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Devils owner short, needs $20M more


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#1 msweet

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Posted 07 August 2012 - 09:07 AM

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.co...aFqz2dPGspzu1lO


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#2 The 29th Pick

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Posted 07 August 2012 - 09:12 AM

Here we go again
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#3 DJ Eco

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Posted 07 August 2012 - 09:14 AM

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, 07 August 2012 - 09:14 AM.

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#4 DevsMan84

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Posted 07 August 2012 - 09:16 AM

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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#5 Triumph

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Posted 07 August 2012 - 11:09 AM

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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#6 Devilsfan118

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Posted 07 August 2012 - 11:46 AM

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

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Posted 07 August 2012 - 11:47 AM

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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#8 CarpathianForest

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Posted 07 August 2012 - 11:52 AM

Oh man, let me get my checkbook.
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#9 Triumph

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Posted 07 August 2012 - 11:55 AM

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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#10 Zubie#8

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Posted 07 August 2012 - 11:55 AM

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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#11 devlman

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Posted 07 August 2012 - 12:26 PM

You guys are worse than Cory Booker. Support JVB and have some faith that he will come through!
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#12 Devilsfan118

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Posted 07 August 2012 - 12:34 PM

I'm believing. 20m is a LOT more manageable than 80m
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#13 sammyk

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Posted 07 August 2012 - 12:35 PM

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

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Posted 07 August 2012 - 12:45 PM

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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#15 devlman

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Posted 07 August 2012 - 01:30 PM

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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#16 sokar

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Posted 07 August 2012 - 01:31 PM

so what happens if JVB loses the team
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#17 Daniel

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Posted 07 August 2012 - 01:39 PM

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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#18 Daniel

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Posted 07 August 2012 - 01:45 PM

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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#19 cgb6397

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Posted 07 August 2012 - 01:58 PM

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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#20 Daniel

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Posted 07 August 2012 - 02:05 PM

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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