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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.
