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Devils owner short, needs $20M more

109 posts in this topic

I know the Devils are in the top half of revenue, but isn't JVB still losing a **** ton trying to scrape together money to pay back the creditors? I feel like this is all counterproductive for him

He must feel that he can make the business model work. With a sweet deal with Newark and an increasing Season Ticket base, he may see a profitable franchise in the near-future.

I mean, i can feel for him because the debt he is struggling with is mostly from the arena. We needed a brand new one and he was a key figure in making it happen. After all the work in constructing it, rebuilding the marketing dept, etc.. I'm sure he wants to be around to see the fruits of his labor start paying dividends.

Edited by devlman

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He must feel that he can make the business model work. With a sweet deal with Newark and an increasing Season Ticket base, he may see a profitable franchise in the near-future.

I mean, i can feel for him because the debt he is struggling with is mostly from the arena. We needed a brand new one and he was a key figure in making it happen. After all the work in constructing it, rebuilding the marketing dept, etc.. I'm sure he wants to be around to see the fruits of his labor start paying dividends.

It's more than business for him, the guy's a legit Devils fan. If one of us owned the team, you can bet we'd be doing everything including begging (which is basically what JVB is doing now) to try to help us hang on to it. Most of these owners buy teams for reasons other than it's a good business anyway.

I'm at the point where I just want this to end, whether this means JVB gets flushed or not, preferably flushed if the best he can get is a stay of execution anyway. I do feel for him though.

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It's more than business for him, the guy's a legit Devils fan. If one of us owned the team, you can bet we'd be doing everything including begging (which is basically what JVB is doing now) to try to help us hang on to it. Most of these owners buy teams for reasons other than it's a good business anyway.

I'm at the point where I just want this to end, whether this means JVB gets flushed or not, preferably flushed if the best he can get is a stay of execution anyway. I do feel for him though.

If it were me, I would realize that holding onto the team would not be in the best interests of the team or the fans. To the extent I could control it, I would sell to someone who is committed to keeping the team in New Jersey and keeping the team competitive from a spending standpoint.

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If the Devils have to declare bankruptcy, we all know the only acceptable method is for JVB to do this:

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In simple terms, it's basically just an interest payment. (It's really a scheduled periodic interest payment made prior to a bond's maturity).

So he's just offering to pay more of an interest rate to buy more time to make the payment. Aka: pushing these events on for another two years.

i would gladly pay you two hamburgers on friday, for one hamburger today!

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i would gladly pay you two hamburgers on friday, for one hamburger today!

wimpy2.jpg

You got yourself a deal!

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Looks like Vanderbeek is close to getting things together.....but how damaging would it be if there's a lockout and no season (or half) this year? I'm sure the Dev's need every cent of revenue. But I'm not sure about salaries if there's a lock out, does the players association pay their salaries during the play stoppage?

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The players don't get paid if there is a work stoppage.

If they dont play do all the players contracts get pushed back a year? For example, if they dont play at all, would zajac, clarkson, elias, and zubrus become UFAs next summer or the summer of 2014?

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If they dont play do all the players contracts get pushed back a year? For example, if they dont play at all, would zajac, clarkson, elias, and zubrus become UFAs next summer or the summer of 2014?

i believe that the year would be lost and they players you mention would all be UFA but that's of course something else that would have to be negotiated.

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i believe that the year would be lost and they players you mention would all be UFA but that's of course something else that would have to be negotiated.

There would be no guarantees that Clarkson and Zajac would be UFAs if the rules change. But they're not going to lose an entire season.

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The players don't get paid if there is a work stoppage.

I remember an interview with one of the player reps during the season and he said something like "although we dont want a lockout, the NHLPA has a full year of salaries in an escrow account, that way players will still get a paycheck" in case it does happen.

I see in the NBA some players still got paid thanks to their agents way of constructing their particular contract.

http://www.slamonline.com/online/nba/2011/07/some-nba-players-will-still-get-paid-during-the-lockout/

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i believe that the year would be lost and they players you mention would all be UFA but that's of course something else that would have to be negotiated.

I may be wrong but I imagine contract expiry and UFA-status is some good collateral to hold over the NHL's head, by the NHLPA. If the NHL is technically "enacting a lockout", they're the ones wasting a year of the players' time. It's a good bargaining piece for them to have. Imagine your team's GM (in our case Lou) freaking out in the owner's office (Vanderbeek) about having to re-sign all these guys and not having a whole year's worth of missed gameplay to be able to figure out the various issues around their futures. So yeah, I could be totally wrong, but it would seem that the threat of many contracts expiring would work in most players' advantage who aren't older guys like Marty, Moose, and Salvador (aka who want to keep playing for personal reasons).

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If it were me, I would realize that holding onto the team would not be in the best interests of the team or the fans. To the extent I could control it, I would sell to someone who is committed to keeping the team in New Jersey and keeping the team competitive from a spending standpoint.

Yeah I mean I totally feel for the guy.. An it really is awesome that we have a true Devils fan owning the team.. But I don't see why he has to hang on to controlling interest of the team if it's going to hurt the franchise.. Why not just keep some stake and enjoy watching another rich dude call the shots? I mean, if I won the lottery I'd totally buy a small stake in the team

I still want to see how this all plays out because there is still a lot of speculation, but I can't see him ruining the team he loves just to try and keep control.. So I'm hoping that he has a vision/plan to right the ship

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While the loan consolidation from my much-less-than-professional-level financial understanding should be a good thing (assuming there is a lower interest rate on the consolidated loan), I really don't want to put up with 2 more years of 'will he or won't he' with Vanderbeek. But I guess that's what we'll be doing.

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I know there's been much debate whether it's a good or bad thing Vanderbeek came up with the money, but I can't help but be happy about this.

I'm happy about it on the very basic level of the Post being wrong again. Their doom and gloom stories about the Devils are always negated by the facts (when, and if, they surface)...

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Dennis Bernstein ‏@DennisTFP

Note on Bill Gallacher report to buy #Devils - legit player, was finalist on Stars and lost out to Gagliardi bid.

Retweeted by David Pagnotta

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Dennis Bernstein ‏@DennisTFP

Note on Bill Gallacher report to buy #Devils - legit player, was finalist on Stars and lost out to Gagliardi bid.

Retweeted by David Pagnotta

Just saw that, very interesting and it was tweeted by three souces if I am correct, are these legit sources?

Edited by Zubie#8

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the report on tsn is saying JVB secured an extension, so i assume the report is legit and they are bringing in money from this guy to take care of stuff, but you never know, wait and see for the TG seal of approval i guess.

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the report on tsn is saying JVB secured an extension, so i assume the report is legit and they are bringing in money from this guy to take care of stuff, but you never know, wait and see for the TG seal of approval i guess.

This guy Gallacher is a "Oil Tycoon" which means he has to be loaded.

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Stu Hackel at SI.com's take on VBK

Gotta give the Devils owner his due

You’ve got to hand it to Devils owner Jeff Vanderbeek. The man has the escape ability of Houdini. Although Tuesday’s deadline for him to pay his creditors $77 million has come and gone and he does not have all the money that he had agreed to pay them, it appears he’ll keep control of his team, get more time to refinance his club and seek new partners.

Every time we’ve read an account of Vanderbeek’s perils, included in the story is some variation on the phrase, “Don’t underestimate Jeff Vanderbeek; don’t count him out.” Clearly that is true. The man is dogged, resourceful and, ultimately, successful. When it comes to those qualities, the Devils have a good role model in the owner’s suite.

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