News Article: Lebreton project

[Sensung]

It's nice that Eugene has piled even more debt onto the Sens.

Sure, all the debt he's added makes it virtually impossible for the team to show a profit in his accounting scheme, but it does allow him to cry poor and for the apologists to berate the fanbase when he shows a paper loss.

 

[Yak]

Yes , EM has become a savvy businessman all of a sudden. This is his tax shwlter business and does not give a crap about the on ice product.

Next expansion fee's from Seattle he will cash out soon after.

 

[YouGotAStuGoing]

I said it may be better, for tax purposes, to NOT use Liquid cash or liquid assets, to do the things the LOC is going to be used for.

It also depends on the rate of return the Liquid cash or liquid assets are bringing in, vs the cost of using the LOC. Why forgo future interest, for a short term need for some cash, if you have a favourable interest rate with your LOC.

I would use my LOC before cashing in some liquid assets, to make a major purchase.

You should familiarize yourself with the concept of Occam's Razor instead of making up outlandish possibilities to explain an otherwise simply explainable phenomenon.

 

[Tnuoc Alucard]

It's nice that Eugene has piled even more debt onto the Sens.

Sure, all the debt he's added makes it virtually impossible for the team to show a profit in his accounting scheme, but it does allow him to cry poor and for the apologists to berate the fanbase when he shows a paper loss.

It's only debt, if he uses the "short-term credit line " .

 

[Sensung]

It's only debt, if he uses the "short-term credit line " .

Sure, all the debt he's added makes it virtually impossible for the team to show a profit in his accounting scheme, but it does allow him to cry poor and for the apologists to berate the fanbase when he shows a paper loss.

 

[Tnuoc Alucard]

Sure, all the debt he's added makes it virtually impossible for the team to show a profit in his accounting scheme, but it does allow him to cry poor and for the apologists to berate the fanbase when he shows a paper loss.

I'll try again.

He secured a "short-term credit line " AKA Line of Credit, he did not add more debt.

Yes, if he borrows on the "short-term credit line ", it becomes debt, but only the amount borrowed, not the limit, and it gets paid back relatively soon.

 

[Sensung]

I'll try again.

He secured a "short-term credit line " AKA Line of Credit, he did not add more debt.

Yes, if he borrows on the "short-term credit line ", it becomes debt, but only the amount borrowed, not the limit, and it gets paid back relatively soon.

Sure, all the debt he's added makes it virtually impossible for the team to show a profit in his accounting scheme, but it does allow him to cry poor and for the apologists to berate the fanbase when he shows a paper loss.

Keep ignoring the fact that Eugene's choices have set the team up to lose money.

The deck is stacked and when Eugene claims losses it is meaningless. Doesn't stop the Melnyk defence squad from trying to use the claim to bash the fanbase.

 

[Tnuoc Alucard]

Sure, all the debt he's added makes it virtually impossible for the team to show a profit in his accounting scheme, but it does allow him to cry poor and for the apologists to berate the fanbase when he shows a paper loss.

Keep ignoring the fact that Eugene's choices have set the team up to lose money.

The deck is stacked and when Eugene claims losses it is meaningless. Doesn't stop the Melnyk defence squad from trying to use the claim to bash the fanbase.

They announced the $135 million re-financing package this past June, and the last time the Senators announced a re-financing of of debt was in April, of 2013 and was confirmed to be $150 million ........... which to me seems to be higher.

I know it's your favourite, and it's from last November, but Forbes shows the Senators debt to Franchise value as being 29%, which works out to be $121.8 M.

So the way I read it, the Debt in 2013 was $150 M, it was $121.8 last Nov, and this June it seems to be $135 M.

So lower than 2013, but higher than last year.

Another thing I see ( Forbes) if that some teams have a way higher debt to Franchise value, and some lower.

 

[armani]

Cross posting because of relevance.

Melnyk's short term BMO loan: I laugh when I read that this loan would add cash to re-sign UFA line to long term contracts (bonus cash). This is just another debt to pay off other debts, as #EmptyCTC is making current payroll a challenge. The noose is getting tighter you would think with #MelnykBoycott, but Melnyk is fighting hard against #MelnykOut.

Unless it's for the Sens Foundation (which is becoming another story of its own), Melnyk always being absent from local community events, such as the recent Ottawa Hospital Gala, is telling. He is in total disconnect with the local community, be it businesses, fans, or citizens (damn right I am eager as a Ottawa citizen about Lebreton development itself). And the community, in turn, is shunning him away.

"The golden years for the Senators are still ahead".

 

[aragorn]

I wonder how many #Melnykout people will go to the new Lebreton arena (if & when it's built), if EM is still the owner?

 

[DaveMatthew]

I wonder how many #Melnykout people will go to the new Lebreton arena (if & when it's built), if EM is still the owner?

At this point, we're looking at 2022/23 for the new arena - if it happens at all... I would bet a lot that Melnyk is no longer around by then.

 

[Grizwald]

I wonder how many #Melnykout people will go to the new Lebreton arena (if & when it's built), if EM is still the owner?

I don't think it will ever happen and have said it ever since the NCC made the mistake of awarding the contract to Melnyk in the first place. The only hope is if Melnyk finds a partner but what respected businessman would ever want to be a co-owner of the Sens with him - it makes no sense to me but I'll take the bait and answer your question:

If Melnyk finds a co-owner & if Melnyk allows the new co-owner full control of the team & if Menlyk promises to stay in Barbados & if Melnyk promises to keep his yap shut, I'm all in! ....lol

 

[aragorn]

I don't think it will ever happen and have said it ever since the NCC made the mistake of awarding the contract to Melnyk in the first place. The only hope is if Melnyk finds a partner but what respected businessman would ever want to be a co-owner of the Sens with him - it makes no sense to me but I'll take the bait and answer your question:

If Melnyk finds a co-owner & if Melnyk allows the new co-owner full control of the team & if Menlyk promises to stay in Barbados & if Melnyk promises to keep his yap shut, I'm all in! ....lol

I have no idea if Melnyk will ever find a partner or want a partner or if there is anyone out there who would be Mr. Dickhead's partner in this endevour. My question is simple, although we are yrs away from ever knowing & the situation could have righted itself way before hand, but if nothing changes & EM is able to build this new arena with him as the primary owner still, will people continue not to go to games at the new arena or will they bite the bullet & go see some games at the new place?

My guess is that when the new building is built & if EM is still the owner people will want to go to the new arena & ticket sales will increase including season tickets. Ottawa seems to be a town that likes new shiny toys & IMO attendance will get a boost because of it but for how long will probably depend on how well the team does while they play there. This town also likes to support a winner & not so much, if they are struggling.

 

[Grizwald]

I have no idea if Melnyk will ever find a partner or want a partner or if there is anyone out there who would be Mr. ********'s partner in this endevour. My question is simple, although we are yrs away from ever knowing & the situation could have righted itself way before hand, but if nothing changes & EM is able to build this new arena with him as the primary owner still, will people continue not to go to games at the new arena or will they bite the bullet & go see some games at the new place?

My guess is that when the new building is built & if EM is still the owner people will want to go to the new arena & ticket sales will increase including season tickets. Ottawa seems to be a town that likes new shiny toys & IMO attendance will get a boost because of it but for how long will probably depend on how well the team does while they play there. This town also likes to support a winner & not so much, if they are struggling.

I know what you meant, just kidding around. : )

If Melnyk is still primary owner and the new rink is built my answer would still be "No". A gong show is still a gong show no matter where the location.

 

[Take a Bath Son]

I wonder how many #Melnykout people will go to the new Lebreton arena (if & when it's built), if EM is still the owner?

I'm a bit in the #melnykout camp. I'm sitting on the fence this year, not going to any games. If he built an arena downtown, and was still owner, I would go. As much as I don't care for him, that commitment to build an arena, to building infrastructure in our city is a major contribution to our city and those actions would be enough to bring me back.

Ideally, I want to see him sell it all once the lebreton deal is finalized, but I will go to hockey downtown regardless and I suspect most will as well. Nevertheless, I hope he has learned his lesson. Although disliked for many reasons, for me it was the comments at the NHL classic that put me over the edge. I can't begin to describe how much of a buzzkill he was at what was supposed to be a bit of a shining moment for hockey in this market.

 

[Tnuoc Alucard]

Cross posting because of relevance.

Melnyk's short term BMO loan: I laugh when I read that this loan would add cash to re-sign UFA line to long term contracts (bonus cash). This is just another debt to pay off other debts, as #EmptyCTC is making current payroll a challenge. The noose is getting tighter you would think with #MelnykBoycott, but Melnyk is fighting hard against #MelnykOut..

Once again ...... it's not a loan, it's a secured a $30 million short-term credit line.
It's access to cash, up to $30 M, on a short term basis.

Line of Credit, if you will, not a loan.

 

[Tnuoc Alucard]

I wonder how many #Melnykout people will go to the new Lebreton arena (if & when it's built), if EM is still the owner?

won't matter, as the vast majority of attendance issues will be resolved by the move to Lebreton Flats.

 

[Tnuoc Alucard]

At this point, we're looking at 2022/23 for the new arena - if it happens at all... I would bet a lot that Melnyk is no longer around by then.

Why do you see this as a possibility?

 

[topshelf15]

So EM gets another loan,or a line of credit so he can write it all off including the interest as dead loss...Meanwhile he shoves the profit into another pocket...Nobody is buying the team and the arena as losing money

 

[Pierre from Orleans]

Was there any say in what the seating capacity will be when/if the arena gets built?

 

[Tnuoc Alucard]

Was there any say in what the seating capacity will be when/if the arena gets built?

18,000

The RendezVous LeBreton proposal: More than an arena for the Sens

 

[topshelf15]

Was there any say in what the seating capacity will be when/if the arena gets built?

It will be 30k so EM can continue to point the finger at us when it doesnt sell out every game ....

 

[Pierre from Orleans]

18,000

The RendezVous LeBreton proposal: More than an arena for the Sens

Still relatively high given the market.
16 to 17k would be ideal imo

 

[armani]

Once again ...... it's not a loan, it's a secured a $30 million short-term credit line.
It's access to cash, up to $30 M, on a short term basis.

Line of Credit, if you will, not a loan.

I understand the difference. They need it and will be using it immediately. It is a debt to payoff debts - you and I may not be privy to that info but it's inevitable when the team is losing money daily at this rate with #EmptyCTC and little in the way of corporate sponsorship.

Where is Melnyk getting the money to pay staff and perhaps re-sign some others if he is not using non-Sens funds? Melnyk's truly feeling the effects of de-alienating the fans and the people of the city.

 

[Tnuoc Alucard]

I understand the difference. They need it and will be using it immediately. It is a debt to payoff debts - you and I may not be privy to that info but it's inevitable when the team is losing money daily at this rate with #EmptyCTC and little in the way of corporate sponsorship.

Where is Melnyk getting the money to pay staff and perhaps re-sign some others if he is not using non-Sens funds? Melnyk's truly feeling the effects of de-alienating the fans and the people of the city.

What a contraction you're making.

In once sentence you state " you and I may not be privy to that info" , but then go on to state " they need it"... "will be using it immediately" ... "to pay off debts" ...team is losing money daily" ... "little in the way of corporate sponsorship" ... How can you know any of this, if you're "not be privy to that info"???