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Part XII: Phx Coyotes - Still haven't found what I'm looking for

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Old
09-17-2010, 04:17 PM
  #101
Mork
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I vote for the missing-part-of-the-brain theory. Its' the only one that makes sense.

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09-17-2010, 04:20 PM
  #102
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Originally Posted by mcguire4 View Post
wow.
.
For now, Glendale appears off the hook for the $25 million it pledged last May as an insurance policy to keep the Phoenix Coyotes in the city at Jobing.com Arena.

The city announced Friday that a potential buyer has agreed to fund the $25 million that the National Hockey League demanded from Glendale in order to cover the team's operating losses this season


Read more: http://www.azcentral.com/community/g...#ixzz0zp5LZt8J




http://www.azcentral.com/community/g...tes-buyer.html

IMO I think the CoG is so worried about having to dip into the $25 million and possibly violating some law, that they convinced the potential owner to cover it instead. This keeps the Goldwater Institute out of the picture for now.

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Old
09-17-2010, 04:23 PM
  #103
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Regardless of the spin, it is what it is. Someone put down 25 large to show his level of interest. I hope that he gets the team.

If he buys the team, I'm sending flowers to his office, along with a case of Grolsh.

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09-17-2010, 05:14 PM
  #104
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Originally Posted by Scottrocks58 View Post

Regardless of the spin, it is what it is. Someone put down 25 large to show his level of interest. I hope that he gets the team. If he buys the team, I'm sending flowers to his office, along with a case of Grolsh.
Wow. I step out to do a little banking this afternoon & come back to this. As you know SR58, I'm not partial to beer, or flowers from men for that matter, however, RR's gotta line on some Miner Reserve direct from the estate. You know the address.

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09-17-2010, 05:16 PM
  #105
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Not so fast Glendale.

Quote:
@Scott Burnside - Desk now working their way through story that refutes City of Glendale release that implies they are off the hook with NHL for $25 million.
http://twitter.com/ESPN_Burnside/status/24793209306

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09-17-2010, 05:22 PM
  #106
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Originally Posted by Krazy_Eyez View Post
His article on the subj.
http://sports.espn.go.com/nhl/news/story?id=5585105

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09-17-2010, 05:31 PM
  #107
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So, if I reading this right, he put down 25 million as a statement of interest (downpayment in layman terms maybe?), but that is completely seperate from the 25 million we've been discussing all this time.

Someone saw 25 mil(possibly) and said "oh, they'll cover that amount!" and off it went.

Maybe.



So, what would be the reasoning for this, legalwise? A way of 'putting money where mouth is" to coin a phrase in regards to the NHL? Maybe to show CoG they're a serious bidder/have funds?

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09-17-2010, 05:32 PM
  #108
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Originally Posted by Krazy_Eyez View Post

Not so fast Glendale.
Good grief. This thing goes up & down more times than the toilet seat on a Mexican Party Barge in Mazatlan serving up cheap tequila & tainted shrimp..



Either way, its' damn good news for Phoenix & the Coyotes. $25M is "serious intent" in my book.

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09-17-2010, 05:38 PM
  #109
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Originally Posted by Killion View Post
Good grief. This thing goes up & down more times than the toilet seat on a Mexican Party Barge in Mazatlan serving bad tequila & tainted shrimp..

And you know this how?

I think the whole Pat Burns fiasco today pretty much made a statement over how much we hear in the media in the 21st century...

This was the azjournal though, so I thought it would be fairly concrete. Man my head hurts....

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09-17-2010, 05:39 PM
  #110
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Originally Posted by Tinalera View Post
Maybe to show CoG they're a serious bidder/have funds?
Perhaps. But NHL is the current owner so eventually the "potential" buyer needs to show them the money. (Regardless of what CoG thinks of the financial viability, AMULA requirements notwithstanding.)

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09-17-2010, 05:42 PM
  #111
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I think that if the Coyotes do get bought by a new owner and stay in Glendale, it'll happen in the month of December. But with a "$25 million down-payment" that is an incredibly good sign for the fans of the Coyotes. Hopefully this team can make the playoffs again so they can keep that momentum from last year and Hulsizer can build a fan-base from that.

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09-17-2010, 05:42 PM
  #112
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Quote:
Originally Posted by tnatibaH View Post

From article:
Quote:
Another source said the NHL has not altered its arrangement with the City of Glendale. The NHL has been tabulating operating costs for the team since July 1 although no monies have as yet been transferred from Glendale's $25 million fund to the league.

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09-17-2010, 05:42 PM
  #113
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I'm not sure what the big deal is over whether the money is in escrow or is to be used by the CoG to pay the NHL.

First, there is nothing that says that the NHL has, or will, demand payment in a piecemeal fashion over the course of the season. Certainly nothing's been said about a demand for money right now. Concern over running afoul of the gift clause is not ripe at this time because there has been no transfer of funds.

Second, this is what it is - a tangible proof of the serious nature of the interest. As such, I am delighted.

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Old
09-17-2010, 05:43 PM
  #114
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Quote:
Originally Posted by Tinalera View Post
And you know this how?

I think the whole Pat Burns fiasco today pretty much made a statement over how much we hear in the media in the 21st century...

This was the azjournal though, so I thought it would be fairly concrete. Man my head hurts....
The AZjournal story was little more then a COG press release. It was entirely a little too convenient for me.

The fact this press release was put out to imply they were off the hook for the 25M$ suggests we'll probably be hearing of the first withdrawals from the NHL in the coming days/weeks.


Last edited by Wham City: 09-17-2010 at 05:49 PM.
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Old
09-17-2010, 05:46 PM
  #115
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From article:
Seen that as well, guess that clears up the discussion awhile back about the 2mil, or does it? I don't know what's what anymore...aren't we falling back sometime soon? Aug, Sept, Oct....

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09-17-2010, 05:48 PM
  #116
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I just reread the Rebekah Sanders article and it seems to me that she has a bit of a time separating factual reporting from subjective analysis. Below is the first line from the article. I did not see it noted in the body of the article that Glendale reported itself to be off the hook for the NHL escrow. The first line, copied below, appears to me to be pure speculation on her part.


"For now, Glendale appears off the hook for the $25 million it pledged last May as an insurance policy to keep the Phoenix Coyotes in the city at Jobing.com Arena."

http://www.azcentral.com/sports/coyo...tes-buyer.html

. I had no idea that there was a mechanism by which the city would be released from its escrow requirement with the NHL

Here is the operative part of the CoG release. It really seems to have been misconstrued by the reporter.


"This shows the city has met the NHL deadline for finding a qualified buyer, who will keep the team here, a requirement to release the City's $25 million currently in escrow," the statement said. "Glendale and the NHL will continue to move forward to work with the prospective buyer to facilitate a purchase of the team that will keep the Coyotes in Glendale for the long term."


Last edited by Scottrocks58*: 09-17-2010 at 05:58 PM. Reason: completeness
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Old
09-17-2010, 05:58 PM
  #117
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Quote:
Originally Posted by Tinalera View Post

And you know this how?
Been their, got the t-shirt.

Quote:
Originally Posted by Scottrocks58 View Post
I

Second, this is what it is - a tangible proof of the serious nature of the interest. As such, I am delighted.
Me too.

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Old
09-17-2010, 05:59 PM
  #118
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Originally Posted by Krazy_Eyez View Post
Daryl Jones devolving even further into adolescence this afternoon as he breaks out some fat jokes. "Intellectual capital" indeed.



What schoolyard taunts will he come up with next?
Those tweets make no sense and it looks like only a couple were from IEH.....

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Old
09-17-2010, 06:00 PM
  #119
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Here's the city's statement.


http://www.glendaleaz.com/documents/...date091710.pdf


Last edited by Wham City: 09-17-2010 at 06:07 PM.
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09-17-2010, 06:04 PM
  #120
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IMO I think the CoG is so worried about having to dip into the $25 million and possibly violating some law, that they convinced the potential owner to cover it instead. This keeps the Goldwater Institute out of the picture for now.
I'm just thrilled that Glendale will now be able to build their parking garage.

But, actually, this can only be good news for the Coyotes fans and the City of Glendale. However, according to Sanders' article it suggests that there really is not much risk to the potential owner since the money will be returned if a deal is not consummated. A "good will" gesture that pulled the CoG out of the soup for now.

The timing is probably crucial since the NHL was permitted to make the first withdrawal from the escrow account tomorrow (or Monday, I suppose), 3 days after Sept. 15th. It suggests to me that Glendale sensed real jeopardy in the expenditure of any of those funds.

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09-17-2010, 06:07 PM
  #121
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Originally Posted by Krazy_Eyez View Post
It does not *explicitly* say the $25m is/will be used to fund any team losses (only that it will help release COG's $25m escrow account).

And it's not clear if there might be two escrow accounts of $25m set up by potential owner. One for NHL, one for COG/loss.


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Old
09-17-2010, 06:09 PM
  #122
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Those tweets make no sense and it looks like only a couple were from IEH.....
It's a lot of back and forth Between Bruce Arthur and Daryl Jones.

Nevertheless, Daryl Jones is a regular Mark Cuban amirite?

Well minus 2.3 billion...plus some fat joke related comedy.

Cuban handles his business and "ignore(s) them"(the media), whereas Daryl can't help himself from spouting off at the pettiest of perceived slights with downright juvenile tactics.


Last edited by Wham City: 09-17-2010 at 06:29 PM.
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Old
09-17-2010, 06:16 PM
  #123
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Originally Posted by Scottrocks58 View Post
I'm not sure what the big deal is over whether the money is in escrow or is to be used by the CoG to pay the NHL.

First, there is nothing that says that the NHL has, or will, demand payment in a piecemeal fashion over the course of the season. Certainly nothing's been said about a demand for money right now. Concern over running afoul of the gift clause is not ripe at this time because there has been no transfer of funds.

Second, this is what it is - a tangible proof of the serious nature of the interest. As such, I am delighted.
We are glad you are delighted but this fiasco is far from over. They put money into escrow, big deal. Does anyone have a copy of the escrow agreement? Who is beneficiary of the escrow? What is the $25 mil to be applied to?



Quote:
Originally Posted by Whileee View Post
I'm just thrilled that Glendale will now be able to build their parking garage.

But, actually, this can only be good news for the Coyotes fans and the City of Glendale. However, according to Sanders' article it suggests that there really is not much risk to the potential owner since the money will be returned if a deal is not consummated. A "good will" gesture that pulled the CoG out of the soup for now.

The timing is probably crucial since the NHL was permitted to make the first withdrawal from the escrow account tomorrow (or Monday, I suppose), 3 days after Sept. 15th. It suggests to me that Glendale sensed real jeopardy in the expenditure of any of those funds.
The $25 mil was "city money came from a fund for long-term improvements to infrastructure such as water and sewer systems". They may have planned to use the garage money but it has not been executed thus far.

The NHL would yank those funds the first day they were able to draw on them. Remember though, the NHL can only draw actual cash losses based upon the formula in the agreement so they may not have losses yet, thus no draw.

This whole thing is a mess....

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Old
09-17-2010, 06:19 PM
  #124
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They are attempting to demonstrate that they have met requirements of the December 31st deadline.

There are obvious reasons why this is suspect, and I see no reason to believe this is meaningful until the NHL has officially sold the team. The CoG has obvious incentive to feign optimism, anything short of a completed transaction is same ol' story, same ol' song and dance.

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Old
09-17-2010, 06:19 PM
  #125
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Daryl Jones is a regular Mark Cuban amirite?

Well minus 2.3 billion...plus some fat joke related comedy.

Cuban handles his business and "ignores the media"(his words), whereas Daryl can't help himself from spouting off at the pettiest of perceived slights with downright juvenile tactics.
Who the hell cares about IEH anymore? Let's start working over the new guy now.

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