News Article: Eugene Melnyk lawsuits:too many to count...

[discostu]

This is such a bizarre story from a number of angles. I agree with those that feel that the information as presented doesn't add up, in that a certified amount should clear. With this lawsuit now public though, more information may come to light.

The part that I really wonder about is the NHL's position on this. I have to think it's not a good look to have one of your owners with outstanding gambling debts.

 

[Xspyrit]

Good news, 1 more step in the direction of our salvation.

 

[The Lewler]

Let's crank the speculation up to 11 since it's allowed in this specific thread.

I will die laughing if he borrowed money from the team's credit facility and it got disallowed.

 

[GrantLemons]

This is such a bizarre story from a number of angles. I agree with those that feel that the information as presented doesn't add up, in that a certified amount should clear. With this lawsuit now public though, more information may come to light.

The part that I really wonder about is the NHL's position on this. I have to think it's not a good look to have one of your owners with outstanding gambling debts.

Oh I'm sure they despise all things Melnyk privately, unfortunately there's just not much they can do about him right now.

 

[the_fan]

The guy is worth over 1 billion and he doesn't want to pay up 900K?

 

[Tnuoc Alucard]

 

[Tighthead]

The guy is worth over 1 billion and he doesn't want to pay up 900K?

How is it established that his true net worth is one billion?

 

[Tnuoc Alucard]

How is it established that his true net worth is one billion?

Forbes List: Top 8 Richest People from Barbados and their Net Worth in 2018


Canada’s Richest People: Eugene Melnyk

 

[The Lewler]

How is it established that his true net worth is one billion?

Not even relevant to this discussion. Just grant it so Count doesn't try to drag it off into debates about how much money Eugene actually has, instead of why his bank drafts were dishonored.

 

[Gil Gunderson]

Mohegan Sun Casino has received a 2nd round draft pick.

 

[BonkTastic]

Canada’s Richest People: Eugene Melnyk

That is a 4 year old list.

He dropped off the official Forbes list of billionaires in the most recent list.

By all accounts, he hasn't been a billionaire for a couple of years.

 

[the_fan]

How is it established that his true net worth is one billion?

Whatever he has, I'm sure he can afford to pay up 900K

 

[BondraTime]

That is a 4 year old list.

He dropped off the official Forbes list of billionaires in the most recent list.

By all accounts, he hasn't been a billionaire for a couple of years.

It's a strange page. The top says December 2015, but the article states 2017.

Either way, I would imagine the 5% decline in his net worth has gotten worse.

 

[Tighthead]

Whatever he has, I'm sure he can afford to pay up 900K

And yet we have prima facie evidence that he cannot.

 

[Tighthead]

That is a 4 year old list.

He dropped off the official Forbes list of billionaires in the most recent list.

By all accounts, he hasn't been a billionaire for a couple of years.

Also the second citation relies on the first.

The thing about these lists is they never know someone's leverage and liabilities. It's easy to estimate gross asset value.

 

[Do Make Say Think]

Also the second citation relies on the first.

The thing about these lists is they never know someone's leverage and liabilities. It's easy to estimate gross asset value.

The grief we got due to those Forbes' guesstimates being paraded as facts by the plebe.....

 

[discostu]

Oh I'm sure they despise all things Melnyk privately, unfortunately there's just not much they can do about him right now.

I don't expect the cavalry to come in, but, gambling debts and pro sports are such a bad mix, that the league likely has recourse if things ever got really bad. I think even just a reminder from the league, and encouragement to get these stories taken care of and out of the news.

 

[Do Make Say Think]

I don't expect the cavalry to come in, but, gambling debts and pro sports are such a bad mix, that the league likely has recourse if things ever got really bad. I think even just a reminder from the league, and encouragement to get these stories taken care of and out of the news.

He can't afford to take care of these stories, he's owed the 900k for 2.5 years

 

[Stylizer1]

The "City" does not own the land at Lebreton Flats ...... the NCC does.


The NCC has never "fast tracked" anything, ever, in fact if they do anything, it is slow tracking anything and everything they do.

Oh yeah, I forgot about you. The NCC will fast track a new building.

 

[slamigo]

It's not credible that Melnyk could not pay the $900k. What is much more likely is that he found a way to NOT pay the casino because of some disagreement. Any way you slice it, he's worth hundreds and hundreds of millions of dollars. This sounds more like a dispute than anything else.

 

[Tighthead]

It's not credible that Melnyk could not pay the $900k. What is much more likely is that he found a way to NOT pay the casino because of some disagreement. Any way you slice it, he's worth hundreds and hundreds of millions of dollars. This sounds more like a dispute than anything else.

Then why provide the drafts in the first place? It's not like he could stop payment on them.

 

[GrantLemons]

The "City" does not own the land at Lebreton Flats ...... the NCC does.


The NCC has never "fast tracked" anything, ever, in fact if they do anything, it is slow tracking anything and everything they do.

Disagree. The city would definitely fast track a project like that.

 

[slamigo]

Then why provide the drafts in the first place? It's not like he could stop payment on them.

Okay, Melnyk does not get bank drafts the same way we regular folks do. Everyone is getting bogged down in the specifics of the bank draft. Forget about the bank drafts. It’s really not the story.
This is a dispute between Melnyk and the casino that has been left to fester for over two years and now has resulted in a lawsuit.

 

[BloodRedArmy]

In all seriousness though... this has to be the end of the line here, no? How much more can the league take of this?

 

[Tighthead]

Okay, Melnyk does not get bank drafts the same way we regular folks do. Everyone is getting bogged down in the specifics of the bank draft. Forget about the bank drafts. It’s really not the story.
This is a dispute between Melnyk and the casino that has been left to fester for over two years and now has resulted in a lawsuit.

How does he get bank drafts differently than we do?

The dispute is over dishonoured bank drafts but they are not at all part of the story?

Do you think he tendered payment or not?