for KJ.
However if you are having professionals do it, they wouldn't have people standing around stopping people, they would go door-to-door and they would have a list of who is registered so they would only go to. Those houses and. Give the 30 second speech:

Hi I'm bob from Save Glendale. City Council just agreed to give the Coyotes $15 million a year of your money so we are asking people to sign this petition so that voters can decide if that's what they want their money spent on. By signing you aren't saying you want the Coyotes to leave you just want the chance to vote on it yourself.

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07-17-2013, 03:39 PM
  #868
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5)Or, did they authorize Bowers/Fischer to sign it? And would it be within the City Manager's powers to refuse to sign it?
Interim Manager Bowers did sign the Agreement, and I believe it was Dey acting on behalf of IceAz/RSE who signed it, witnessed by a Notary here in Vancouver of all places, then returned to Glendale (I guess this Dey guy is based in North Vancouver). Theres a pdf of it in the archives, maybe 2-3 threads back <<<<<<<<< thataway. Cant re-call the exact legal specifics or requirements, but RSE has until August 4th to close the sale with the NHL or the agreement is null & void.... so, assuming for a moment that for whatever reason they cant close by that date, Id guess it could be extended provided Glendales willing to do so, though not entirely sure. It could be that another vote would be required to do so, and as Councils on Summer Break, your guess as good as mine how that'd play out. Really, unless something major, some major obstacle surfaces, hard to imagine that it doesnt get done on or around the 4th.

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07-17-2013, 03:41 PM
  #869
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Even with a complicated deal though, shouldn't a lot of the paperwork have been done before the council meeting?

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07-17-2013, 03:47 PM
  #870
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Originally Posted by NHLfan4life View Post
ZERO chances of this happening. The criteria for the type of person he needs to sign is too narrow. Registered voter, lives in Glendale, will stop to listen, will be influenced to sign...big case of NOPE. The people that actually stop to listen are turned off by his grumpiness, I've seen it first hand. And for the 25 people who are collecting signatures...nobody has seen them. I have a feeling they don't exist or at least they are not that great of a number.

400 signatures a day is quite a feat and thankfully looks impossible.



tick tock for KJ.
Tick tock for IEH as well

From three years ago next week: http://www.azcentral.com/community/g...l-trouble.html

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07-17-2013, 03:48 PM
  #871
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Even with a complicated deal though, shouldn't a lot of the paperwork have been done before the council meeting?
The Lease Agreement was completed, however as there was no guarantee it'd pass they would have held off on drafting the full-on Loan Agreements with Fortress & the NHL, the actual Sale Agreement, likely Partnership Agreements amongst themselves, including the 2 tiered RSE & IceArizona preferred & common share structure or however theyve put it together, just a tonne of paperwork, billable hours, the Lawyers gettin fat on this dealeo to be certain.... which come to think of it, where in tarnations CasualFan these days?

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07-17-2013, 03:51 PM
  #872
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Even with a complicated deal though, shouldn't a lot of the paperwork have been done before the council meeting?
That is the ideal situation. I think most of the wait is just waiting for the referendum period to expire, then they sign. Why not use this time to make sure the details are rock solid?

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07-17-2013, 03:54 PM
  #873
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Tick tock for IEH as well

From three years ago next week: http://www.azcentral.com/community/g...l-trouble.html
I would say this is a different situation than 3 years ago. Sure, there are return characters but overall people and situations have changed quite a bit.

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07-17-2013, 03:58 PM
  #874
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I would say this is a different situation than 3 years ago. Sure, there are return characters but overall people and situations have changed quite a bit.
I wouldn't trust anything that IE is involved with.

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07-17-2013, 03:59 PM
  #875
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Even with a complicated deal though, shouldn't a lot of the paperwork have been done before the council meeting?
The paperwork that is still to be done has to do with the sale (and the financing of the sale) of the Yotes from the NHL to IceArizona. Not so much to do with the council, except there may be something contingent on financing from either NHL or Fortress or both that they will not loan IceArizona the money to finalize the sale until they know the petition drive has failed and they have the arena lease/COG agreement set in stone.

It's kind of like when someone signs a contract to buy a house (they put in an offer and the offer is accepted by the seller) but then the actual closing isn't until a month later once it is known the money for the mortgage is there from the bank and all inspections are done and satisfactory.

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