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Devils Complete Refinancing - JVB Sole Owner


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#1 SterioDesign

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Posted 26 October 2012 - 03:00 PM


i dont know how true this is but its something


http://www.thefourth.../njd121026.html


In the wake of the New York Islanders announcing that they'll be moving to Brooklyn for the 2015-16 season, the New Jersey Devils could find themselves with an announcement of their own in the coming months.

TFP first broke the news on Aug. 16, and again on Aug. 20, that Canadian billionaire Bill Gallacher was attempting to purchase the Devils.


Gallacher's efforts remain ongoing, a source close to the situation told TFP, and talks could lead to an announcement as early as January 2013.

The Devils, led by majority owner Jeff Vanderbeek, have been in financial turmoil for the last few years and that has led to him quietly shopping the team to Gallacher.

It's believed Gallacher is looking to purchase a majority stake in the Devils

Gallacher, who owns the WHL's Portland Winterhawks and is Chairman at Avenir Operating Corp., came close to buying the Dallas Stars a few years ago, before losing out to fellow-Canadian Tom Gagliardi.


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#2 DevsMan84

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Posted 26 October 2012 - 03:06 PM

Interesting and we will see.
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#3 NJDevs4978

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Posted 26 October 2012 - 03:22 PM

The lockout can't be helping JVB any.
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#4 Colin226

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Posted 26 October 2012 - 03:53 PM

New York Post reporting the Devils spontaneously combusted before being sent into the 8th dimension

E4 confirmation
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#5 Triumph

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Posted 26 October 2012 - 06:33 PM

I don't believe it, the Fourth Period is not a very reliable source.
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#6 LucifersDog

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Posted 27 October 2012 - 06:17 PM

Would be terrific if it happened/
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#7 ZeroGravityFat

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Posted 27 October 2012 - 06:45 PM

i had posted the original back in june, i can believe it and this would be great for the team finances, and would automatically make us contenders for this season/next.
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#8 Colin226

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Posted 30 December 2012 - 11:29 AM

FYI this was mentioned in TG's latest blog post -

To head off some questions that might follow from inaccurate reports, sources have indicated to me that shortly after the lockout ends (or the season is canceled), the Devils will announce that the refinancing of the team’s debt and the transfer of shares from Brick City LLC (headed by Michael Gilfillan and funded primarily by Ray Chambers) to managing partner Jeff Vanderbeek has been completed.

That will result in Vandebeek owning 94 percent of the team. The other six percent will continue to be owned by Peter Simon. There wll be no new ownership partners, but after the deal is official, Vanderbeek will likely pursue bringing in at least one.

The transfer of Brick City’s shares to Vanderbeek has essentially been completed already, but must still be reviewed by the NHL’s attorneys, who are otherwise occupied with the lockout right now. Once a new CBA is finalized—or if the season were to be canceled—the league attorneys would then have the time to review the transfer of those shares.
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#9 newarkdev01

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Posted 31 December 2012 - 12:54 PM

I would love this to just be resolved. It seems that ever senerio requires capital being injected into the team to lower the debt to a more managable level.
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#10 SterioDesign

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Posted 03 January 2013 - 11:17 AM

per TG

Expecting announcement from Devils today that Jeff Vanderbeek now owns 100 percent of the team and refinancing of debt complete.

Vanderbeek has bought out the shares of Brick City LLC (Gilfillan/Chambers) and Peter Simon (6%).

Edited by SterioDesign, 03 January 2013 - 11:18 AM.

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#11 DaneykoIsGod

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Posted 03 January 2013 - 11:20 AM

Edit: Stereo beat me to it. :thumbsup:

Edited by DaneykoIsGod, 03 January 2013 - 11:21 AM.

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#12 Colin226

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Posted 03 January 2013 - 11:25 AM

I'm guessing this means he is either 100% secure with his finances, or he's doing this as a step to sell some/majority of his shares
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#13 SterioDesign

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Posted 03 January 2013 - 11:34 AM

It took about a year and a half, but the Devils’ financial situation has been straightened out and its ownership settled.


Devils managing partner Jeff Vanderbeek has completed the process of refinancing the team’s debt and buying out his partners, making him the sole owner of the team.


Vanderbeek takes over the 47 percent share of Brick City LLC, which was headed by Mike Gilfillan and Ray Chambers, and the six percent owned by Peter Simon.


“I am grateful to Mike Gilfillan and Brick City Hockey for our former partnership,” Vanderbeek said in a statement. “Together we shared a passion that led to the building of the Prudential Center – truly a shining jewel of a facility and in my view one of the best arenas in the entire world. The Rock is a great legacy for which we will always be proud.”


With CIT group working as the lead arranger, Vanderbeek has been working for months with its creditors to refinance its team debt of about $78 million.


In a news release obtained by The Record, the team states, “The organization believes that its successful refinancing during a work stoppage demonstrates the strength of the Devils franchise and the Prudential Center, enabling it to continue to execute on its business plan.”


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#14 DaneykoIsGod

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Posted 03 January 2013 - 11:40 AM

I'm guessing this means he is either 100% secure with his finances, or he's doing this as a step to sell some/majority of his shares


I'm guessing along the same lines. Either way, it's good news.

Looking forward to the Post's doom and gloom spin on this.
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#15 SMantzas

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Posted 03 January 2013 - 11:43 AM

I'm guessing along the same lines. Either way, it's good news.

Looking forward to the Post's doom and gloom spin on this.

Didn't you hear, this will make it easier for the NHL to take over and move us to Flin Flon
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#16 Daniel

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Posted 03 January 2013 - 11:43 AM

I'm guessing this means he is either 100% secure with his finances, or he's doing this as a step to sell some/majority of his shares


It's basically delaying the day of reckoning, i.e. the balloon payment. Short of being the winner of an enormous Megamillions jackpot, there is no way that VBK is financially secure.
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#17 ZeroGravityFat

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Posted 03 January 2013 - 11:46 AM

i'm guessing the calgary sale story by the 4th period is correct and this is just the final step to streamline the sale.
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#18 DaneykoIsGod

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Posted 03 January 2013 - 11:48 AM

i'm guessing the calgary sale story by the 4th period is correct and this is just the final step to streamline the sale.


FWIW, when someone asked TG if he thought that was what was happening, his response was "Absolutely not." He usually has a pretty good feel on these kinds of things.
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#19 Devils731

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Posted 03 January 2013 - 11:51 AM

It's basically delaying the day of reckoning, i.e. the balloon payment. Short of being the winner of an enormous Megamillions jackpot, there is no way that VBK is financially secure.


It's not unusual for a business to operate with large loans that they constantly roll over every 5 years. With the new CBA that Devils should be pretty profitable and the Arena seems to be doing well for itself too so the loan should get chipped away slowly while being constantly rolled over.
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#20 sundstrom

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Posted 03 January 2013 - 11:52 AM

there's a tidbit about combining the arena debt with the team debt which makes sense because the arena is much more valuable than the team. its much better collateral on a loan.
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