Hansen agrees to price for Cook's piece of the Kings

[Hallama]

Good luck selling the shares for anything like 14 million then.

If the new value is $535 million, then 7% equals around $37 million, at least in theory.*

*the maths aren't my bestest quality

 

[The Hammer]

Something smells fishy with this; no way does a smart and experienced businessman lay down that sort of cash without a lot of risk.

I think he has an angle he's playing here. If not, welcome to the Sacramento Kings ownership group, Chris!

I'm thinking he might be thinking going the law suit route if his deal is denied. Just drag the NBA through so much muck until they agree to either give him the Kings, or, MUCH more likely, grant him an expansion team.

 

[Capt. Factorial]

The NBA is finally getting done dealing with the Maloofs, I'm not sure they want an encore performance. Poison pills and tricks? Not sure how well that will go over.

Like a dirigible made of element #82?

 

[The Hammer]

Bob Cook. You bastard.

He had no control over this. His had to forfeit control of his piece due to declaring bankruptcy. His bankruptcy lawyer is trying to get the most cash and therefore highest comission on the sale. Bob Cook is not the enemy here.

 

[Kings Faithful]

He had no control over this. His had to forfeit control of his piece due to declaring bankruptcy. His bankruptcy lawyer is trying to get the most cash and therefore highest comission on the sale. Bob Cook is not the enemy here.

Bankruptcy Laywer you bastard.....

 

[Darth Divac]

Seattle 2 months ago:

Keep lying to yourself, the ROFR can't put a scratch on Hansen.

Seatle now:

Haa! Poor Sacramento, now that we've got the ROFR there's no way you keep the team.

 

[Hallama]

Of course something smells fishy... have you ever been to Pikes Place Market?

lol

Yeah, but one of our big fish (whale, Burkle) saved Pittsburgh, so sometimes fishy is a good thing.

 

[Capt. Factorial]

I'm thinking he might be thinking going the law suit route if his deal is denied. Just drag the NBA through so much muck until they agree to either give him the Kings, or, MUCH more likely, grant him an expansion team.

That is dumb, dumb, dumb, dumb, stupid on his part. Don't mess with the NBA. If Hansen plays nice, there's a real good shot that he gets an expansion team before too long. If he plays dirty, the chance that there will be basketball in Seattle in our lifetimes will start to drop precipitously.

Frankly, I welcome any and all Maloofery coming from Hansen. The more there is, the deeper of a hole he digs himself.

 

[Hallama]

I'm thinking he might be thinking going the law suit route if his deal is denied. Just drag the NBA through so much muck until they agree to either give him the Kings, or, MUCH more likely, grant him an expansion team.

I agree about the lawsuit route. Would be funny if his group was awarded an expansion franchise after buying 7% of the Kings, not a lot of leverage there to sell that chunk.

 

[Kings Faithful]

So did Hansen do this to squelch any question of the ROFR or did he do it to say "hey look, i've already got a piece of the team, give me the rest".

 

[Section 101]

This has NO bearing on the chief germane issuer here which is moving the team. My guess is that the sale of Cooks shares will be approved at the same BOG meeting where the issues of sale/move is considered. It is very likely that Hansen will find himself a minority owner of the SACRAMENTO Kings. Good luck selling the shares for anything like 14 million then.

This.

 

[kingjatt]

ROFR is irrelevent in this case since this is a pending sale per BOG approval, how can he exercise ROFR if the vote for majority ownership is at the same meeting? at the time, he will not be a minority owner yet.

it comes off as more strong arming from the hansen camp, (30 mil deposit) and we all know how much Stern loves to be strong armed.

 

[Ryan]

From the Houston All Star Game press conference:

On Thursday, Stern told reporters that the Kings’ minority owners right of first refusal would be “accommodated”. On Saturday, he elaborated on the possible opportunity for them to match the Seattle offer. ”If they have it, I guess they’ll exercise it and deliver an offer to the owners that is good. If they don’t have it, they won’t exercise it and some court will say yes or no and there will be some negotiation. I just don’t feel it as a defining issue here, that’s all.”

 

[Ryan]

So what, we just now need more money?

 

[Schmoe]

Maybe JK will be our Savior after all.

 

[kingjatt]

looks like the bids wernt due until 4/1 and hansen some how backdoored this deal, no matter how this plays out, we know he is all in, 45 million to throw away isnt chump change even for those guys.

 

[Fear the Putin]

looks like the bids wernt due until 4/1 and hansen some how backdoored this deal, no matter how this plays out, we know he is all in, 45 million to throw away isnt chump change even for those guys.

If the BOG reject the sale, the $30 mil deposit he'll get back even if it's "non-refundable". Cali law doesn't allow non-refundable deposits when a deal is cancelled/rejected.

As for this $15 mil, it's in escrow pending approval from the NBA/judge. So, say the judge approves it, the NBA will reject it.

The ROFR will practically allow him to buy up the entire team in whole and the NBA knows it. Which is backdooring the crap out of the NBA.

 

[curitibagarrett]

If the BOG reject the sale, the $30 mil deposit he'll get back even if it's "non-refundable". Cali law doesn't allow non-refundable deposits when a deal is cancelled/rejected.

As for this $15 mil, it's in escrow pending approval from the NBA/judge. So, say the judge approves it, the NBA will reject it.

The ROFR will practically allow him to buy up the entire team in whole and the NBA knows it. Which is backdooring the crap out of the NBA.

Current MO owners can match Hansens offer within 15 days. With the team being valuated at 525m and 7% only going for 15m, you can bet one of the MOs will jump on that.

 

[PurpleHaze]

Bankruptcy Laywer you bastard.....

To coin a phrase: Everybody hates lawyers until you need one - and then you hate them more!

 

[Ryan]

The ROFR will practically allow him to buy up the entire team in whole and the NBA knows it. Which is backdooring the crap out of the NBA.

Well that's going to ruin my day.

 

[HndsmCelt]

If the new value is $535 million, then 7% equals around $37 million, at least in theory.*

*the maths aren't my bestest quality

There is a HUGE price difference between controlling shares and minority shares. And as discussed the price for the team is WAY over market.

 

[Fear the Putin]

Well that's going to ruin my day.

we'll match it
don't get down : )

 

[HndsmCelt]

If the BOG reject the sale, the $30 mil deposit he'll get back even if it's "non-refundable". Cali law doesn't allow non-refundable deposits when a deal is cancelled/rejected.

As for this $15 mil, it's in escrow pending approval from the NBA/judge. So, say the judge approves it, the NBA will reject it.

The ROFR will practically allow him to buy up the entire team in whole and the NBA knows it. Which is backdooring the crap out of the NBA.

Again BUY and MOVE are two separate issues. Hansen ONLY wants to buy the team IF he can move them. If the BOG rejects moving the team Hansen rill run from the deal like wet paint on a hot day.

 

[PurpleHaze]

Again BUY and MOVE are two separate issues. Hansen ONLY wants to buy the team IF he can move them. If the BOG rejects moving the team Hansen rill run from the deal like wet paint on a hot day.

Normally that would mean two votes by BoG. But didn't Stern say or imply it would be just one vote by the owners? Also, do Maloofs get a vote or votes?

 

[Mojo]

Normally that would mean two votes by BoG. But didn't Stern say or imply it would be just one vote by the owners? Also, do Maloofs get a vote or votes?

Maloofs have nothing to do with it. It's the 29 owners.

 

[pdxKingsFan]

Normally that would mean two votes by BoG. But didn't Stern say or imply it would be just one vote by the owners? Also, do Maloofs get a vote or votes?

For whatever reason which is kind of bizarre to me (think it should be the other way around), it takes more "yes" votes to approve a sale than it does a relocation. So essentially if the sale is approved the relocation which is part of the bid would have the votes as well. Although I think it would be pretty twisted to stick those jerks with a team they can't move. Just not my team!

 

[annihilator_33]

Tony Bizjak ‏@TonyBizjak 11m

Bnkrptcy court docs show: Hansen has signed to buy 7% for $15.1m. Now: existing minority owners have 15days to match bid. KJ hints they will

Tony Bizjak ‏@TonyBizjak 7m Bankruptcy issue: Current team minority owners have a first right of refusal on the Hansen bid for the 7 percent. They have 15days to match


Tony Bizjak ‏@TonyBizjak 3m

Interesting: Hansen apparently bid $341m for 65% share of the team, and now is bidding only $15m for 7% share.

 

[HndsmCelt]

Normally that would mean two votes by BoG. But didn't Stern say or imply it would be just one vote by the owners? Also, do Maloofs get a vote or votes?

It does not change the Issue. Hansen's offer to the Maloofs was contingent on the move. no move so sale. So regardless of how the BOG handles the vote (0ne or two separate) the two issues are forever tied for Hansen.

 

[Capt. Factorial]

Well that's going to ruin my day.

It shouldn't. The NBA doesn't like being backdoored. Hansen is coming dangerously close to the equivalent of walking into the BOG meeting and saying, "Hey, you guys are all a bunch of **** ****s. Now give me my team." Let's just say that it's not likely to sit well.

 

[Bricklayer]

Tony Bizjak ‏@TonyBizjak 11m

Bnkrptcy court docs show: Hansen has signed to buy 7% for $15.1m. Now: existing minority owners have 15days to match bid. KJ hints they will

Tony Bizjak ‏@TonyBizjak 7m Bankruptcy issue: Current team minority owners have a first right of refusal on the Hansen bid for the 7 percent. They have 15days to match


Tony Bizjak ‏@TonyBizjak 3m

Interesting: Hansen apparently bid $341m for 65% share of the team, and now is bidding only $15m for 7% share.

Well that's good. It was really a mistake to leave that dangling out there anyway. Time to slip some minority owner, who are almost all Sacto guys as I recall, $18mil to buy up a $15mil share.