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Devils owner short, needs $20M more

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Bettman said the other day he was disappointed the players hadnt proposed anything dealing with contractual issues. Then, Fehr said that that are still reviewing somethings and putting together their contractual proposal and it could be submitted within a week. Now, my question is, what would have to change to prevent zajac and clarkson from becoming a UFA after this season is up? Is there an actual possibility things change in the CBA, and when the half season is over that they become RFAs again? I think right now, the player needs to play 6 seasons or be 27 years old. I know the owners wanted to change the years played from 6 to 10, but did that want to change how old you must be?

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Bettman said the other day he was disappointed the players hadnt proposed anything dealing with contractual issues. Then, Fehr said that that are still reviewing somethings and putting together their contractual proposal and it could be submitted within a week. Now, my question is, what would have to change to prevent zajac and clarkson from becoming a UFA after this season is up? Is there an actual possibility things change in the CBA, and when the half season is over that they become RFAs again? I think right now, the player needs to play 6 seasons or be 27 years old. I know the owners wanted to change the years played from 6 to 10, but did that want to change how old you must be?

They want to set it back to how it was before the current CBA where it was 31 years old or 10 years served. If there is any movement on this issue in the owners' favor, then yes Clarkson and Zajac will be RFAs next year. Parise will also be one lucky cat for having gotten in under the wire of the CBA change.

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It's amazing how a thread about Devils financials can turn to Rangers Hate.

You don't have to be a financial wizard to understand what has happened with the financial position of the Devils. Vanderbeek's personal wealth was stock of Lehman, that crashed and went to zero. He sued Lehman for $60M and didn't win that amount I think he got $20 M. His relationship with his present partners went to hell three years ago. His partners was offering any buyer $25M to take their position with the Devils. It is obvious that the League management doesn't like him as an majority owner. They don't like the relationship with the Devils and the City of Newark. The league already has an anchor with Phoenix so they don't want another but know it is coming soon. I have to accept that the Devils owe a delinquent $80M payment. I believe in trying to restructure the loan after all the banks don't want to lose their money that some agreement like I will raise $40M or some amount like that, 1/2 of the amount owed and if I do will you restructure? So here we are 7 days away from the deadline and if reported correctly he has a $20M shortfall. Some one said elsewhere when you are talking these dollar amounts $20M is nothing, that's not true in this economy.

IMO the best course of action to to get rid of Vanderbeek. For sure no one is buying him out? So I don't think the others owners want him to find the money, his current partners don't want him to find the money, and the league management don't want him to find the money. If the loan is called, then bankruptcy... he is gone. they will then have to deal like they have in Phoenix.

Also if the bankruptcy takes place then I think the contracts with the City of Newark will be void and new contracts will have to be written. Cory Booker will win by default.

Vanderbeek was and is a bad business man for these times.

If he had work with the City of Newark unlike what he did, they might have become a partner and floated a City bond to raise the money. They don't want an empty arena in Newark. Nets are gone. If the Devils leave what happen to the White Elephant? We all know the answer. Bars close, restaurants close, parking lots close, and Newark goes backwards.

Jeff Vanderbeek sold all of his lehman shares prior to the financial collapse, you are completely wrong. He will refi the debt, the season will go on.

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Jeff Vanderbeek sold all of his lehman shares prior to the financial collapse, you are completely wrong. He will refi the debt, the season will go on.

Then why did he demand $70M in assets from the Lehman liquidation, ending up with only $3M?

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I have went months avoiding any thread to do with the Devils ownership issues, NY Post horror stories, due dates, new investors, etc. I mean all of it. But I am interested in knowing exactly if the Devils were struggling as a viable market or just that they have a broke owner who can't pay his debt. Have the Devils been losing a ton of money even with a new arena and nice TV deal?

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I have went months avoiding any thread to do with the Devils ownership issues, NY Post horror stories, due dates, new investors, etc. I mean all of it. But I am interested in knowing exactly if the Devils were struggling as a viable market or just that they have a broke owner who can't pay his debt. Have the Devils been losing a ton of money even with a new arena and nice TV deal?

I think we are making a profit every year (including all the revenue from Devils Entertainment) but not making enough to pay off these loans on time. Thats why I think the creditors are allowing Vanderbeek all of these extensions. They have more faith in him paying back more money than what the creditors would get through bankruptcy.

I believe the Devils lost money in operating costs in 2007 and 2011 while in Newark.

Edited by Zubie#8

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I have went months avoiding any thread to do with the Devils ownership issues, NY Post horror stories, due dates, new investors, etc. I mean all of it. But I am interested in knowing exactly if the Devils were struggling as a viable market or just that they have a broke owner who can't pay his debt. Have the Devils been losing a ton of money even with a new arena and nice TV deal?

No. They've probably been close to breaking even each year, within +/- $5M. I bet they made a fair amount this season.

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I have went months avoiding any thread to do with the Devils ownership issues, NY Post horror stories, due dates, new investors, etc. I mean all of it. But I am interested in knowing exactly if the Devils were struggling as a viable market or just that they have a broke owner who can't pay his debt. Have the Devils been losing a ton of money even with a new arena and nice TV deal?

We have a lot of debt left over from the construction of the pru. One of the other owners sold his shares and jvb is left to find a way to rework the debt down to a workable deal. I think once he can we will be in good shape because of the arena.

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Then why did he demand $70M in assets from the Lehman liquidation, ending up with only $3M?

The $70 million was for deferred salary, not the value of his stock. He also didn't really demand $70 million. That was the amount of his claim as an unsecured creditor, with an obvious understanding that he would collect a lot less. The dispute was how to calculate what he could collect, which was a difference of about $ 2 million.

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