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Financial Woes Could Be Over

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Old
02-21-2012, 04:18 AM
  #26
njdss4
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As much as I'd love to think that the team's money issues are over, I have to remember to give this article as little credibility as I do any other Post article.

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02-21-2012, 04:46 AM
  #27
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Nah, Nothing to see here.

This is just to posts way of covering itself when the Devils annouce they added money at the deadline and re-signed Zach, you know so they dont look as bad like the money came just in time.




But really it could be some many people. I am leaning toward the only person that was mention to have an interest and thats the Wendys guy. Who knows, we prob never will, unless JVB cant get the money and he is forced to sell the team to the guy. Hope its all true so this can stop.

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02-21-2012, 05:45 AM
  #28
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Cant get excited about the Post but when was the last time they actually wrote a positive article about our hockey team?

Here's hoping.

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02-21-2012, 05:50 AM
  #29
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This article was about as optimistic you can be while still stirring up the boat and hinting multiple times the team is screwed.

Regardless, it reassures what I've been hearing all along. We aren't oozing money from pores, our bankruptcy issues are directly connected to an ownership struggle. If our owners work together, we're fine.

Its a much easier problem to overcome. Instead of us not having money, its one owner refusing to put up his share of money.

Hockey operations is unaffected because VBK can easily afford the increase of 1-2 million our recent moves have made himself, without needing Chambers to put up money (and I reckon there is also a clause in the sale of the team to VBK that states Chambers is required to fund his share of hockey operations, which doesn't carry over to the refinancing the debt which Chambers is not legally obligated to pay).

Its certainly not smooth sailing but we are far from being in the same boat as some of the other bankrupt teams in the past few years.

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02-21-2012, 06:07 AM
  #30
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You know that movie where everything turned out OK in the end. (Investor) Everybody leaves the room and the person stands there deep in thought about what they just went through feeling relieved.( Jeff, Fans,)A shadow appears behind that person which looks like it has a knife raised.(The Fall) Screen goes blank. F5 F5 F5 F5 F5 F5 F5 F5 F5 WTH

That is how that Post article read.

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02-21-2012, 06:16 AM
  #31
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Wake me up when they publish news that are not full of ifs, conjunctives and mysterious sources.

Quote:
Originally Posted by DevsFan7545 View Post
In all honesty. I would love Mark Cuban to buy the Devils

One of my favorite owners
Lou would retire if that would happen. I don't want an owner that constantly has to push his mug in every camera.

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Old
02-21-2012, 06:18 AM
  #32
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I would say this points to one obvious fact:

If we acquire anyone of significance in the next week, and by significance I mean contract, we will have to send money the other way...but we won't be hindered by anything.

Still, I will take this with a grain of salt until someone from the Devils confirms this. I must say it is a breath of fresh air to not hear something negative from the Post but w/e.

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Old
02-21-2012, 06:55 AM
  #33
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Old
02-21-2012, 06:59 AM
  #34
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The team's not going anywhere, especially if there's a deep playoff run. This is Vanderbeek's way of pushing Chambers out that the league will have to approve lest they be caught with creditors nibbling at their heels.

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02-21-2012, 07:01 AM
  #35
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I'll stay consistent and say that this is still probably 95% NY Post BS

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02-21-2012, 07:11 AM
  #36
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I wonder what exactly in terms of numbers a deep playoff run could gather as opposed to getting swept in 6 in Round 1.

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02-21-2012, 07:15 AM
  #37
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Quote:
Originally Posted by Rockie View Post
I wonder what exactly in terms of numbers a deep playoff run could gather as opposed to getting swept in 6 in Round 1.
The numbers that get thrown around a lot is about $1 Million profit per every home game a team has.

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02-21-2012, 07:21 AM
  #38
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Quote:
Originally Posted by manisback121 View Post
The team's not going anywhere, especially if there's a deep playoff run. This is Vanderbeek's way of pushing Chambers out that the league will have to approve lest they be caught with creditors nibbling at their heels.
VBK doesn't need to push Chambers out...

Chambers would love to leave. He has no interest owning a hockey team.

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Old
02-21-2012, 07:23 AM
  #39
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Chances this is a backpedal by the post?

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02-21-2012, 07:29 AM
  #40
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I feel no different about the situation now as I did prior to this article or prior to any other Post article.

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02-21-2012, 07:45 AM
  #41
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Old
02-21-2012, 07:56 AM
  #42
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Quote:
Originally Posted by DevilChuk View Post
VBK doesn't need to push Chambers out...

Chambers would love to leave. He has no interest owning a hockey team.
He's been having quite a hard time getting out though with an entity called the National Hockey League.

Have some coffee then think about how creditors, contracts, defaults and indemnification clauses work.

If VBK and the team enter into a contract that a default would result in partial sale, the league would say ok then stop it...Chambers is out or the league is on the hook.

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02-21-2012, 08:19 AM
  #43
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Quote:
Originally Posted by manisback121 View Post
He's been having quite a hard time getting out though with an entity called the National Hockey League.

Have some coffee then think about how creditors, contracts, defaults and indemnification clauses work.

If VBK and the team enter into a contract that a default would result in partial sale, the league would say ok then stop it...Chambers is out or the league is on the hook.
He's having a hard time getting out because he can't find a buyer.. I don't think the NHL cares who the minority, non-controlling owner of a franchise is.

Here's a nice little synopsis for you from what I know over the years (not all of this read from newspaper articles..)

Chambers sold VBK the controlling shares of the team with a clause stating he could trigger a full sale of the team (including VBK's shares) if certain financial stipulations were met. He tried to do so but failed to find a buyer (or offer that met the financial stipulations).

Chambers is thus left with his 47%, pretty worthless non-controlling shares because the Devils do not turn enough of a profit to make it a worthwhile business investment to anyone who has no desire to actually say he owns a hockey team.

The Devils took out loans to build the arenas. Chambers and VBK (in reality, whoever owns the team.. whether it be them two or if they sell it to someone else.. the loans are taken out by the Devils themselves, not VBK/Chambers) are ultimately responsible to pay off those loans so, if the reports are all true, the Devils have more debt than team value meaning it would be even harder for Chambers to sell his shares because anyone who comes in would have to pay both Chambers' price as well as take on nearly half of the loan payments.

Now, you have rumors of Chambers being wiling to pay $25 million to unload his shares, and more importantly, is share of the debt which is really much higher than that which makes this a deal worthwhile to both parties (Chambers gets outs without losing more money, VBK gets 98% of the team). Sounds like this has broken down as of late. In the meantime, probably to force VBK's hand in either buying Chamber's shares (or via a lower fee to unload) or force a full sale of the team, Chambers is unwilling to invest any more money in the franchise. Like I said earlier, it is unclear whether this includes hockey operations or not.

So he effectively has a strange hold on the company, since VBK is either unwilling or cannot afford to finance the team by himself.. meaning VBK has to look for outside investors or other creative ways to generate capital (leveraging the MSG TV deal).

Its funny because both these millionaires screwed themselves. Chambers got his wish in moving the Devils to Newark but by taking non-controlling shares, he really messed himself up in regards to future value (i'm assuming he thought he could hit those aforementioned financial stipulations to make a quick flip). VBK got his team but probably couldn't afford the full 100% at the time and is now being handcuffed by clauses built into that original purchase.

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02-21-2012, 08:26 AM
  #44
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You guys are missing an interesting element, for the majority of the time since the Chambers et al group has been involved it's been Mike Gilifan doing the talking and being the face of the group.

I wonder what happened internally that caused this shift? Because honestly, Chambers has dumped LOTS of money all over the place in Newark just to do it really. I guess he wanted to build the arena and bought the team to make sure that would happen and now is over and done with the hockey aspect of all this.

However, another layer of mystery to the whole lot is that Gilifan is Chamber's son-in-law.

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Old
02-21-2012, 08:41 AM
  #45
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Quote:
Originally Posted by Cowbell232 View Post
The numbers that get thrown around a lot is about $1 Million profit per every home game a team has.
can we has more than 8 home games? please?

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Old
02-21-2012, 08:46 AM
  #46
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Sounds to me like there is only one thing that could destroy Vanderbeek's plan to outright own the team.

A work stoppage.

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Old
02-21-2012, 09:05 AM
  #47
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So wait... with this 80 million, will the Devils finally be able to refinance their debt? I'm assuming that with the interest rates so much lower now than they were at the time that funding for the arena was raised, the interest payments on the refinanced debt would be drastically lower, and the Devils might actually be able to turn a profit...?

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Old
02-21-2012, 09:13 AM
  #48
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Quote:
Originally Posted by Cowbell232 View Post
You guys are missing an interesting element, for the majority of the time since the Chambers et al group has been involved it's been Mike Gilifan doing the talking and being the face of the group.

I wonder what happened internally that caused this shift? Because honestly, Chambers has dumped LOTS of money all over the place in Newark just to do it really. I guess he wanted to build the arena and bought the team to make sure that would happen and now is over and done with the hockey aspect of all this.

However, another layer of mystery to the whole lot is that Gilifan is Chamber's son-in-law.
I don't think theres really been a shift.

Technically, its Brick City who owns the 47% which Chambers owns and Gilifan is involved in (not sure as to what capacity). I think it was more Chambers using Gilifan as a puppet in the early goings and now that he's started to lose value/money, he's sort of taken over. But thats pure speculation on my part.

But yea, he bought the team from McMullen with the goal to move it to Newark to help revitalize the area. After that, he couldn't have cared less (aka sold it to VBK).

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Old
02-21-2012, 09:21 AM
  #49
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Quote:
Originally Posted by DevilChuk View Post
I don't think theres really been a shift.

Technically, its Brick City who owns the 47% which Chambers owns and Gilifan is involved in (not sure as to what capacity). I think it was more Chambers using Gilifan as a puppet in the early goings and now that he's started to lose value/money, he's sort of taken over. But thats pure speculation on my part.

But yea, he bought the team from McMullen with the goal to move it to Newark to help revitalize the area. After that, he couldn't have cared less (aka sold it to VBK).
That's exactly what I'm referring to... That's the shift.

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Old
02-21-2012, 09:27 AM
  #50
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I'll believe it when I see it.

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