Jump to content

Photo

Post Mentions Bankruptcy. Forbes now says JVB has full ownership pendi


  • Please log in to reply
147 replies to this topic

#81 msweet

msweet

    The Voice of Reason

  • Admin
  • 8,846 posts

Posted 12 September 2011 - 11:32 AM

The New Jersey Devils training camp doesn’t open until tomorrow but already the three-time NHL champs are skating on thin ice, The Post has learned.

The attendance-challenged, heavily indebted team missed its Sept. 1 loan payment, giving its lenders a breakaway chance to push the team into bankruptcy, a source with direct knowledge of the situation said.

“The Devils are blowing up,” the source said.

The team’s financial hardships could also affect Newark’s four-year-old Prudential Center, the Devils’ home arena. Team-owned Devils Arena Entertainment operates the $375 million

building and guarantees the Devils’ loans and, therefore, is in danger of also going bankrupt. Two issues are complicating matters. First, principal owner Jeff Vanderbeek and co-owner Ray Chambers, each of whom owns 47 percent of the franchise, are on the outs. Chambers, through his Brick City Hockey unit, has been trying to sell his non-controlling stake in the franchise for a year.

Read more: http://www.nypost.co...H#ixzz1XkyWwsqc

  • 0
Follow me on Twitter @MSweetwood

"Quite frankly, all the players are getting paid too much and all the contracts are too long," general manager Lou Lamoriello said. "But if you want to compete in this market and you want to win, there are some things you have to do."


#82 overtime98

overtime98

    General Manager

  • Members
  • PipPipPipPipPipPipPipPip
  • 4,139 posts

Posted 12 September 2011 - 11:38 AM

hahaha. vanderbeek has taken a bath on the devils. he doesn't want to sell, his investors do.



Dont be fooled, He wants to sell too. He is working for his investors.
  • 0
New Jersey Devils 3 time Stanley Cup Champions 1995 - 2000 - 2003!

Posted Image

#83 Devils731

Devils731

    A Legend

  • Members
  • PipPipPipPipPipPipPipPipPipPipPipPipPipPipPip
  • 17,497 posts

Posted 12 September 2011 - 11:42 AM

Dont be fooled, He wants to sell too. He is working for his investors.


Isn't he his own most important investor in this case? He is tied for largest partner and has control of operations.

TG says VBK may be close to buying out Gillifigan's portion. Do you expect VBK to then try and flip the whole team?
  • 0
Your unconditional rejection of violence makes you smugly think of yourselves as noble, as enlightened, but in reality it is nothing less than abject moral capitulation to evil. Unconditional rejection of self-defense, because you think its a supposed surrender to violence, leaves you no resort but begging for mercy or offering appeasement.

-Terry Goodkind


Sex Panther cologne -- 50 percent of the time, it works every time.

-Anchorman

The best time to plant a tree is 20 years ago. The second best time is now.

-Anonymous

Keeper of Section 212-213's wayward step

#84 halfsharkalligatorhalfman

halfsharkalligatorhalfman

    General Manager

  • Members
  • PipPipPipPipPipPipPipPip
  • 4,820 posts

Posted 12 September 2011 - 11:45 AM

Oh boy...

NY Post or not, this is serious. I now have a reason to root against an NBA lockout.
  • 0
Devils Fan: 1994-2012
Sharks Fan: 2012-?
Posted Image

#85 MadDog2020

MadDog2020

    A Legend

  • Members
  • PipPipPipPipPipPipPipPipPipPipPipPipPipPipPip
  • 15,279 posts

Posted 12 September 2011 - 11:47 AM

Not in any way shape or form. Prudential Center is brand new, even if ownership changed there is ZERO chance the team would move. Atlanta's situation was so much different...ownership wanted to sell and the only buyers were people intending to move them. The arena didn't want them, the city didn't want them, they were constantly missing the playoffs and last in attendance...just totally different.

Exactly. Some people on here aren't happy unless they're worrying or complaining about something. Its annoying as fvck.
  • 0
iq0p.pngUploaded with ImageShack.com

#86 justdo3043

justdo3043

    All-Star

  • Members
  • PipPipPipPipPip
  • 1,042 posts

Posted 12 September 2011 - 11:51 AM

The Devils' past-due loan payment of roughly $100 million is owed to a CIT-led lending group. Devils Arena Entertainment owes $180 million, the source said.

funny because they were bankrupt not to long ago themselves

My link
  • 0
"The $297,297 Kovalchuk missed today is money he will never, ever get back. And the more cheques he misses, the better the deal is going to have to be for the players to justify him sitting out. And unlike the owners, the players can direct their leadership to get a deal done regardless of how disadvantageous it is to them."

#87 Colin226

Colin226

    Hall of Famer

  • Contributor
  • PipPipPipPipPipPipPipPipPip
  • 6,205 posts

Posted 12 September 2011 - 11:58 AM

If lenders push them into bankruptcy, wouldn't that relieve the team of their debt? If that's the case, I don't see the lenders doing that.. They want the money.. I just refuse to be bothered by team finances until someone from the team actually comes out and makes an indication that there's an issue.. Not worth the stress

Edited by Colin226, 12 September 2011 - 11:59 AM.

  • 0

Season Ticket Holder since '08 - '09
Section 226 - Row 2 - Seats 15 and 16

devildance.gifdevildance.gifdevildance.gifdevildance.gifdevildance.gifdevildance.gifdevildance.gif


#88 DaneykoIsGod

DaneykoIsGod

    Hall of Famer

  • Members
  • PipPipPipPipPipPipPipPipPip
  • 8,187 posts

Posted 12 September 2011 - 12:01 PM

Thread merge?

http://www.njdevs.co...howtopic=109899
  • 0
Posted Image

"I don't like those Rangers fans from New Jersey." - Jim Dowd

#89 Marv4Life

Marv4Life

    Senior Devil

  • Members
  • PipPipPipPip
  • 971 posts

Posted 12 September 2011 - 12:03 PM

Isn't there a thread on this?
  • 0

#90 justdo3043

justdo3043

    All-Star

  • Members
  • PipPipPipPipPip
  • 1,042 posts

Posted 12 September 2011 - 12:04 PM

If lenders push them into bankruptcy, wouldn't that relieve the team of their debt? If that's the case, I don't see the lenders doing that.. They want the money.. I just refuse to be bothered by team finances until someone from the team actually comes out and makes an indication that there's an issue.. Not worth the stress


the lenders would take control of the team....think dallas....signing parise would probably be a non-starter

lots of specualtion...i wouldn't think CIT would want the assets because they would have to sell it cheap and would probably be the ones taking a bath

i don't like to think about this either...going to stick my head in the sand now
  • 0
"The $297,297 Kovalchuk missed today is money he will never, ever get back. And the more cheques he misses, the better the deal is going to have to be for the players to justify him sitting out. And unlike the owners, the players can direct their leadership to get a deal done regardless of how disadvantageous it is to them."

#91 devilsfan26

devilsfan26

    Hall of Famer

  • Members
  • PipPipPipPipPipPipPipPipPip
  • 7,797 posts

Posted 12 September 2011 - 12:04 PM

Isn't there a thread on this?

Yea we needed a separate one that is pinned though...
  • 0
"Swim against the tide, don't follow the group, stay away from the majority, seek out the fresh and new, stay away from the poseurs, and don't be a barnacle. Be original, be different, be passionate, be selfless and be free. Be a hockey fan."
--John Buccigross

#92 DevilMinder

DevilMinder

    Owner / Administrator

  • Admin
  • 9,034 posts

Posted 12 September 2011 - 12:07 PM

Pinned, and renamed since there was three threads with different titles running now.
  • 0

#93 Colin226

Colin226

    Hall of Famer

  • Contributor
  • PipPipPipPipPipPipPipPipPip
  • 6,205 posts

Posted 12 September 2011 - 12:09 PM

hahaha. vanderbeek has taken a bath on the devils. he doesn't want to sell, his investors do.


Completely correct.. VBK doesn't want to sell.. That's how I knew the article was practically worthless..
  • 0

Season Ticket Holder since '08 - '09
Section 226 - Row 2 - Seats 15 and 16

devildance.gifdevildance.gifdevildance.gifdevildance.gifdevildance.gifdevildance.gifdevildance.gif


#94 The Facepainter

The Facepainter

    Senior Devil

  • Members
  • PipPipPipPip
  • 657 posts

Posted 12 September 2011 - 12:13 PM

Question for you guys. Normally if you default on a loan for a car, you are still responsible for the car, but you cannot sell the car until the loan is payed off. I was just wondering if this would hold up the sale of Vanderbeek's co-owner's share of the team?

Edited by The Facepainter, 12 September 2011 - 12:13 PM.

  • 0

#95 NewarkDevil5

NewarkDevil5

    Head Coach

  • Members
  • PipPipPipPipPipPipPip
  • 3,180 posts

Posted 12 September 2011 - 12:18 PM

If lenders push them into bankruptcy, wouldn't that relieve the team of their debt? If that's the case, I don't see the lenders doing that.. They want the money.. I just refuse to be bothered by team finances until someone from the team actually comes out and makes an indication that there's an issue.. Not worth the stress


There is one big question to ask when a company that goes into bankruptcy owes you money: are you a secured creditor or an unsecured creditor. If you're an unsecured creditor you're liable to be lucky to get pennies on the dollar when all is said and done. If you're secured, then you're going to be getting your money or whatever asset you're secured by somehow or other. To me, for a loan of $100 Million, the only kind of security that CIT could have would be to have a lien on all of the business assets of the Devils which would mean putting the business up for sale.

For the record, I'm sure there are still many more options on the table than bankruptcy, but going into a bankruptcy owing $100 Million to a bank when your total value is only double that and you have no tangible assets to sell off to make that money is a risky thing unless you've got a partner on the outside willing to come in and refinance the loan somehow.
  • 0

Newark: The City of New Jersey

gallery_45_180_172422.png


#96 devlman

devlman

    Head Coach

  • Members
  • PipPipPipPipPipPipPip
  • 3,947 posts

Posted 12 September 2011 - 12:23 PM

This is a whole lot of nothing just because VBK is having difficulty finding investors. Its not the end of the world. It wont affect Parise, wont affect the price of your cotton candy, wont make the Pru implode in ontself.
  • 0

#97 Devils1985

Devils1985

    All-Star

  • Members
  • PipPipPipPipPip
  • 1,283 posts

Posted 12 September 2011 - 12:26 PM

My thoughts are two seemingly contradictory statements:

1. Where there’s smoke, there’s fire
2. Only believe about have of what you read and don’t be so sure about the other half. Especially how we see that “reporting” is simply copy/paste in some cases….

These kinds of stories have been popping up here and there, and we also have the whole minor league ‘reorganization’ thing. Just something to keep an eye on; no reason to panic.
  • 0
Posted Image

Trenton: Where we flip off the Kiss Cam.

#98 NewarkDevil5

NewarkDevil5

    Head Coach

  • Members
  • PipPipPipPipPipPipPip
  • 3,180 posts

Posted 12 September 2011 - 12:32 PM

I don't think there's any reason to panic based off this report, but the team's PR Staff needs to be on its toes and have ready answers or at the very least ready distractions to keep people's minds off these kind of stories otherwise they stick in people's heads.
  • 0

Newark: The City of New Jersey

gallery_45_180_172422.png


#99 Marv4Life

Marv4Life

    Senior Devil

  • Members
  • PipPipPipPip
  • 971 posts

Posted 12 September 2011 - 12:33 PM

Didn't CIT file for bankruptcy? Irony...
  • 0

#100 Colin226

Colin226

    Hall of Famer

  • Contributor
  • PipPipPipPipPipPipPipPipPip
  • 6,205 posts

Posted 12 September 2011 - 01:09 PM

Devils calling the report "patently untrue".. And I agree with them, although I know most people will go "Of course their saying that!!".. Ok well they know their finances better than anyone, and it was an article from The Post, so I'll choose to believe my team over an article written by a paper that took us off the main page of their site and a paper that loves to write these kinds of articles about the Devils.. Maybe if the Ledger or the Record thought that this deserved a mention, then maybe I'd care

Edited by Colin226, 12 September 2011 - 01:10 PM.

  • 0

Season Ticket Holder since '08 - '09
Section 226 - Row 2 - Seats 15 and 16

devildance.gifdevildance.gifdevildance.gifdevildance.gifdevildance.gifdevildance.gifdevildance.gif





0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users