Toggle sidebar

Balsillie puts in $212.5 mil offer for the Coyotes

  • Work is still on-going to rebuild the site styling and features. Please report any issues you may experience so we can look into it. Click Here for Updates
Status
Not open for further replies.
pensteel71 said:
Glendale can still fine the Coyotes up to 790 million for breaking the lease. Let's see how this factors in an outsider buying the team (Evil Jim i'm looking at you!)
Click to expand...

But they would be just another unsecured creditor who would get pennies on the dollar (if that) if the bankruptcy court didn't nullify the liquidated damages clause altogether.
 
Coop said:
CBC said in the 1st intermission using one of the unnamed BoG as a source that he needs league approval to move it, and also league approval to join the league
Click to expand...
In normal circumstances, all true, however if the Coyotes are in bankruptcy, then there's a bankruptcy judge with very wide-ranging authority to satisfy the creditors. If Balsillie's got the largest offer on the table, especially if it's by a significant margin, there's no way the judge refuses it.

But then if one tries to parse NHL BOG logic one might come up with:

PRO: Willing new owner
PRO: With deep pockets
PRO: Big, proven, and under-served hockey market
PRO: Let go of bad hockey market
PRO: Let go of bankrupt owner
CON: None that I can see
RESULT: hmm, he's gotta come lick our boots before we might say yes and then we still don't like him very much and we really don't want to admit our whole southern-expansion thing was misguided from day one so we might just flip him off and say no

????!

The BOG needs to get the hell out of the way and let this happen.
 
Dolemite said:
No, it's game over for Moyes. Bettman has gone on record saying that the Coyotes aren't going anywhere.
Click to expand...

This isn't like all the other times. It's the Judge who will make the ruling on this sale, and he WILL side with the investors. That means the only out is if the NHL outbids Balsillie, and that will not happen. Bettman knows he won't have the BOG's support on this.

I'm sorry, Coyotes fans, I really am, but this looks like false hope. It benefits the other 29 teams and it's not Bettman's call this time.
 
optimus2861 said:
In normal circumstances, all true, however if the Coyotes are in bankruptcy, then there's a bankruptcy judge with very wide-ranging authority to satisfy the creditors. If Balsillie's got the largest offer on the table, especially if it's by a significant margin, there's no way the judge refuses it.

But then if one tries to parse NHL BOG logic one might come up with:

PRO: Willing new owner
PRO: With deep pockets
PRO: Big, proven, and under-served hockey market
PRO: Let go of bad hockey market
PRO: Let go of bankrupt owner
CON: None that I can see
RESULT: hmm, he's gotta come lick our boots before we might say yes and then we still don't like him very much and we really don't want to admit our whole southern-expansion thing was misguided from day one so we might just flip him off and say no

????!

The BOG needs to get the hell out of the way and let this happen.
Click to expand...

CON: The current arena is a dump.

And saying that Phoenix is a bad hockey town is wrong on so many levels :shakehead
 
BigMac1212 said:
There's a condition to the deal with Balsile:

The team moves.

Even for that much of money, the coyotes won't accept it.

Baslise is a fool.
Click to expand...

Keep the team where it is, far away from his home and company & continue lose millions / year.

Move the team to his home, increase his land value, encourage more people to move to his area and work for his company, "be a hero to all Canadians everywhere" (in his head).

The team is no good to him if he can't move it. So if he can't move it, he doesn't want it.
 
SK13 said:
This isn't like all the other times. It's the Judge who will make the ruling on this sale, and he WILL side with the investors. That means the only out is if the NHL outbids Balsillie, and that will not happen. Bettman knows he won't have the BOG's support on this.

I'm sorry, Coyotes fans, I really am, but this looks like false hope. It benefits the other 29 teams and it's not Bettman's call this time.
Click to expand...

is this really Balsillie on here:sarcasm:
 
Move them to Seattle.

You solve the division problem and you get a great American market that just lost its basketball team.
 
Coop said:
CBC said in the 1st intermission using one of the unnamed BoG as a source that he needs league approval to move it, and also league approval to join the league
Click to expand...

Well I cant say that I am a lawyer of any sort so I dont have a clue what will happen outside of expecting these process to take a lot longer than the period mentioned above.

I think either way the teams days in Phoenix are numbered. Getting to Southern Ontario and territorial rights issues with existing teams significantly complicate and possible move though.
 
SK13 said:
This isn't like all the other times. It's the Judge who will make the ruling on this sale, and he WILL side with the investors. That means the only out is if the NHL outbids Balsillie, and that will not happen. Bettman knows he won't have the BOG's support on this.

I'm sorry, Coyotes fans, I really am, but this looks like false hope. It benefits the other 29 teams and it's not Bettman's call this time.
Click to expand...

Not if the NHL has given them a significant amount of money which would mean that they have more of a say in the team's dealings than Moyes does. If the NHL indeed has the power of ownership in this situation, the Chapter 11 would be thrown out.
 
optimus2861 said:
In normal circumstances, all true, however if the Coyotes are in bankruptcy, then there's a bankruptcy judge with very wide-ranging authority to satisfy the creditors. If Balsillie's got the largest offer on the table, especially if it's by a significant margin, there's no way the judge refuses it.

But then if one tries to parse NHL BOG logic one might come up with:

PRO: Willing new owner
PRO: With deep pockets
PRO: Big, proven, and under-served hockey market
PRO: Let go of bad hockey market
PRO: Let go of bankrupt owner
CON: None that I can see
RESULT: hmm, he's gotta come lick our boots before we might say yes and then we still don't like him very much and we really don't want to admit our whole southern-expansion thing was misguided from day one so we might just flip him off and say no

????!

The BOG needs to get the hell out of the way and let this happen.
Click to expand...

CON: Damages your future ability to develop the sport to compete for with the big 3. The NHL needs a team to succeed in Phoenix aswell as one in the Northwest US.
 
Can they do that? doesn't the owner well....own the team? How would the NHL overrule them filing for bankruptcy?
 
BigMac1212 said:
There's a condition to the deal with Balsile:

The team moves.

Even for that much of money, the coyotes won't accept it.

Baslise is a fool.
Click to expand...

Um, the Coyotes don't have a say. By enacting this situation, they have turned it over to the courts. The main issue is paying down creditors.
 
Dolemite said:
Not if the NHL has given them a significant amount of money which would mean that they have more of a say in the team's dealings than Moyes does. If the NHL indeed has the power of ownership in this situation, the Chapter 11 would be thrown out.
Click to expand...

I don't think that by now, this would be in anyone's best interest. If it was possible at all - I can't imagine the league would actually be allowed to own a team to that degree.
 
LadyStanley said:
A Bankruptcy judge (and the BOG) now have the say on which entity the team might be sold to.
Click to expand...

The BoG is going to have a hard time preventing the Bankruptcy judge from selling the team to the offer that protects the creditors the most, which is probably going to be Balsille's bid (especially in this economy).

I would not be surprised to see a lesser $$ amount accepted that keeps the team in Phoenix.
Click to expand...

Without the Bankruptcy filing, I would agree. But that boat sailed the second they filed Chapter 11. Phoenix is much more Bankrupt than Ottawa or Buffalo ever were (hence the owner walking away with $0). There is no way that a Bankruptcy Judge accepts an offer that provides less money to the creditors. Unless someone in Phoenix is willing to pony up $200 mil+ (which I doubt), the franchise is gone.

With the bankruptcy filing, the judge can "null and void" the lease agreement with JOBING.com arena.
Click to expand...

I think the lease is gone no matter what. Changing that lease will increase the franchise value, even if someone is found who wants to keep the team in Phoenix. Glendale is an unsecured creditor I believe, so they won't have a ton of power in the proceedings.
 
optimus2861 said:
In normal circumstances, all true, however if the Coyotes are in bankruptcy, then there's a bankruptcy judge with very wide-ranging authority to satisfy the creditors. If Balsillie's got the largest offer on the table, especially if it's by a significant margin, there's no way the judge refuses it.

But then if one tries to parse NHL BOG logic one might come up with:

PRO: Willing new owner
PRO: With deep pockets
PRO: Big, proven, and under-served hockey market
PRO: Let go of bad hockey market
PRO: Let go of bankrupt owner
CON: None that I can see
RESULT: hmm, he's gotta come lick our boots before we might say yes and then we still don't like him very much and we really don't want to admit our whole southern-expansion thing was misguided from day one so we might just flip him off and say no

????!

The BOG needs to get the hell out of the way and let this happen.
Click to expand...

I don't know if the NHL will be able/willing to block the sale and I don't know if they get any cut of the 212.5 mil if the deal goes through.

If they can block the sale, fold the franchise, and award someone else an expansion franchise for 200M, isn't that better for the other 29 owners than having the sale go through and not getting the expansion money?
 
jfried said:
The old boys club doesn't like it when somebody goes over their heads....
Click to expand...

Posturing. They know, there's no way they could be so inept to not know... considering they are basically running the team.

They're just working from point A to point B.
 
Jeez, I go and have dinner, and all hell breaks loose.

Keep the talk in this thread about the offer, finances and bankruptcy issues.

NO ALIGNMENT TALK HERE!


You alignment guys can have your own thread on alignment possibilities in the General NHL Talk forum.
 
BigMac1212 said:
There's a condition to the deal with Balsile:

The team moves.

Even for that much of money, the coyotes won't accept it.

Baslise is a fool.
Click to expand...

The Coyotes just went along with everything Balsille wanted. They declared Bankruptcy to nullify the lease, and Balsille provided Debtor in possession financing to put his bid at the top of the totem pole. The NHL might want to stop it, but the former owner of the Coyotes wants this to happen with Balsille.
 
The League does not seem happy with the situation:

http://www.nhl.com/ice/news.htm?id=421608

Statement by NHL Deputy Commissioner Bill Daly regarding the Phoenix Coyotes
Tuesday, 05.05.2009 / 8:53 PM / News
By NHL .com
NEW YORK - National Hockey League Deputy Commissioner Bill Daly issued the following statement regarding the Phoenix Coyotes:

"We have just become aware of today's Bankruptcy Court filing purportedly made on behalf of the Phoenix Coyotes. We are investigating the circumstances surrounding the petition, including the propriety of its filing. We have removed Jerry Moyes from all positions of authority to act for or on behalf of the Club. The League will appear and proceed before the Bankruptcy Court in the best interests of all of the Club's constituencies, including its fans in Arizona and the League's 29 other Member Clubs."
Click to expand...

They must also be doubly pissed that this soap opera will distract from the SC Playoffs.
 
Status
Not open for further replies.

Latest posts

Ad

Upcoming events

Ad

Top Bottom