HFBoards

Go Back   HFBoards > NHL Western Conference > Central Division > Nashville Predators
Mobile Hockey's Future Become a Sponsor Site Rules Support Forum vBookie Page 2
Notices

David Freeman replaced by Tom Cigarran as Preds chairman / Preds meet attendance goal

Reply
 
Thread Tools
Old
03-01-2010, 02:47 PM
  #26
Seth Lake
Registered User
 
Seth Lake's Avatar
 
Join Date: Jun 2005
Location: Nashville, TN
Country: United States
Posts: 8,855
vCash: 500
Send a message via AIM to Seth Lake
Press release from Preds

Quote:
Today, the Nashville Predators ownership group announces a change in the leadership of its board of directors.

Tom Cigarran has been elected the Predators new chairman, replacing David Freeman who is stepping down as chairman after serving three years in this role.

“Everyone should recognize that had David Freeman not taken the initiative to pull together the current ownership team, the Predators would not be in Nashville today,” said Cigarran. “Speaking on behalf of the other six owners in our group, we appreciate the time and energy David has contributed while serving his term as chairman.”

The ownership team came together in 2007 to buy the Predators franchise in order to ensure the team remains in Nashville. “We have received increasing support from the business community and individual fans each year since the local ownership group took control,” said Cigarran. “We are committed to the success of the team and keeping it here. That’s why we got involved in the first place, and it is behind every decision we make.”

“This is a great time for our organization,” said Cigarran. “We couldn’t be more excited about our new partnership with Bridgestone. Six of our players have just returned from playing visible and important roles on their respective teams in the Olympics. We have great momentum and are on track for a spot in the playoffs, which would be our fifth appearance in six years.”
http://predators.nhl.com/club/news.h...id=DL|NSH|home

Sounds like Freeman is still remaining in the ownership group, just stepping aside as chairman...

Seth Lake is offline   Reply With Quote
Old
03-01-2010, 02:47 PM
  #27
Preds Partisan
Nothing
 
Preds Partisan's Avatar
 
Join Date: Aug 2009
Country: United States
Posts: 713
vCash: 500
Quote:
Originally Posted by SLake View Post
I was just told that Cigarran will likely be joined by other members of the ownership group during the interview and it's expected to cover a lot of questions. I'm not sure whether or not they will take phone calls, but if you're interested be sure to tune in...

Really? I thought everybody else wanted to stay in the background. Maybe they're trying to make a point by showing up together?

Preds Partisan is offline   Reply With Quote
Old
03-01-2010, 02:50 PM
  #28
Jarnberg
Registered User
 
Join Date: Jul 2002
Location: Nashville
Country: United States
Posts: 5,485
vCash: 500
So this means that it is probably due to his relations with the SA and their ridiculous deadline put on solving his personal tax issues, which were created by him having to cover Boots, which he has to wait for the IRS to settle.

I know the city wants to lookout for the cities interests... but come on now.

Jarnberg is offline   Reply With Quote
Old
03-01-2010, 02:58 PM
  #29
predfan98
Registered User
 
predfan98's Avatar
 
Join Date: Aug 2007
Posts: 1,562
vCash: 500
This is bad, imo, because it probably adds to the stress of the ownership group in dealing with all the ********* that the SA is adding to the fire.
Add in to that the stress of the last several years with the stock market tanking and losing personal/business net worth of the ownership group.
And add to that all the rumors that they don't agree on what $ to spend where with the Predators.

I don't see why the SA thinks their demands trump the IRS process. They are proving to be even greater morons than I ever thought.

Freeman probably has to do something publicly to back out.....and this is about the only option. It is one gigantic cluster........

If this doesn't sour people on owning a sports franchise in Nashville, I don't know why will........

predfan98 is offline   Reply With Quote
Old
03-01-2010, 03:07 PM
  #30
101st_fan
I taught Yoda
 
101st_fan's Avatar
 
Join Date: Oct 2005
Location: Some Army fort
Country: United States
Posts: 5,953
vCash: 500
The Preds press release reads like the team just chose to switch Chairmen/Governors after three years ..... until the letter to Metro is paired with it.

101st_fan is offline   Reply With Quote
Old
03-01-2010, 06:21 PM
  #31
101st_fan
I taught Yoda
 
101st_fan's Avatar
 
Join Date: Oct 2005
Location: Some Army fort
Country: United States
Posts: 5,953
vCash: 500
Cigarran described this as a rather routine change of chairmen. He also addressed the default issue and said the team is not, was not, and is not about to be in a default situation. I liked what I heard from him.

101st_fan is offline   Reply With Quote
Old
03-01-2010, 06:32 PM
  #32
BigFatCat999
I love GoOoOlD
 
BigFatCat999's Avatar
 
Join Date: Apr 2007
Location: Campbell, NY
Country: United States
Posts: 10,356
vCash: 500
Quote:
Originally Posted by 101st_fan View Post
Cigarran described this as a rather routine change of chairmen. He also addressed the default issue and said the team is not, was not, and is not about to be in a default situation. I liked what I heard from him.
He impressed me. I thought Freeman was good but if Cigs stays like this, this will be great.

BigFatCat999 is online now   Reply With Quote
Old
03-02-2010, 08:37 AM
  #33
101st_fan
I taught Yoda
 
101st_fan's Avatar
 
Join Date: Oct 2005
Location: Some Army fort
Country: United States
Posts: 5,953
vCash: 500
The Tennessean updated its online story on the change again. The first piece wasn't bad ... the latest returns to the tabloid style reporting we've come to expect from the Nashville Fishwrap & Birdcage Liner. One little thing Cigarran mentioned on the Zone yesterday afternoon and is buried in the article .... "It's been sort of a bogus issue because there never was a time when the ownership group — as a group — didn't have the wherewithal to stand behind the guarantees that were made and when they weren't willing to do that. So the city was never really at risk." Hopefully somebody will read this to Rusty Lawrence and put it in words he'll understand although that might require a crayon drawing.

101st_fan is offline   Reply With Quote
Old
03-02-2010, 11:01 AM
  #34
AEM6729
Registered User
 
Join Date: Mar 2010
Location: Nashville
Posts: 1,024
vCash: 500
What is the Tennessean's problem?! Their article today was awful; the Nashville Post's article...besides coming a day before the Tennessean's...was way better. I don't understand what the deal is with the Tennessean and the Sports Authority being so difficult all the time.

If I'm understanding the situation right, it's really a nonissue. The IRS says Freeman owes a bunch of tax money, Freeman says they're wrong and is waiting on a ruling from them. The SA is all up in his junk about it, trying to demand that he waive his right to a ruling and just pay the IRS what they say he owes, and Freeman is basically telling the SA to back off by stepping down as chairman so he doesn't have to talk to them anymore. There's no change in the makeup of the ownership group itself, right? Just a change in who will be the public face of the group as far as the SA and NHL Board of Governors is concerned.

Seems like much ado about nothing, and if the SA weren't so ridiculous none of this would even be happening.

AEM6729 is offline   Reply With Quote
Old
03-02-2010, 12:32 PM
  #35
utmfisher19
Registered User
 
utmfisher19's Avatar
 
Join Date: Nov 2005
Location: Nashville, Tn
Country: United States
Posts: 937
vCash: 500
Send a message via AIM to utmfisher19 Send a message via MSN to utmfisher19 Send a message via Yahoo to utmfisher19
Quote:
Originally Posted by predfan98 View Post
This is bad, imo, because it probably adds to the stress of the ownership group in dealing with all the ********* that the SA is adding to the fire.
Add in to that the stress of the last several years with the stock market tanking and losing personal/business net worth of the ownership group.
And add to that all the rumors that they don't agree on what $ to spend where with the Predators.
Yes, the SA are acting like children. But, seriously, you have nothing to worry about with the ownership group. Freeman was just wanting to step down out of the spot-light and get the SA off of his back and focusing on the team rather than him. He is still the owner and is having ZERO $/money problems.

That's all...

utmfisher19 is offline   Reply With Quote
Old
03-02-2010, 06:04 PM
  #36
101st_fan
I taught Yoda
 
101st_fan's Avatar
 
Join Date: Oct 2005
Location: Some Army fort
Country: United States
Posts: 5,953
vCash: 500
Thrailkill responds ... and the he said, she said continues.

http://www.tennessean.com/assets/pdf/DN15292932.PDF

101st_fan is offline   Reply With Quote
Old
03-02-2010, 06:16 PM
  #37
braindead
Registered User
 
braindead's Avatar
 
Join Date: Jul 2005
Location: The cookie spoke
Country: Tibet
Posts: 2,776
vCash: 500
Quote:
Originally Posted by utmfisher19 View Post
Freeman was just wanting to step down out of the spot-light and get the SA off of his back and focusing on the team rather than him. He is still the owner and is having ZERO $/money problems.
I don't think this is right at all. He isn't "the" owner, he is "an" owner. And I think he is stretched thin, overcommitted; I think the remainder of the ownership group knows it and is pissed about the lien and its impact on them and thus the change. You don't get an IRS lien on your house while having ZERO money problems. Ever.

I expect to see Freeman sell some shares to the other owners at some point (as alluded to in the fishwrap today) in order to get some liquidity. I do agree with you completely that there is nothing to worry about with the group as a whole.

braindead is offline   Reply With Quote
Old
03-03-2010, 01:31 AM
  #38
AEM6729
Registered User
 
Join Date: Mar 2010
Location: Nashville
Posts: 1,024
vCash: 500
Quote:
Originally Posted by braindead View Post
I don't think this is right at all. He isn't "the" owner, he is "an" owner. And I think he is stretched thin, overcommitted; I think the remainder of the ownership group knows it and is pissed about the lien and its impact on them and thus the change. You don't get an IRS lien on your house while having ZERO money problems. Ever.

I expect to see Freeman sell some shares to the other owners at some point (as alluded to in the fishwrap today) in order to get some liquidity. I do agree with you completely that there is nothing to worry about with the group as a whole.
Where are you getting that stuff from? I know the Tennessean alluded to the owners being frustrated with the lien, but there wasn't any actual quote to accompany the statement so I didn't know if it was just Tennessean sensationalism or based in actual fact.

The IRS sucks. They're wrong a lot about tax debt, and I'm sure Freeman's return from 2007 was ridiculously complicated since that's the year he sold his company and bought the Preds. Freeman says he's paid the taxes. He's said he's deposited a substantial sum with the IRS pending a ruling from them. His lawyer and his CPA are both backing him up on that. I don't see why he'd be fighting the IRS on this if he actually did owe them money. He's also given the SA documents that apparently show his net worth is double his interest in the Preds. I guess it's always possible Freeman did/does have money problems, but IMO it's just as possible that the IRS is wrong.

AEM6729 is offline   Reply With Quote
Old
03-03-2010, 10:43 AM
  #39
utmfisher19
Registered User
 
utmfisher19's Avatar
 
Join Date: Nov 2005
Location: Nashville, Tn
Country: United States
Posts: 937
vCash: 500
Send a message via AIM to utmfisher19 Send a message via MSN to utmfisher19 Send a message via Yahoo to utmfisher19
Quote:
Originally Posted by braindead View Post
I don't think this is right at all. And I think he is stretched thin, overcommitted; I think the remainder of the ownership group knows it and is pissed about the lien and its impact on them and thus the change. You don't get an IRS lien on your house while having ZERO money problems. Ever.

I expect to see Freeman sell some shares to the other owners at some point (as alluded to in the fishwrap today) in order to get some liquidity.
COMPLETELY incorrect statements, right Nashville Post? http://www.nashvillepost.com/news/20...ator_cut_loose

Btw, there is a difference between PERSONAL finances and BUSINESS finances. And why don't you read up on this "lien"... It was taken care of the day that it happened by Freeman. He is just waiting on the IRS to clear his name.

utmfisher19 is offline   Reply With Quote
Old
03-03-2010, 11:50 AM
  #40
lstcyr
Registered User
 
Join Date: Jul 2002
Posts: 1,979
vCash: 500
"Freeman’s accountant informed the Sports Authority at its last meeting that all of Freeman’s taxes, except for a portion of 2007 have been paid and that he is “diligently pursuing” a ruling from the IRS regarding his contest of a portion of his 2007 taxes. Pending such a ruling, Freeman had deposited funds with the IRS intended to cover his liability."

Note that this quote from the article is misleading. My understanding is that Freeman deposited funds with the IRS to cover the amount of the liability that "he" says is owed. That's less than the lien or the amount that the IRS says he owes. Bit of a difference there.

It's sort of like saying "You say I owe you $100. I think it's $50 so I'm sending you $50 and that covers it until we work it out."

lstcyr is offline   Reply With Quote
Old
03-03-2010, 01:08 PM
  #41
predfan98
Registered User
 
predfan98's Avatar
 
Join Date: Aug 2007
Posts: 1,562
vCash: 500
Quote:
Originally Posted by braindead View Post
I don't think this is right at all. He isn't "the" owner, he is "an" owner. And I think he is stretched thin, overcommitted; I think the remainder of the ownership group knows it and is pissed about the lien and its impact on them and thus the change. You don't get an IRS lien on your house while having ZERO money problems. Ever.

I expect to see Freeman sell some shares to the other owners at some point (as alluded to in the fishwrap today) in order to get some liquidity. I do agree with you completely that there is nothing to worry about with the group as a whole.

The IRS and Freeman disagree. It's going thru the process at the pace the IRS dictates.
Having/not having $ doesn't have anything to do with an IRS lien.

predfan98 is offline   Reply With Quote
Old
03-05-2010, 10:38 AM
  #42
101st_fan
I taught Yoda
 
101st_fan's Avatar
 
Join Date: Oct 2005
Location: Some Army fort
Country: United States
Posts: 5,953
vCash: 500
The Tennessean finally posted the Limited Guaranty in Rau's blog yesterday. After reading through the provisions of what constitutes a "guarantor default" and the "unpaid taxes" language ... I don't see this as a "default". The guaranty provides for tax issues which are “disputed in good faith and diligently pursued".

I find it a bit funny that the same reporters who keep writing how Freeman's financial status is so dire that it puts the entire Predators franchise in trouble then write a story about how he's reportedly part of a group looking into buying the Pistons. Which is it? Either he's broke, can't pay his taxes, and is about to create a default OR he's financially stable enough to invest in this new project, survive the NBA owner vetting process, and not jeopardize the groups ability to finance the purchase.

101st_fan is offline   Reply With Quote
Old
03-07-2010, 10:46 AM
  #43
BigFatCat999
I love GoOoOlD
 
BigFatCat999's Avatar
 
Join Date: Apr 2007
Location: Campbell, NY
Country: United States
Posts: 10,356
vCash: 500
http://www.tennessean.com/article/20...+over+the+top?

Quick bio on the new Chairman of the Preds.

BigFatCat999 is online now   Reply With Quote
Old
03-07-2010, 01:36 PM
  #44
Seth Lake
Registered User
 
Seth Lake's Avatar
 
Join Date: Jun 2005
Location: Nashville, TN
Country: United States
Posts: 8,855
vCash: 500
Send a message via AIM to Seth Lake
Quote:
Originally Posted by BigFatCat999 View Post
http://www.tennessean.com/article/20...+over+the+top?

Quick bio on the new Chairman of the Preds.
I love that Cass couldn't resist getting his digs in throughout the article and doing his best to slant it despite Cigarran's quotes directly refuting the insinuations...

Seth Lake is offline   Reply With Quote
Old
03-07-2010, 09:25 PM
  #45
barrytrotzsneck
Retired Global Mod
 
barrytrotzsneck's Avatar
 
Join Date: Feb 2003
Location: Nashville, TN
Country: United States
Posts: 31,302
vCash: 500
Cigarran is looking for new investors...what's going on with Brett Wilson, from Calgary? I thought there could be no real movement until the Boots saga was wound up?

It would be nice to have at least one guy in the group with truly deep pockets.

__________________
www.thepredatorial.com

barrytrotzsneck is offline   Reply With Quote
Old
03-09-2010, 05:46 PM
  #46
101st_fan
I taught Yoda
 
101st_fan's Avatar
 
Join Date: Oct 2005
Location: Some Army fort
Country: United States
Posts: 5,953
vCash: 500
Quote:
Originally Posted by barrytrotzsneck View Post
Cigarran is looking for new investors...what's going on with Brett Wilson, from Calgary? I thought there could be no real movement until the Boots saga was wound up?

It would be nice to have at least one guy in the group with truly deep pockets.
They can't sell the delBiaggio shares until the trustee gets off his butt. Internally, they can shift those shares around however they see fit as long as the new owner passes NHL vetting.

101st_fan is offline   Reply With Quote
Old
03-19-2010, 02:18 AM
  #47
MarkMM
Registered User
 
Join Date: Jan 2010
Location: Delta, BC
Country: Canada
Posts: 963
vCash: 500
This was a good article, I didn't know the subsidy of $6.8M was scheduled to end. Not being a local, what are your thoughts on the prospects of this being renewed? Any of you worried?

http://www.tennessean.com/article/20...s+over+the+top

And I'm a bit confused about the trustee thing, is the issue that he won't allow the del Baggio shares to be sold until other things are worked out, or is he simply waiting for a good enough/better offer? If Brett Wilson is willing to buy the shares, that seems to me the best thing you could do for the creditors if I was the trustee.

MarkMM is offline   Reply With Quote
Old
03-22-2010, 09:39 PM
  #48
101st_fan
I taught Yoda
 
101st_fan's Avatar
 
Join Date: Oct 2005
Location: Some Army fort
Country: United States
Posts: 5,953
vCash: 500
Quote:
Originally Posted by MarkMM View Post
This was a good article, I didn't know the subsidy of $6.8M was scheduled to end. Not being a local, what are your thoughts on the prospects of this being renewed? Any of you worried?

http://www.tennessean.com/article/20...s+over+the+top

And I'm a bit confused about the trustee thing, is the issue that he won't allow the del Baggio shares to be sold until other things are worked out, or is he simply waiting for a good enough/better offer? If Brett Wilson is willing to buy the shares, that seems to me the best thing you could do for the creditors if I was the trustee.
The subsidy isn't scheduled to end, this is more poor reporting by the Tennessean. The lease has a provision where for any fiscal year ending 30 Jun 2012 or later Metro can reduce the management fee or the incentive fee. If Metro does exercise the option to reduce either of those fees then several other conditions in the lease change accordingly ... including the removal of the cap of the city's financial exposure on operating losses. The building's utilization has improved since the implementation of a financial incentive to bring in more non-hockey events .... removing that incentive could be counterproductive for Metro.

The "subsidy" in the lease pays the Metro portion of the operating expenses, the management fee, etc. It isn't going away as long as Metro owns the building.

101st_fan is offline   Reply With Quote
Old
03-22-2010, 10:14 PM
  #49
MarkMM
Registered User
 
Join Date: Jan 2010
Location: Delta, BC
Country: Canada
Posts: 963
vCash: 500
Quote:
Originally Posted by 101st_fan View Post
The subsidy isn't scheduled to end, this is more poor reporting by the Tennessean. The lease has a provision where for any fiscal year ending 30 Jun 2012 or later Metro can reduce the management fee or the incentive fee. If Metro does exercise the option to reduce either of those fees then several other conditions in the lease change accordingly ... including the removal of the cap of the city's financial exposure on operating losses. The building's utilization has improved since the implementation of a financial incentive to bring in more non-hockey events .... removing that incentive could be counterproductive for Metro.

The "subsidy" in the lease pays the Metro portion of the operating expenses, the management fee, etc. It isn't going away as long as Metro owns the building.
Ah, thanks for that, much appreciated!

MarkMM is offline   Reply With Quote
Old
03-23-2010, 04:20 PM
  #50
Adz
Eudora Wannabe
 
Adz's Avatar
 
Join Date: Jun 2005
Location: Hermitage TN
Country: United States
Posts: 1,744
vCash: 500
When reading the Tennessean, it's good to remember that they are Titans fans...and that's about it.

Adz is online now   Reply With Quote
Reply

Forum Jump


Bookmarks

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 06:40 PM.

monitoring_string = "e4251c93e2ba248d29da988d93bf5144"
Contact Us - HFBoards - Archive - Privacy Statement - Terms of Use - Advertise - Top - AdChoices

vBulletin Copyright ©2000 - 2015, Jelsoft Enterprises Ltd.
HFBoards.com is a property of CraveOnline Media, LLC, an Evolve Media, LLC company. ©2015 All Rights Reserved.