Preds make move to buy Boots' 27% share and look to be buying it at discount.
EDIT: Best part of article. "“Del Biaggio put in $25 million into the team originally and the agreement was that that would be paid back to him, he could ... force the team to pay him $25 million in 2011, I think it is,” Cigarran said in March. “And so, we are negotiating to buy that out at a discount of that $25 million, which the trustee is favorably inclined to do.”
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When the team had it's Skate of the Union, there was a comment about the owners solidifying the ownership and it was blown off. I sat in my seat and when I saw the Twitter post from Forechecker and I was "HOLY ****!" This was a MAJOR point and the biggest news for the team at the event. THAT was the big news of the event. With this move the Predators have taken another point of weakness away from the team. As much as Freeman was pivotal in keeping the team here, his lack of liquid assets was a weakness and he had to be the sacrificial lamb. Now the Preds have taken another weakness out with Boot's shares in Bankruptcy and they took a page out of Poile's book and appear to be buying them at a discount. The agreement was for $25 million. How much of a discount will it be?
This is another pivotal point for the Nashville Predators. With this move, the team becomes 100% locally owned.
Well if it was a 27 percent stake in the club that was purchased, the discount was huge. Consider - to buy the team the Preds had to come up with close to 200 million (193 million I believe)......So basically, the Predators received a 50% discount in that stake, which is HUGE.
Well if it was a 27 percent stake in the club that was purchased, the discount was huge. Consider - to buy the team the Preds had to come up with close to 200 million (193 million I believe)......So basically, the Predators received a 50% discount in that stake, which is HUGE.
True but the deal was in 2011 the Preds would have to have paid 25 million to Boots to get him out of the deal. They are saying in the article they are paying LESS than the 25 million. So it's going to be GREATER than a 50% discount.
The 27% of the shares and the amount of $$$$ delBiaggio put in never worked out using real math.
Once this went to the trustee years ago, there was hope that the team could buy the shares. I'll get my hopes up once the deal is done.
The only thing I can figure out is maybe the 25 million was cash meaning the all the owners together put up about 97 million total in cash and borrowed the rest, and they all signed for the borrowed money proportionally to the cash they put up.
interesting that the Tennessean has no interest in reporting this story. I guess they've fulfilled their quota of "one fluffy story that Bryan Mullen can force himself into writing a week"
The only thing I can figure out is maybe the 25 million was cash meaning the all the owners together put up about 97 million total in cash and borrowed the rest, and they all signed for the borrowed money proportionally to the cash they put up.
delBiaggio only had $25-30mil in total exposure. I'll be glad when this crap is finally over so I can delete his bankruptcy documents from my system.
Hey, I'd actually like to learn more about the situation, is there anywhere I fan find docs like those related to the Preds? Lots on Phoenix, but where would one find stuff like that on Nashville?
Hey, I'd actually like to learn more about the situation, is there anywhere I fan find docs like those related to the Preds? Lots on Phoenix, but where would one find stuff like that on Nashville?
Thanks!
The Tennessean had most of the docs ... from the original lease, the changes during the sale, and the delBiaggio bankruptcy filings. Not sure if they're still accessible.
The Tennessean had most of the docs ... from the original lease, the changes during the sale, and the delBiaggio bankruptcy filings. Not sure if they're still accessible.
Gotcha, thanks!
I didn't find it on the Tennessean, but found some stuff on the Nashville Post.
The Tennessean has been a better source for original documents. Their coverage only proves that they don't bother to read the documents that they post with the stories.
Just the obligatory stab at the Tennessean. Isn't someone supposed to do that every time it is mentioned?
If you're going to vaguely defend the Tennessean, put some substance into it. Here, I'll give you a good jumping point:
The Tennessean nearly completely left the prospect development camp uncovered, and has posted exactly one new article in the last 8 days...a single paragraph from the not-even-covering-the-Preds-beat-anymore John Glennon about the signing of Jamie Lundmark.
Sarcasm is obviously not welcome in this thread. I don't defend the Tennessean. I don't read the Tennessean. My opinion of Gannett media isn't a good one. It was just a joke.
Sarcasm is obviously not welcome in this thread. I don't defend the Tennessean. I don't read the Tennessean. My opinion of Gannett media isn't a good one. It was just a joke.
Back to the topic
I thought you sounded a little butt-hurt about the Tennessean slam...my speakers aren't carrying across sarcasm very well, today
