adam85491 Posted September 12, 2011 Share Posted September 12, 2011 Man this thread is getting ugly, sheesh. Still disconcerting, but I'm not going to sh!t my pants yet. Soon, but not yet. Wouldn't be surprised if those rumors started soon, if these 'The Devils are broke' stories keep popping up. Seriously Thrashers 2.0 sh!t right here 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. Quote Link to comment Share on other sites More sharing options...
Marv4Life Posted September 12, 2011 Share Posted September 12, 2011 I wish they would have just built the arena in Hoboken on top of the train tracks. It's a better transit hub, and a MUCH better city. The Jersey City/Hoboken area continues to grow and Newark still seems to be decades away from being a place anyone would hang out in other than to see a game. a)They would have had the same money problems they have now b)Hoboken didn't want it, and it made no sense to put one there logistically. Worse than Barclay's c)For Bergen County and NYC, it's a better hub(and that's debatable). For the rest of the state and region(Amtrak, Greyhound, etc.) it's a pure hassle to get to. d)Downtown Newark is getting 2(maybe 3) new hotels in the near future around the arena, plus Edison Place has undergone a makeover with new bars coming in and a chain restaurant a block away. Quote Link to comment Share on other sites More sharing options...
SterioDesign Posted September 12, 2011 Share Posted September 12, 2011 lol yes the Quebec thing was a joke of course, eventho it would be super close to me to see my fav team i'd still rather have them in NJ and stay the same team forever whats worrying me the MOST about this is Parise, the team is on the verge of bankruptcy, he's gonna play almost half the season without his best bud and teammate zajac and we have to convince him somehow to resign... its not a very inviting offer to sign long term where youre not even sure that "there is a future there" Quote Link to comment Share on other sites More sharing options...
DevsMan84 Posted September 12, 2011 Share Posted September 12, 2011 None. What's your point? Continue being miserable and annoying. Also, hoping the Quebec thing was a joke. I'm sure it was, no one wants New Jersey's only sports franchise to move. Miserable and annoying? Since you and your brother came here from DR you have been nothing since. Keep cheerleading for the team. Sorry you missed the tryouts last month. Quote Link to comment Share on other sites More sharing options...
adam85491 Posted September 12, 2011 Share Posted September 12, 2011 If Parise wants to be here, he will sign. I don't worry about that at all. I honestly don't even think he's totally committed to NJ and if that's the case..see ya later! Those kinds of issues don't concern me. No one has any control except Parise. Quote Link to comment Share on other sites More sharing options...
msweet Posted September 12, 2011 Share Posted September 12, 2011 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 Quote Link to comment Share on other sites More sharing options...
overtime98 Posted September 12, 2011 Share Posted September 12, 2011 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. Quote Link to comment Share on other sites More sharing options...
Devils731 Posted September 12, 2011 Share Posted September 12, 2011 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? Quote Link to comment Share on other sites More sharing options...
halfsharkalligatorhalfman Posted September 12, 2011 Share Posted September 12, 2011 Oh boy... NY Post or not, this is serious. I now have a reason to root against an NBA lockout. Quote Link to comment Share on other sites More sharing options...
MadDog2020 Posted September 12, 2011 Share Posted September 12, 2011 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. Quote Link to comment Share on other sites More sharing options...
justdo3043 Posted September 12, 2011 Share Posted September 12, 2011 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 Quote Link to comment Share on other sites More sharing options...
Colin226 Posted September 12, 2011 Share Posted September 12, 2011 (edited) 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 September 12, 2011 by Colin226 Quote Link to comment Share on other sites More sharing options...
DaneykoIsGod Posted September 12, 2011 Share Posted September 12, 2011 Thread merge? http://njdevs.com/forums/index.php?showtopic=109899 Quote Link to comment Share on other sites More sharing options...
Marv4Life Posted September 12, 2011 Share Posted September 12, 2011 Isn't there a thread on this? Quote Link to comment Share on other sites More sharing options...
justdo3043 Posted September 12, 2011 Share Posted September 12, 2011 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 Quote Link to comment Share on other sites More sharing options...
devilsfan26 Posted September 12, 2011 Share Posted September 12, 2011 Isn't there a thread on this? Yea we needed a separate one that is pinned though... Quote Link to comment Share on other sites More sharing options...
DevilMinder Posted September 12, 2011 Share Posted September 12, 2011 Pinned, and renamed since there was three threads with different titles running now. Quote Link to comment Share on other sites More sharing options...
Colin226 Posted September 12, 2011 Share Posted September 12, 2011 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.. Quote Link to comment Share on other sites More sharing options...
The Facepainter Posted September 12, 2011 Share Posted September 12, 2011 (edited) 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 September 12, 2011 by The Facepainter Quote Link to comment Share on other sites More sharing options...
NewarkDevil5 Posted September 12, 2011 Share Posted September 12, 2011 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. Quote Link to comment Share on other sites More sharing options...
devlman Posted September 12, 2011 Share Posted September 12, 2011 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. Quote Link to comment Share on other sites More sharing options...
Devils1985 Posted September 12, 2011 Share Posted September 12, 2011 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. Quote Link to comment Share on other sites More sharing options...
NewarkDevil5 Posted September 12, 2011 Share Posted September 12, 2011 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. Quote Link to comment Share on other sites More sharing options...
Marv4Life Posted September 12, 2011 Share Posted September 12, 2011 Didn't CIT file for bankruptcy? Irony... Quote Link to comment Share on other sites More sharing options...
Colin226 Posted September 12, 2011 Share Posted September 12, 2011 (edited) 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 September 12, 2011 by Colin226 Quote Link to comment Share on other sites More sharing options...
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