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

[DaveMatthew]

Bank drafts definitely remove funds from your account the moment they are made out

This is a good armchair explanation

What is a bank draft?

The story sounds kind of odd. I dont get how a bank draft isn't honoured.

Forged by Melnyk?
The bank has a liquidity issue?

Yes, the bank has the liquidity problem and can’t pay out $900k, which is next to nothing. It’s not Eugene.

There are a number of reasons for why a bank draft might not be honoured. But regardless, once Melnyk found out that the casino was not paid, he could’ve easily arranged for payment. He could have wired 900k. But he didn’t. For over two years. So he’s getting sued, because he’s a degenerate crook.

The bank draft isn’t the issue, or the thing anyone should be focused on. The issue is Melnyk lost 900k gambling and didn’t pay his debt for over 2 years.

 

[Nac Mac Feegle]

All I can picture, is Melynk sitting in the bathroom at the casino, sharpie in hand, desperately adding a few extra zeroes to the bank draft Bart Simpson style.

 

[Micklebot]

Bank drafts definitely remove funds from your account the moment they are made out

This is a good armchair explanation

What is a bank draft?

The story sounds kind of odd. I dont get how a bank draft isn't honoured.

Forged by Melnyk?
The bank has a liquidity issue?

It depends on the bank, some freeze the funds while others will move the funds to the banks accounts. The important bit is its the bank that is guaranteeing the funds.

 

[ACLEVERNAME]

Eugene has been gambling for a long time... with my heart </3

 

[Alex1234]

I bet that bastard altered the draft by adding a zero

 

[slamigo]

I bet that bastard altered the draft by adding a zero

He signed them “Dany Heatley”.

 

[Filatov2Kovalev2Bonk]

Man, we need another mentor/babysitter for Eugene, that Marner plan is just crazy, and why not just give that cash to Erik or Chabot or someone?
I have nooooo trouble believing Melnyk would get belligerent or go off on Toronto, for some reason.

 

[Deku]

Man, we need another mentor/babysitter for Eugene, that Marner plan is just crazy, and why not just give that cash to Erik or Chabot or someone?
I have nooooo trouble believing Melnyk would get belligerent or go off on Toronto, for some reason.

its not true. the gambling debts are from 2017

 

[Cat Herder]

Probably one of the few times in life I will be siding with a casino in a dispute over money.

if only it was a 50's or 60's Vegas casino and their "owners"

 

[Nac Mac Feegle]

its not true. the gambling debts are from 2017

Maybe Eugene is also a Timelord.

 

[AchtzehnBaby]

Maybe Eugene is also a Timelord.

Fact... (in a Scottish accent)

 

[Fenway]

This is SO complicated

Mohegan Sun seeking to recover $900,000 from NHL team owner

Mohegan Sun ( along with Foxwoods ) had a nice 20-year run being the only casinos between NYC and Boston. That is no longer the case with casinos now in Rhode Island and Massachusetts.

Melnyk is a ticking time bomb BUT the NHL can't do anything unless he misses a payroll.

Here is the issue that drives Bettman crazy - Melnyk owns the only arena in Ottawa that is acceptable to the NHL. The NHL could force Melnyk to sell the team BUT they can not force him to sell the arena.

 

[2CHAINZ]

if only it was a 50's or 60's Vegas casino and their "owners"

So you're saying you hope this saga ends like Nicky's ending in casino ?

 

[JD1]

Yes, the bank has the liquidity problem and can’t pay out $900k, which is next to nothing. It’s not Eugene.

There are a number of reasons for why a bank draft might not be honoured. But regardless, once Melnyk found out that the casino was not paid, he could’ve easily arranged for payment. He could have wired 900k. But he didn’t. For over two years. So he’s getting sued, because he’s a degenerate crook.

The bank draft isn’t the issue, or the thing anyone should be focused on. The issue is Melnyk lost 900k gambling and didn’t pay his debt for over 2 years.

It's not that simple Dave. The story lacks detail and the lack of detail makes the story confusing and it doesn't add up.

 

[JD1]

It depends on the bank, some freeze the funds while others will move the funds to the banks accounts. The important bit is its the bank that is guaranteeing the funds.

When you get a bank draft, the bank has possession of the money until such time as it is cashed. Why do bank drafts exist in today's day and age? Because the time between the bank issuing the draft and the customer cashing the draft the bank has the money and is making money on the possession of the money.

What doesn't add up in this case is in order to get the drafts, Melnyk paid the 900K. Then what happened that they were not honoured? That doesn't make sense.

 

[Micklebot]

When you get a bank draft, the bank has possession of the money until such time as it is cashed. Why do bank drafts exist in today's day and age? Because the time between the bank issuing the draft and the customer cashing the draft the bank has the money and is making money on the possession of the money.

What doesn't add up in this case is in order to get the drafts, Melnyk paid the 900K. Then what happened that they were not honoured? That doesn't make sense.

Well since the lawsuit apparently isn't against the bank you can probably assume the bank didn't do anything wrong in not honouring it as in the states where this suit was filled, banks can be held liable for damages resulting from not honouring a draft without reason.

 

[Larionov]

Regardless of what went down, the bottom line is that our owner was mixed up with a casino. The Board of Governors will take a very dim view of that - the optics of an NHL owner being in debt to a casino are absolutely terrible. Can you imagine how much trouble a player would be in if he was alleged to be owing big money to a casino? The integrity of the game is everything a league has - nothing else matters. The spectre of another Black Sox scandal is something that every league wants to avoid at all costs. That's why Pete Rose isn't in Cooperstown, why the NBA quickly fired a referee who had gambling debts, and why the NFL suspended two star players for an entire season in the 60's (Alex Karras and Paul Hornung) when they were involved with casinos. Bettman and the Board of Governors may well choose to look the other way, but if they were looking for an excuse to get rid of this guy, this might be it...

 

[5ive4Fighting]

He signed them “Dany Heatley”.

Time to forgive the debt then.

 

[Micklebot]

This is SO complicated

Mohegan Sun seeking to recover $900,000 from NHL team owner

Mohegan Sun ( along with Foxwoods ) had a nice 20-year run being the only casinos between NYC and Boston. That is no longer the case with casinos now in Rhode Island and Massachusetts.

Melnyk is a ticking time bomb BUT the NHL can't do anything unless he misses a payroll.

Here is the issue that drives Bettman crazy - Melnyk owns the only arena in Ottawa that is acceptable to the NHL. The NHL could force Melnyk to sell the team BUT they can not force him to sell the arena.

With the attendance has been going, we could slide bank into the 67s arena for a couple years while they sort things out...

 

[Peptic Balcers]

Oh yeah. I don't mind a good satire. But the timelines have to make sense. This dude didn't see that the gambling debt was from 2017 lol.

Also this is the same guy who has done this four times now at least. Three about Melnyk and one about Kawhi eating apples.

Apple time was way more believable, marner had 2 more years on his contract in 2017

 

[JD1]

Well since the lawsuit apparently isn't against the bank you can probably assume the bank didn't do anything wrong in not honouring it as in the states where this suit was filled, banks can be held liable for damages resulting from not honouring a draft without reason.

If you start off with the premise that Melnyk defaulted on payment then ya sure you can start assuming from there.

If you start with the premise that Melnyk got bank drafts, which resulted in him handing over 900k to a bank and that a bank draft cannot be cancelled then the story doesn't make sense.

As I've said many time before, I dont care for Melnyk. There's plenty of ammo out there with verifiably true information for anyone to dislike the man and what he's done to our team. However, in this instance, based on that article, the story doesn't add

 

[Tighthead]

if only it was a 50's or 60's Vegas casino and their "owners"

Would there be fingers chopped off, or straight to head in a vice?

 

[Tighthead]

When you get a bank draft, the bank has possession of the money until such time as it is cashed. Why do bank drafts exist in today's day and age? Because the time between the bank issuing the draft and the customer cashing the draft the bank has the money and is making money on the possession of the money.

What doesn't add up in this case is in order to get the drafts, Melnyk paid the 900K. Then what happened that they were not honoured? That doesn't make sense.

Melnyk may have used a bank credit facility for the $900K, and if the bank somehow found out he was in breach of the agreement they may have voided the drafts as being fraudulently obtained.

In any loan arrangement, most people would be surprised at the fine print and how easy it is for the borrower to be in breach.

This is 2.5 years post incident. From what we know, Melnyk hasn't sued the bank saying they absconded with his $900K. He has had plenty of time to cure the breach. If he names the bank as a third party in his defence we will know more.

I'm stunned interest and costs are only $15K.

 

[Micklebot]

If you start off with the premise that Melnyk defaulted on payment then ya sure you can start assuming from there.

If you start with the premise that Melnyk got bank drafts, which resulted in him handing over 900k to a bank and that a bank draft cannot be cancelled then the story doesn't make sense.

As I've said many time before, I dont care for Melnyk. There's plenty of ammo out there with verifiably true information for anyone to dislike the man and what he's done to our team. However, in this instance, based on that article, the story doesn't add

My assumptions start at Melnyk got a draft from his bank, gave that draft to the casino and then the bank that issued the draft rightfully refused to honour it. Nothing about melnyk defaulting on a payment.

There are a very narrow set of circumstances where a bank can refuse to honour a draft without itself getting sued. There is obviously more to the story because if it were a simple mix up alternate payment arrangements could have been made. Bank drafts could have been returned, debts could have been settled but that didn't happen. Perhaps melnyk disputes the debt and thats why the issuing bank thought fraud might be involved (on the part of the casino perhaps)

 

[JD1]

Melnyk may have used a bank credit facility for the $900K, and if the bank somehow found out he was in breach of the agreement they may have voided the drafts as being fraudulently obtained.

In any loan arrangement, most people would be surprised at the fine print and how easy it is for the borrower to be in breach.

This is 2.5 years post incident. From what we know, Melnyk hasn't sued the bank saying they absconded with his $900K. He has had plenty of time to cure the breach. If he names the bank as a third party in his defence we will know more.

I'm stunned interest and costs are only $15K.

A bank draft is not a loan arrangement. You take out a draft, the bank takes your money, the draft is made out to someone. There's not much to be in breach of.