Lawsuit reported in the Phoenix New Times: The Coyotes want their deposit back and have sued ASU, relying on a force majuere clause because they claim the NHL forced them to sell.
Neither side is talking.
Ice Arizona sue for $3.5-million security deposit due to force majuere -- the NHL forced them to sell.
- Thread starter Ciao
- Start date
Lawsuit reported in the Phoenix New Times: The Coyotes want their deposit back and have sued ASU, relying on a force majuere clause because they claim the NHL forced them to sell.
Neither side is talking.
Fenway
HF Bookie and Bruins Historian
Alex Meruelo walked away with at least a half billion in pure profit, and is he doing this?
Meruelo played Bettman and the BoG like a violin. Why pick a fight with the State of Arizona for chump change?
Meruelo played Bettman and the BoG like a violin. Why pick a fight with the State of Arizona for chump change?
hangman005
I still miss Logan Thompson
TheLegend
Hangman's bookie.... Always bet against him.
I think your estimate of his profit is high. After you account for the debt he assumed when he took over the franchise and losses in between.
But yeah this doesn't make any sense. Even if he were happen to win (and I don't think so) the lawyer's fees would eat it all up anyway,
EDIT: Thought just occurred to me is if this is Alex Meruelo Jr. doing this? IIRC, after the sale of the Coyotes hockey ops and players were sold, IceArizona was turned over to him to oversee the Tucson Roadrunners.
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Voight
#winning
Because hes a grifter and always has been.
If the purchase price was $500M which is what I remember reading then he made $500 million minus whatever losses he took over 5 years. So he probably took home a couple of hundred million. He probably didn't put in that much of his own cash and assumed the debt in place. He did get a solid return but not $500M.
They are probably hoping for a quick settlement and will drop it if there is any resistance.
TheLegend
Hangman's bookie.... Always bet against him.
Forbes had the sale at around $300 million in 2019.
The sale left Andrew Barroway with a 5% share of the franchise. Which would indicate that was all the equity he had in it at the time and the rest was debt. Add in $30-50 million in losses for the last 5 years, plus the $7 million he claimed he spent on the TED project and who know what else. It all starts adding up.
[Edit: Add another $30 million for the upgrades to Mullett Arena]
But I'm not going to get into another protracted megathread style debate over this. More interested in what this latest suit is about and whether it's Alex Senior or Juniors who's pushing this.
SI has picked up on the story BTW.....
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I thought Barroway bought for $300ish million.
Google tells me Barroway bought for $305 million and then AM for $425M and then proceeded to lose $30-60M per year. So even at the high end he still made over $200 million. Not bad
As far as the lawsuit goes, are judges in Arizona elected? Not that this would be a campaign issue but I can't see a judge going "yeah you had no choice, ok tax-payer supported institution cut him a check"
TheLegend
Hangman's bookie.... Always bet against him.
Nearly all of it financed.
YMMV
Depends….. Most are appointed but there is a finite term and it requires a yes/no vote of the public whether or not they stay on the bench after each term is up.
TheLegend
Hangman's bookie.... Always bet against him.
TheLegend
Hangman's bookie.... Always bet against him.
razor ray
Registered User
- May 8, 2011
- 1,512
- 1,589
Just as a side not to this.....ASU hockey has been nothing but a massive success. In fact, this year men's hockey will likely turn a higher profit versus men's basketball once the season is over. [mod]
If you have never been to a game at Mullet the atmosphere is absolutely awesome and worth a visit.
If you have never been to a game at Mullet the atmosphere is absolutely awesome and worth a visit.
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TheLegend
Hangman's bookie.... Always bet against him.
Just for anyone who wants to track this...... the Defendants (OVG was also named a defendant in this since they are the manager for Mullett) were just served last Thursday. So this is VERY early in the process. But this gives the case number.....
Civil Court Case Information - Case History
Superior Court Docket: Civil Court Case Information - Case History
www.superiorcourt.maricopa.gov
awfulwaffle
Registered User
I just want to see a copy of the lease. Regardless of any thoughts on Muerelo, if the lease didn't stipulate that the deposit was non-refundable for certain situations, then perhaps he has legs with this. I would have to believe that the lease stated something along the lines of the deposit not being refundable in certain situations, but it just depends on how the lease reads.
mouser
Business of Hockey
All depends on the contract language. Entirely conceivable a Force Majeure clause could be valid for a partial refund.
For those not familiar: Force Majeure is a common legal clause in contracts covering situations where one or both parties are unable to fulfill their contract obligations due to events or circumstances outside their control.
