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Balsillie/Phoenix Part VI

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06-09-2009, 05:25 PM
  #101
LadyStanley
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Coyotes live blog:
City of Glendale isn't sure what events they can put in Jobing.com Arena to replace the Coyotes if they move. Mentioned were ASU basketball and college hockey, which the judge called a long shot.

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06-09-2009, 05:27 PM
  #102
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Originally Posted by LadyStanley View Post
Coyotes live blog:
City of Glendale isn't sure what events they can put in Jobing.com Arena to replace the Coyotes if they move. Mentioned were ASU basketball and college hockey, which the judge called a long shot.
Judge seems very favorable to Glendale's position.

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06-09-2009, 05:29 PM
  #103
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Baum said he has a stack of legal papers 10-feet tall but only one real offer.
And by "one real offer" the judge means what exactly?


Last edited by LadyStanley: 06-09-2009 at 05:34 PM. Reason: qdp
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06-09-2009, 05:30 PM
  #104
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There is not "only one legitimate bid", it is just how many are at the final stage that have been shown to Baum. All other bids came much more recently.
Baum says he only has seen one offer.

 
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06-09-2009, 05:30 PM
  #105
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cbctom: City says not their job to bail out Moyes for bad management

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06-09-2009, 05:32 PM
  #106
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Originally Posted by HockeyScholar View Post
Uh.



And by "one real offer" the judge means what exactly?
Balsillie's offer is the only real offer. The others are letters of interest with no details as to amounts and what not. The NHL has just said that there are 4 other interested parties.

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06-09-2009, 05:33 PM
  #107
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That the other offers are still in their forming stages? You guys don't really know what goes into a formal legal "offer", do you?

Or do you prefer to believe that the league is lying to the court under oath?
You're ignoring what the judge himself said.

 
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06-09-2009, 05:33 PM
  #108
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cbctom: City says not their job to bail out Moyes for bad management
Isn't that the Judge's job which is why there are in front of the Judge now?

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06-09-2009, 05:33 PM
  #109
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So how is this looking? I've just listened to a couple radio reports saying basically it looks like JB will pay the extra hundred million and that will be that.

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06-09-2009, 05:33 PM
  #110
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Originally Posted by Takabru View Post
Balsillie's offer is the only real offer. The others are letters of interest with no details as to amounts and what not. The NHL has just said that there are 4 other interested parties.
Exactly. Doesn't mean the offers don't exist, just that they are not formalized to the degree of the bankruptcy offer. Not surprising considering this attempt to steal the team has only just jumped out of the blue.

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06-09-2009, 05:35 PM
  #111
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So how is this looking? I've just listened to a couple radio reports saying basically it looks like JB will pay the extra hundred million and that will be that.
No.

Right now it is looking like Balsillie will be facing Glendale as a major creditor, to the possible tune of half a billion dollars. He may be free to get a hold of the team, but he's not going to get it at what he thinks he could.

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06-09-2009, 05:36 PM
  #112
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So how is this looking? I've just listened to a couple radio reports saying basically it looks like JB will pay the extra hundred million and that will be that.
Extra hundred million and whatever is ruled in damages to the City of Glendale and Aramark and the Board of Governors would have a tough time showing why they said no to the application.

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06-09-2009, 05:36 PM
  #113
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You're ignoring what the judge himself said.
No, I'm not.

He said he has seen one formal offer. He has. The others are not formalized offers yet.

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06-09-2009, 05:37 PM
  #114
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Glendale as a creditor is potentially owed between $7 million - $500 million. It's up to the court to figure out the exact number IF relocation is allowed and it happens.

 
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06-09-2009, 05:38 PM
  #115
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Glendale as a creditor is potentially owed between $7 million - $500 million. It's up to the court to figure out the exact number IF relocation is allowed and it happens.
And what the "damages" (losses) are vs collateral (punitive?) damages might be.

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06-09-2009, 05:39 PM
  #116
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No, I'm not.

He said he has seen one formal offer. He has. The others are not formalized offers yet.
So they are not binding in any sense of the word. The judge doesn't consider them as anything he can consider or act upon at the moment until they transform into something legally finding, called an offer.

Who used the word hearsay, and thus inadmissible?

 
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06-09-2009, 05:39 PM
  #117
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Exactly. Doesn't mean the offers don't exist, just that they are not formalized to the degree of the bankruptcy offer. Not surprising considering this attempt to steal the team has only just jumped out of the blue.
Yeah, but the Judge is saying he only sees one real offer that has numbers to back it up. Therefore, he will not consider those other offers unless he sees the details. The league has not produced any of those details so those other offers as far as the Judge is concerned are not to be considered in this hearing.

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06-09-2009, 05:43 PM
  #118
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So they are not binding in any sense of the word. The judge doesn't consider them as anything he can consider or act upon at the moment until they transform into something legally finding, called an offer.

Who used the word hearsay, and thus inadmissible?
There also wasn't an actual bidding process wherein they could have made offers for the bankrupt team as it went into bankruptcy.

It's not hearsay unless Balsillie's lawyers object to it, which they didn't. It's just not formal offers.

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06-09-2009, 05:43 PM
  #119
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They do not, they have been exclusively on American cable (first with Empire and later with MSG) since the mid 1990s, and outside of the odd game on TSN and HNIC have been essentially shut out of the Southern Ontario market. But on the flip side, outside of the Saturday HNIC games the Maple Leafs have been shut out of the WNY market as well...
They've been negotiating to broadcast on TVN, but the CRTC won't grant them a license. There were also talks with a local Global affiliate that didn't go anywhere because the CRTC wouldn't amend their license. theScore.ca might be able to carry some games, but their broadcast license requires them to break away for live updates every 15 minutes when they carry live events. The obvious solution to this is for the Sabres to play half their games in Hamilton.

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06-09-2009, 05:44 PM
  #120
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I think the $100 million might just be a "relocation fee" and not any parts of "territorial rights fees."

He might have to pay $212 for the team, $100 to the NHL to move it to Hamilton, AND $X to Buffalo/Toronto for infringing on their territories.

The $100m would just be making up for a lost expansion fee to the NHL for the Hamilton area.
I concur, I think they are two different things. I think we had proof of relocation fees being paid earlier in the thread (one of the earlier ones)

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06-09-2009, 05:46 PM
  #121
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And now they are talking about holding a new auction, showing they are thinking exactly along the same lines as me. One formal offer, because there hasn't been a chance for anyone else to make one.

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06-09-2009, 05:48 PM
  #122
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And now they are talking about holding a new auction, showing they are thinking exactly along the same lines as me. One formal offer, because there hasn't been a chance for anyone else to make one.
There was always going to be another auction if the Bankruptcy was approved. The other offers will have to increment at 5m intervals once the auction starts.

Balsillie's original offer is called a "stalking horse" bid. There is no need to have other offers entered at that time until the actual Bankruptcy court sets a date for the auction. At that time other bidders can put in their offers under the conditions stated above. At least that is how I understand it.

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06-09-2009, 05:48 PM
  #123
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Originally Posted by Takabru View Post
Winnipeg, Quebec, Ottawa all have 10k or so plus arenas. Toronto well thats a different story but I am sure they could find a venue. Heck, London has a roughly 10k seat arena too. Even Halifax has a 10k arena. It wouldn't be too hard to do the only issue would be attracting players. Who do you get? Probably, just the left overs from the NHL, players at the end of their career, etc.

If you could start to attract top prospects and take away sure thing NHL'ers like the WHA did then you would be in business.
Tell me how you compete with the NHL playing in 10,000 seat or less arenas???

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06-09-2009, 05:50 PM
  #124
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Originally Posted by Takabru View Post
There was always going to be another auction if the Bankruptcy was approved. The other offers will have to increment at 5m intervals once the auction starts.

Balsillie's original offer is called a "stalking horse" bid. There is no need to have other offers entered at that time until the actual Bankruptcy court sets a date for the auction. At that time other bidders can put in their offers under the conditions stated above. At least that is how I understand it.
EXactly, hows just how meaningless "only one offer" is.

Only one formal offer, because only one person has had the chance to make one.

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06-09-2009, 05:51 PM
  #125
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And now they are talking about holding a new auction, showing they are thinking exactly along the same lines as me. One formal offer, because there hasn't been a chance for anyone else to make one.
Bidders on relocatable-asset are supposed to submit $20m deposit and requisite paperwork by 6/17. (If the NHL wins relocation bid, IOW, Phoenix isn't going anywhere, that auction isn't scheduled until September, so there's more time for bidders to come forward/offers to be finalized.)

Guessing there hasn't been any formal "other" bids until the court rules on relocatable or no. There's the Toronto Legacy team that would like a franchise, that might put a bid in with their $1b war chest. Can also imagine that KC might put a bid together.

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