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Offthepost (Generation II)
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Bosc Ulrich II
OTP Resident Historian
Joined: 18 Oct 2007
Posts: 3374
Location: Sweetest lid in the league
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 Posted: Fri Jun 06, 2008 1:18 pm Post subject: More Boots/Ballsillie/Preds developments |
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http://mirtle.blogspot.com/2008/06/boots-turns-to-balsillie.html
http://www.nationalpost.com/sports/story.html?id=566333
| Quote: |
Canadian billionaire Jim Balsillie attempted to buy an interest in the Nashville Predators from troubled financier William "Boots" Del Biaggio two weeks ago but the National Hockey League cautioned against the plan, sources say.
Mr. Del Biaggio, a California-based financier who is facing fraud allegations and is reportedly under investigation by the U.S. Department of Justice, tried to sell his 27% preferred equity stake in the Tennesse-based NHL franchise and that of his business partner to Mr. Balsillie during a meeting on May 22.
According to sources familiar with the events, a tentative deal was arranged that would have seen Mr. Del Biaggio's combined one-third minority interest, with an estimated book value of US$30-million, transferred to Mr. Balsillie for a "significant premium."
Apparently, the talks held at a San Francisco hotel did not directly address the possibility of relocating the team, which was sold last year for US$193-million to a Nashville-based local group of investors, led by David Freeman.
However when an advisor to Mr. Del Biaggio, who was brought in to bid against Mr. Balsillie for the Predators last year, informed NHL Commissioner Gary Bettman of the discussions, sources say the 40-year-old investor was discouraged from proceeding with a deal.
Mr. Del Biaggio and officials at the NHL were not available for comment on Thursday. |
| Quote: |
Mr. Del Biaggio, who is facing three lawsuits alleging he defrauded up to US$17-million, is expected to file for bankruptcy in California as early as today. In that event, a court-appointed trustee would supervise the liquidation of his assets, including the minority stake in the NHL club.
Meanwhile, Mr. Del Biaggio and his co-partners in the hockey team are said to be scrambling trying to find a resolution that will allow him to get "the most money he can for his interest" before he files for bankruptcy. Mr. Del Biaggio is believed to have personally guaranteed almost US$10-million for the arena lease in Nashville, and an additional US$40-million of the $55-million term debt secured by the team. |
Perfect! Fraud accusations, not actually having the money put up to buy the franchise, and bankruptcy. This guy meets all of the league's criteria for being a perfect owner!
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Jyrki21
Rebel Sell + Moneyball = Life
Joined: 18 Oct 2007
Posts: 1940
Location: Ottawa, ON
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| Posted: Fri Jun 06, 2008 2:36 pm Post subject: |
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| Quote: |
| However when an advisor to Mr. Del Biaggio, who was brought in to bid against Mr. Balsillie for the Predators last year, informed NHL Commissioner Gary Bettman of the discussions, sources say the 40-year-old investor was discouraged from proceeding with a deal. |
If they're implying that the NHL intervened to prevent the sale, perhaps offering some sort of quid pro quo, they're treading dangerously near the domain of bid-rigging, which is a serious criminal offense.
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saskhab
'03-'04 Goalie Profiles Coming Soon!
Joined: 17 Oct 2007
Posts: 3713
Location: Saskatoon!
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| Posted: Sun Jun 08, 2008 10:48 pm Post subject: |
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Get this: amongst his creditors? AEG! That's right, the Anschutz group, who
(among many other things) own the LA Kings, and the Sprint Center in Kansas City!
How much? $7 million! Boots' share of the Preds called for a $52.11m investment by him. His bankruptcy filing has his personal debt at about $56m. You do the math... that money he loaned from AEG was definitely earmarked towards purchasing the Preds, and AEG was doing so hoping he'd be able to buy out the rest of the Nashville group in 2 years and move the team to their building in KC.
http://www.mercurynews.com/ci_9511550?nclick_check=1
_________________
"Oh my God. There she is. Lovely Sally Slater. I should speak to her. But what the hell can I say? Anything that doesn't mention that I masturbate over her memory is probably a good idea."
- Mark Corrigan, Peep Show |
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Captain Chaos
(Formerly Lieutenant Chaos)
Joined: 18 Oct 2007
Posts: 429
Location: Vancouver
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| Posted: Sun Jun 08, 2008 11:45 pm Post subject: |
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| saskhab wrote: |
Get this: amongst his creditors? AEG! That's right, the Anschutz group, who
(among many other things) own the LA Kings, and the Sprint Center in Kansas City!
How much? $7 million! Boots' share of the Preds called for a $52.11m investment by him. His bankruptcy filing has his personal debt at about $56m. You do the math... that money he loaned from AEG was definitely earmarked towards purchasing the Preds, and AEG was doing so hoping he'd be able to buy out the rest of the Nashville group in 2 years and move the team to their building in KC.
http://www.mercurynews.com/ci_9511550?nclick_check=1 |
Great summer conspiracy to unfold. |
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saskhab
'03-'04 Goalie Profiles Coming Soon!
Joined: 17 Oct 2007
Posts: 3713
Location: Saskatoon!
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| Posted: Sun Jun 22, 2008 4:17 pm Post subject: |
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I guess Luc Robitaille is the man responsible for introducing Del Baggio to AEG:
http://mirtle.blogspot.com/2008/06/lucky-luc-mixed-up-with-boots.html
And look in the comments there, as apparently Luc is the one who introduced Oren Koules to Len Barrie, the new Tampa owners.
_________________
"Oh my God. There she is. Lovely Sally Slater. I should speak to her. But what the hell can I say? Anything that doesn't mention that I masturbate over her memory is probably a good idea."
- Mark Corrigan, Peep Show |
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saskhab
'03-'04 Goalie Profiles Coming Soon!
Joined: 17 Oct 2007
Posts: 3713
Location: Saskatoon!
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| Posted: Sun Jul 13, 2008 10:57 pm Post subject: |
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http://tennessean.com/assets/pdf/DN112667711.PDF
This is a document that Boots distributed to his creditors for the Nashville purchase. Notice page 10, where he emphasizes the Predators great "portability value", saying that the NHL has illustrated this is "Nashville's last chance" and that bids from Hamilton, Kansas City, Las Vegas, Oklahoma City, Seattle, and Winnipeg were likely to be pitched in a bidding ward for the franchise.
He also adds on at the end of the document projections for the team's cash flow if the team were to average 14,000 or 13,000 in average attendance, and neither scenario is that pretty, although incredibly basic.
_________________
"Oh my God. There she is. Lovely Sally Slater. I should speak to her. But what the hell can I say? Anything that doesn't mention that I masturbate over her memory is probably a good idea."
- Mark Corrigan, Peep Show |
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saskhab
'03-'04 Goalie Profiles Coming Soon!
Joined: 17 Oct 2007
Posts: 3713
Location: Saskatoon!
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| Posted: Thu Jul 17, 2008 11:02 am Post subject: |
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http://www.tennessean.com/apps/pbcs.dll/article?AID=/20080717/NEWS0202/807170381/1028/SPORTS02
According to California based investor Doug Bergeron, Boots bragged to him that he had convinced Bettman to bypass some of the more stricter financial auditing processes involved in the approval process.
If there's any truth to Boots' boasting (and he's not a terribly reliable source, admittedly), can this please... PLEASE be enough to finally kick Gary's ass to the curb?
_________________
"Oh my God. There she is. Lovely Sally Slater. I should speak to her. But what the hell can I say? Anything that doesn't mention that I masturbate over her memory is probably a good idea."
- Mark Corrigan, Peep Show |
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Bosc Ulrich II
OTP Resident Historian
Joined: 18 Oct 2007
Posts: 3374
Location: Sweetest lid in the league
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| Posted: Thu Jul 17, 2008 11:26 am Post subject: |
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| saskhab wrote: |
http://www.tennessean.com/apps/pbcs.dll/article?AID=/20080717/NEWS0202/807170381/1028/SPORTS02
According to California based investor Doug Bergeron, Boots bragged to him that he had convinced Bettman to bypass some of the more stricter financial auditing processes involved in the approval process.
If there's any truth to Boots' boasting (and he's not a terribly reliable source, admittedly), can this please... PLEASE be enough to finally kick Gary's ass to the curb? |
Unfortunately, he likely just takes direction from the owners that he's closest with, the 8 votes that he needs to do whatever he wants, so he was probably just taking directions from his bosses. It might be the same situation regardless of who's in power, though someone else probably wouldn't be such a frigging idiot.
Don't get me wrong, though. He's still a complete ass.
| Quote: |
Bergeron said Del Biaggio told him in December that National Hockey League Commissioner Gary Bettman’s office had given special permission for Del Biaggio to buy a share of the team without being subjected to all the scrutiny the league usually gives to prospective owners. Del Biaggio told him the commissioner’s office did not require him to show audited financial statements before it approved him.
“Boots bragged to me that he was able to convince Bettman’s office to overlook the need for his audited financial statements because it was too much work,” Bergeron said. |
Could they be any more obvious in trying to keep Ballsillie out of the fold?  Think if I went to the bank for a mortgage and I just said "Ah, don't worry about it. You don't need a statement of income."*brushes off shoulder and winks at the person walking by*, that that would fly?
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Av-merican
Un-Tenured Professor of Hockey
Joined: 17 Oct 2007
Posts: 2216
Location: Denver
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Av-merican
Un-Tenured Professor of Hockey
Joined: 17 Oct 2007
Posts: 2216
Location: Denver
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Bosc Ulrich II
OTP Resident Historian
Joined: 18 Oct 2007
Posts: 3374
Location: Sweetest lid in the league
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| Posted: Thu Oct 02, 2008 10:23 am Post subject: |
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The Preds are filing a large claim against Bootsy, in the neighbourhood of $100 million...
| Quote: |
The Globe and Mail and The Tennessean report that the Nashville Predators have filed a claim for more than $100 million against former part owner William (Boots) Del Biaggio in U.S. bankruptcy court.
Del Biaggio declared bankruptcy last June after buying a 27 per cent share in the NHL franchise. The team's remaining owners say their finances were severely damaged because of the move.
According to The Tennessean, the claim also said the Predators are in default on their loan with an investment bank and could lose $5 million to $10 million a year in sponsors, ticket sales and other revenue because of Del Biaggio.
Del Biaggio's share of the team, which was listed as worth $23.5 million in his bankruptcy petition, is now under the control of the bankruptcy court.
The Globe also reported on Tuesday that Research In Motion CEO Jim Balsillie is set to make a move on Del Biaggio's share. |
Del Biaggio's stake was valued at 23.5 mil or something like that...for 27%. At that rate, total franchise value...$87 million. The price they purchased it for? 193 millon.
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Bosc Ulrich II
OTP Resident Historian
Joined: 18 Oct 2007
Posts: 3374
Location: Sweetest lid in the league
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| Posted: Fri Oct 03, 2008 10:00 am Post subject: |
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Hey look, the team has defaulted on a $40 million loan...
http://www.globesports.com/servlet/story/RTGAM.20081003.wspt_balsillie03/GSStory/GlobeSportsHockey/home
| Quote: |
The Nashville Predators' ownership tangle has taken another twist with the startling admission the NHL team has defaulted on a $40-million (all currency U.S.) loan.
If that raises fresh questions about the franchise's viability, Nashville's owners say the blame should be laid at the feet of former minority owner William (Boots) Del Biaggio III, who declared bankruptcy in June.
When Del Biaggio's problems first emerged, Preds principal owner David Freeman reassured the community and the NHL they "will not impact on the operation of the club."
But now Predators Holdings LLC is petitioning a California bankruptcy court for damages of up to $100-million, which it says were incurred by Del Biaggio's alleged "fraudulent activities and misrepresentations."
Court documents also reveal an unnamed bidder is negotiating to acquire the $40-million debt owed to CIT Group Inc.
"At this time, the damages to Holdings as a result of [Del Biaggio's] default are incalculable," reads a claim filed with the Northern District of California Bankruptcy Court this week. "Holdings has been informed that the trustee is negotiating with a potential bidder that allegedly may provide a replacement guaranty."
The document also contends the ownership consortium was forced to come up with $28-million to cover Del Biaggio's portion of a lease guarantee with the city of Nashville, which owns the club's arena.
Sources say Waterloo, Ont., high-tech billionaire Jim Balsillie, who was frustrated in his efforts to buy the team in 2007, is considering a bid for Del Biaggio's stake.
But it's unclear whether Balsillie is the mystery bidder for CIT's debt.
People familiar with the Nashville ownership situation suggested the lease-guarantee payment has particular importance because the team would face a penalty of up to $50-million if the Predators were to default. |
Awesome. I wonder which NHL owners are major parts of CIT Group Inc.?
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