Confirmed with Link: News Release: Ottawa Senators appoint Ian Mendes as vice president, communications and name Sylvain St-Laurent director, communications

[Golden_Jet]

Completely different times, different responsibilities, different person, etc. It's not at all a 1:1 comparison. Case in point, social media didn't exist and HD wasn't a TV standard at that point. Like I said, he brings a lot of credibility to the role but it will be interesting to see how he and Sylvain adjust their mindsets and if there's any noticeable change in the team's communications.

Different person, there are 2 Ian Mendes now

 

[BonHoonLayneCornell]

I think it'll be fine. They're clearly competent individuals. They'll be properly supported and not have a ton of fires to put out as the days of the organization being bargain bin embarrassment level seems to be over.

 

[BankStreetParade]

Different person, there are 2 Ian Mendes now

You think Ian Mendes hasn't changed as a person since his first go around in the position over 20 years ago? That's certainly an opinion to have about anyone.

 

[Golden_Jet]

You think Ian Mendes hasn't changed as a person since his first go around in the position over 20 years ago?

Ya he is much better and knowledgeable at it now, like most people get with experience in their field.
Are you trying to say you don’t like the hire, it’s a great hire for the team, but will be missed by the fans.

 

[IpsoPostFacto]

What about Simmer? The position of the assistant to the district manager should still be open right?

Simmer would so be that guy to change that to "Assistant District Manager"

 

[Stylizer1]

Simmer would so be that guy to change that to "Assistant District Manager"

 

[BankStreetParade]

Ya he is much better and knowledgeable at it now, like most people get with experience in their field.
Are you trying to say you don’t like the hire, it’s a great hire for the team, but will be missed by the fans.

It's always interesting when people "cross over" the aisle in their industry, so to speak. Ian and Sylvain are excellent sports journalists so I think they bring some very high credibility to their positions but it's gonna be interesting to see how they approach their tasks given their lengthy tenures as the people asking the questions rather than the ones answering/shaping the answers.

I generally don't label anyone as a great hire or not, as a first impression. I think my post pretty conclusively indicates that I'm going to see how things go rather than have an immediate knee-jerk reaction. As I said, I think Mendes and Sylvain are high-quality sports journalists but being high-quality in one side of a field doesn't mean you'll automatically be high-quality in the other side of the field. For instance, being an excellent mathematician doesn't mean you'll be an excellent professor of mathematics. There are different aptitudes involved in the roles, different personalities that intersect with you and your work and different bureaucracies involved in accomplishing the things you want to accomplish. Also, when you spend a virtual lifetime in one side of the field, it can be difficult to "cross over" to the other side and excel. That's not a judgement of them and their capacity to do it but a realistic analysis of the hiring.

 

[Golden_Jet]

I generally don't label anyone as a great hire or not, as a first impression. I think my post pretty conclusively indicates that I'm going to see how things go rather than have an immediate knee-jerk reaction. As I said, I think Mendes and Sylvain are high-quality sports journalists but being high-quality in one side of a field doesn't mean you'll automatically be high-quality in the other side of the field. For instance, being an excellent mathematician doesn't mean you'll be an excellent professor of mathematics. There are different aptitudes involved in the roles, different personalities that intersect with you and your work and different bureaucracies involved in accomplishing the things you want to accomplish. Also, when you spend a virtual lifetime in one side of the field, it can be difficult to "cross over" to the other side and excel. That's not a judgement of them and their capacity to do it but a realistic analysis of the hiring.

Sure, whatever you think.

 

[Larionov]

This means Melnyks and their 10% share likely don't have any say whatsoever. If someone wrote an article highlighting my dad as a piece of shit after his passing I dont know how anyone can forgive and forget that.

This is why it is difficult to find minority shareholders once the initial excitement of buying a team has passed. You have equity in the team, and get subject to cash calls, but you have zero say in the day to day management. As time rolls on, you find that most minority shareholders in any venture cash out and sell their share to the majority owner. All Andlauer would have to do is put out one cash call and the Melnyk sisters would sell so fast it would make your head spin...

 

[Masked]

Another blow to good journalism. It's taking a beating. But congrats to both, hopefully they can help in likely modernizing the new media landscape

Journalism is dying a slow death because the mainstream media is too. The only people who will be in it in the near future will either be activists or those not smart enough to know it's dying.

 

[BankStreetParade]

This is why it is difficult to find minority shareholders once the initial excitement of buying a team has passed. You have equity in the team, and get subject to cash calls, but you have zero say in the day to day management. As time rolls on, you find that most minority shareholders in any venture cash out and sell their share to the majority owner. All Andlauer would have to do is put out one cash call and the Melnyk sisters would sell so fast it would make your head spin...

Don't they technically have the $950M that he paid to get the team? Plus whatever they inherited from their father in other assets? I think it's likely they have more liquid capital than Andlauer does...

 

[Golden_Jet]

All Andlauer would have to do is put out one cash call and the Melnyk sisters would sell so fast it would make your head spin...

Not sure they would sell so fast, they probably have a few hundred million to play with each. Eventually probably ya, but not on an initial cash call.

 

[Larionov]

Don't they technically have the $950M that he paid to get the team? Plus whatever they inherited from their father in other assets? I think it's likely they have more liquid capital than Andlauer does...

They got about $400 million, apparently - Eugene had that team heavily leveraged and owed money to private lenders all over the place. This is likely part of what held up the sale. They held onto a piece of it likely for sentimental value but let's be honest - you don't make money in pro sports until you sell, and neither of them live in Ottawa. (One is apparently down in LA and is likely to remain a U.S. resident.) Do you see them wanting to roll their cash into the hockey team? I don't...

 

[Nac Mac Feegle]

They got about $400 million, apparently - Eugene had that team heavily leveraged and owed money to private lenders all over the place. This is likely part of what held up the sale. They held onto a piece of it likely for sentimental value but let's be honest - you don't make money in pro sports until you sell, and neither of them live in Ottawa. (One is apparently down in LA and is likely to remain a U.S. resident.) Do you see them wanting to roll their cash into the hockey team? I don't...

So...400 divided by two, then take out taxes and fees and whatever else goes with this sort of thing. Still has to be around $100 mil per sister.

Still a nice chunk of money.

And no, if I was young and wealthy, I would not put my money into an NHL team.

 

[BankStreetParade]

So...400 divided by two, then take out taxes and fees and whatever else goes with this sort of thing. Still has to be around $100 mil per sister.

Still a nice chunk of money.

And no, if I was young and wealthy, I would not put my money into an NHL team.

Father lived in Barbados. You think they're paying anything in tax? That's not how the super rich roll.

 

[Stylizer1]

So...400 divided by two, then take out taxes and fees and whatever else goes with this sort of thing. Still has to be around $100 mil per sister.

Still a nice chunk of money.

And no, if I was young and wealthy, I would not put my money into an NHL team.

i bet they have way more money than that.

 

[Golden_Jet]

i bet they have way more money than that.

Agree, he had other assets, and their not paying 50+ % on inheritance.

 

[AchtzehnBaby]

Agree, he had other assets, and their not paying 50+ % on inheritance.

The sister's 10% stake is the big cash for them and their children's children... never ending trust fund.

 

[Micklebot]

Agree, he had other assets, and their not paying 50+ % on inheritance.

No inheritance tax in Canada, but you'd pay taxes on the capital gain, so 100m becomes 950 mil, the 850m is a capital gain and half of that (I think it's two thirds now but would have been half then) would be taxed at the top rate.

 

[Beech]

Who did Mendes replace? Ditto for Sly?

 

[Nac Mac Feegle]

i bet they have way more money than that.

Probably, yes. Just spitballing an approximate amount.

I'm just a poor nobody, but $100 million, $200 million....at those numbers, not much difference in lifestyle. They're definitely set for life and with a nice cushion.

Kinda funny...most of us in here could probably retire immediately if $2 million fell onto our laps...those lucky ladies have a hundred times that.

 

[BankStreetParade]

No inheritance tax in Canada, but you'd pay taxes on the capital gain, so 100m becomes 950 mil, the 850m is a capital gain and half of that (I think it's two thirds now but would have been half then) would be taxed at the top rate.

No capital gains tax in Barbados. I doubt he didn't have the team registered to 500 different LLCs and whatever other types of paper corps to place the ownership somewhere in a tax haven.

 

[LiseL]

No inheritance tax in Canada, but you'd pay taxes on the capital gain, so 100m becomes 950 mil, the 850m is a capital gain and half of that (I think it's two thirds now but would have been half then) would be taxed at the top rate.

Wouldn't that only apply if they're Canadian residents? I would think thecapital gains would be applied in their country of residence or they place some of it in a trust. The rich have ways of either deferring or not paying taxes the way us regular folks do.

 

[Micklebot]

Wouldn't that only apply if they're Canadian residents? I would think thecapital gains would be applied in their country of residence or they place some of it in a trust. The rich have ways of either deferring or not paying taxes the way us regular folks do.

I'm no tax expert, just saying 50% on inheritance isn't a thing even for the poor, worst case they'd be looking at ~26% of the 950 m In capital gains taxes since only half of it is taxable

 

[thinkwild]

Imagine forcing his daughters to take their inheritance in the form a of a small market hockey team that is constantly losing money.