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Devils owner short, needs $20M more

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After trying for months to raise enough cash to pay off overdue loans, New Jersey Devils owner Jeff Vanderbeek is still short of his goal — with just a week to go, The Post has learned.

The former Wall Street executive needs another $20 million to make the lenders happy, sources close to the situation said.

Angry creditors are poised to pounce on Aug. 14, these sources said.

Failure to come up with the funds could result in Vanderbeek losing control of the team.

“He had worked out a deal to raise a certain amount and has not been able to do that,” a source said.

http://www.nypost.com/p/news/business/devils_owner_short_QqFokmWaFqz2dPGspzu1lO

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Really? Mid-August? NY Post's unnamed "sources" have been saying end of the season, then late June, then early July, late July, now mid-August?

I think they're making their own deadlines to make the situation more dire than it really is, gotta make the Rangers fans happy for their summer reading during long embarassing offseason..

Edited by DJ Eco

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This "journalist" is really making an ass of himself. He called the Devils the "Eastern Division Champs." I guess he doesn't watch much hockey.

That and he also put the wrong date down for the start of training camp this past year as well as a series of other factual errors that TG called him out for last year.

There may be some truth to this but with these little errors here and there it seems more and more that he is pulling this sh!t out of his ass.

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Really? Mid-August? NY Post's unnamed "sources" have been saying end of the season, then late June, then early July, late July, now mid-August?

I think they're making their own deadlines to make the situation more dire than it really is, gotta make the Rangers fans happy for their summer reading during long embarassing offseason..

Mid-August is the deadline that Bettman or Daly himself pointed out.

While I doubt much of this article is true, I still don't want Vanderbeek going further into hock or possibly jeopardizing the value of the franchise by continuing on as owner.

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"Listen, Ilya..we're going to need you to not receive that massive paycheck of yours this year.."

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I believe the article is accurate. We only need to hope there is a willing buyer that will take control once Vanderbeek is out of the picture.

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I believe the article is accurate. We only need to hope there is a willing buyer that will take control once Vanderbeek is out of the picture.

I don't believe any inside information that Kosman purports to have on these dealings. He's been way wrong before. I believe the drop-dead date, but literally nothing else.

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Well I am glad to see that 80 million down to 20 if this article is true. But it is still a bad situation. Love Vanderbeek but he needs to go.

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You guys are worse than Cory Booker. Support JVB and have some faith that he will come through!

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What does JVB's height have to do with this?

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You guys are worse than Cory Booker. Support JVB and have some faith that he will come through!

I don't want him to come through. It's taken him a year to come up with the money for this loan, why would I want this guy to own the franchise when there's another loan coming due in a few years that he will again struggle to pay? It's just delaying the inevitable.

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I don't want him to come through. It's taken him a year to come up with the money for this loan, why would I want this guy to own the franchise when there's another loan coming due in a few years that he will again struggle to pay? It's just delaying the inevitable.

I see what you're saying, but its likely that any new owner would not be much wealthier and would still have to deal with the loans for years to come. If we can get a rich oil tycoon to make it rain doller bills, great. But I like JVB as a fan-friendy owner who deeply cares about nj hockey. I hope he can get the finances sorted out.

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so what happens if JVB loses the team

That's not really the correct way to frame the question. The issue is what happens if the team's creditors officially declare the team in default on its loans. The most likely scenario is that the team will file for bankruptcy, and the league and the team's creditors to work out a plan that reorganize the team. In all likelihood that will entail an investor agreeing to pay off some of the debt and/or rework the repayment terms while taking control of the team. Whatever the case, it means Vanderbeek is out of the picture. The team will end up being a much healthier enterprise under this scenario, just like the Dallas Stars and Texas Rangers are now that its debt-laden owner was kicked out after the teams filed for bankruptcy.

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I see what you're saying, but its likely that any new owner would not be much wealthier and would still have to deal with the loans for years to come. If we can get a rich oil tycoon to make it rain doller bills, great. But I like JVB as a fan-friendy owner who deeply cares about nj hockey. I hope he can get the finances sorted out.

Vanderbeek is not that wealthy. A lot of his wealth was tied up in Lehman stock that basically evaporated years ago. My guess is that he's worth something like $20 million. Obviously all of us would take that, but it's not enough to be the majority owner of a professional sports franchise.

A new owner might not necessarily have to deal with outstanding loans, or, will get to repay them on much more favorable terms. A wealthy enough guy could purchase all of the outstanding debt at a discount and take control of the team. The team could file for bankruptcy and a new purchaser and creditors could work out a deal that restructures the team's debt. While the creditors could agree to that outside of bankruptcy, it's pretty clear that they want Vanderbeek out of the picture.

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Really? Mid-August? NY Post's unnamed "sources" have been saying end of the season, then late June, then early July, late July, now mid-August?

I think they're making their own deadlines to make the situation more dire than it really is, gotta make the Rangers fans happy for their summer reading during long embarassing offseason..

The Rangers have absolutely nothing to hang over our heads.

Rick Nash? Adam Henrique Game 6 Game Winner.

Henrik won the Vezina? Couldn't stop that Henrique goal in game 6!

You get the picture

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The Rangers have absolutely nothing to hang over our heads.

Rick Nash? Adam Henrique Game 6 Game Winner.

Henrik won the Vezina? Couldn't stop that Henrique goal in game 6!

You get the picture

If Rags fans want to brag that they are more numerous and that their owner is wealthier (even if he's a spoiled, do-nothing, cokehead), more power to them. It's nice that there are a lot of them who can gather in large groups to talk about '94 being the greatest event in the history of mankind. In the meantime, the bankrupt Devils (and Coyotes for that matter) will get on with the business of winning hockey games.

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If Rags fans want to brag that they are more numerous and that their owner is wealthier (even if he's a spoiled, do-nothing, cokehead), more power to them. It's nice that there are a lot of them who can gather in large groups to talk about '94 being the greatest event in the history of mankind. In the meantime, the bankrupt Devils (and Coyotes for that matter) will get on with the business of winning hockey games.

Couldn't have said it any better than that. They just make moves just for the sake of grabbing headlines. Their team was so close to making it to the SCF for the first time in two decades and what do they do? They trade two key cogs and a good prospect for Rick Nash. I can't wait to see him try to play defense and block shots.

But I digress.....

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Couldn't have said it any better than that. They just make moves just for the sake of grabbing headlines. Their team was so close to making it to the SCF for the first time in two decades and what do they do? They trade two key cogs and a good prospect for Rick Nash. I can't wait to see him try to play defense and block shots.

But I digress.....

You are the first person I have heard consider Dubinsky and Anisimov to be key cogs.

But by and large Rags fans can talk sh!t all day about how rich their team is, how much more media attention it gets (being in the middle of NYC certainly makes it easier) and how the hockey world reached its pinnacle in 1994 all they want. I like my 3 cups and far more success on the ice much better.

I also wonder which player they will retire this year from the 94 team. My bet is Jeff Beukeboom.

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You are the first person I have heard consider Dubinsky and Anisimov to be key cogs.

But by and large Rags fans can talk sh!t all day about how rich their team is, how much more media attention it gets (being in the middle of NYC certainly makes it easier) and how the hockey world reached its pinnacle in 1994 all they want. I like my 3 cups and far more success on the ice much better.

I also wonder which player they will retire this year from the 94 team. My bet is Jeff Beukeboom.

Dubinsky and Anisimov were key role players for the Rangers. Thats like us losing Zubrus and Clarkson. Losing two young 35-55 point players is not a good thing if Nash does not play well. It also hurts their depth. Their bottom six is Halpern, Pyatt, Rupp, Asham, Boyle, Hagelin. Dubinsky was a pain in the butt to play against, he is a great possession player.

Edited by Zubie#8

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You are the first person I have heard consider Dubinsky and Anisimov to be key cogs.

But by and large Rags fans can talk sh!t all day about how rich their team is, how much more media attention it gets (being in the middle of NYC certainly makes it easier) and how the hockey world reached its pinnacle in 1994 all they want. I like my 3 cups and far more success on the ice much better.

I also wonder which player they will retire this year from the 94 team. My bet is Jeff Beukeboom.

You could see the difference when Dubinsky was in the lineup. I don't think it's a coincidence they started playing better. Sure you could argue they were more desperate, but I think they fed off his energy. Both are very good defensively and more importantly, don't mind blocking shots

Edited by SMantzas

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You could see the difference when Dubinsky was in the lineup. I don't think it's a coincidence they started playing better. Sure you could argue they were more desperate, but I think they fed off his energy. Both are very good defensively and more importantly, don't mind blocking shots

Dubinsky was a guy who was paid like he was a 1st or 2nd line player but ended up playing on the 3rd and 4th for most of the past season. He never reached his potential or maybe he did and was judged terribly early on. Either way his contract was ugly.

Anisimov was never really a key guy. More like a 3rd line player that happened to get shuffled around as Torts fooled around with his lines and played often on the 1st and 2nd line when he shouldn't have been there.

Dubinsky and Anisimov were key role players for the Rangers. Thats like us losing Zubrus and Clarkson. Losing two young 35-55 point players is not a good thing if Nash does not play well. It also hurts their depth. Their bottom six is Halpern, Pyatt, Rupp, Asham, Boyle, Hagelin. Dubinsky was a pain in the butt to play against, he is a great possession player.

IDK about you but their bottom 6 looks pretty decent to me. If one of our players gets hurt of the CBGB line doesn't repeat what they did this past playoff run the Devils could be in a world of trouble.

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