First right of refusal - latest rumors, etc.

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Ryan said:
And to think the Maloofs could have potentially avoided ALL this by simply selling to a local owner in the first place. Let's hope the Maloofs quest of revenge on Sacramento and the NBA destroys their plans.
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I think would have been happy to if they could have gotten the same price. Don't you think jacking up the price significantly ia a logical and understandable reason for doing all this. Makes sense to me. I could be easily convinced that there is no vengeance in this for them at all. Just good business and a desire to keep house and home together.
 
Larry David said:
Nice!!!! Well played Maloofs!!!! Not one, but maybe two groups may match. I would give anything for Hansen to pay $$$$ to lock up Cooks share, have the right to match his own offer, and then Benvenuti comes in buys the team and flips them to Burkle. Enjoy your 7% Steve.

The hearing is the day before Hansen has to put 30 million in the Maloofs pocket!!! This is too good!!!
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I am loving this new attitude of yours!
 
JB_kings said:
I don't even think it will hinge on Cook's shares. It will go in order of percentage owned. It goes in order like this:

Maloofs - 53%
Benvenuti - 13%
Hernreich - 12%
Kheriotis - 12%
Cook/auction - 7%
Luccheti owns the remaining percentage.

So they should have to go to Benvenuti family first. Kind of explains why the Maloofs have yet to contact the minority owners yet. Probably trying to steam roll them.
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Yup...and they have MORE than enough capital to buy the team, family is worth over $1 billion.
 
HndsmCelt said:
I am just guessing that Hanson wants an NBA team not an extended lawsuit against the deep pockets who also hold the keys to the thing he wants. It's one thing to threaten a contractor with a big law suit, you can hire another an move on regardless. But if Hanson EVER wants a team suing the NBA would be the LAST thing he would want to do.
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This crossed my mind as well. He has the right to do what he wants, and if bringing an anti-trust suit against the NBA is what he wants, then have at it. But I would caution him, that if he loses, his chance of ever being approved as an NBA owner is diminished greatly, if not entirely. I mean, do you throw rocks at the club you want to join. The only bad guys here are the Maloofs, and unfortunately, they'll walk away with a chunk of change regardless of who they sell to. I'm also curious to see how this bankruptcy auction playes out along with the right of first refusal.
 
Section 101 said:
Slight catch. The bids are due April 1. The auction ends the same weekend as the BoG meetings. I assume this was setup so the new minority owner would be approved during the meeting.
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That works both ways. The judge could order the Kings sale is stayed until the 7% is wrapped up after April 1, 2013, pending the property coming out of bankruptcy
 
pshn80 said:
And to think the Maloofs could have potentially avoided ALL this by simply selling to a local owner in the first place. Let's hope the Maloofs quest of revenge on Sacramento and the NBA destroys their plans.
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It's worse. They could have had Burkle bidding vs Hansen to jack up the price. They didn't call Burkle, who may now just get to match Hansen's price.

They may have Maloffed themselves
 
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LWP777 said:
Just a random thought I had.....here is a list of all the things the Magoof Brothers have failed at or destroyed:

1. Sacramento Kings
2. Sacramento Monarchs
3. Palms
4. Beer distribution business
5. Magoof Money Cup (skateboarding)
6. Magoof Productions
7. Magoof Music

Have I missed anything? Seriously, what have they been successful at in creating or building?
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God I wish you would change your avator. It may be creating subcouncious hatred of you.....:D
 
bajaden said:
This crossed my mind as well. He has the right to do what he wants, and if bringing an anti-trust suit against the NBA is what he wants, then have at it. But I would caution him, that if he loses, his chance of ever being approved as an NBA owner is diminished greatly, if not entirely. I mean, do you throw rocks at the club you want to join. The only bad guys here are the Maloofs, and unfortunately, they'll walk away with a chunk of change regardless of who they sell to. I'm also curious to see how this bankruptcy auction playes out along with the right of first refusal.
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I have long thgouht the liklihood of Ballemr suing the league dpeends directly onw hetehr this action functions as a blackmail to get the legaue to grant him an expansion franchise -- that would be the second purpose of all that. Force the league to promise you a team, even if they won't let you have this one. If the league does it, then you back off and take the expansion team. If the league refuses and you are going to be frozen out, then you sue them.

One of the reasons I think the league granting an expansion franhise is more likely than other people do -- I think its part of the goal of this whole process by Ballmer, and I think the league understands that. He's going to force their hand one way or the other, and about the onyl way the league doesn't end up getting sued by SOMEBODY is if they both let the Sacto group buy the team and let Ballmer have his expansion franchise.
 
bajaden said:
Only one minority owner who held 7%!
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But that may tie up the whole sale. The trustee is saying, "Wait. This 7% has a legal right that goes away when the sale is done on 4-1-13. Our bids aren't due until 4-1-13. This just came up. Cook is going to get screwed here. Court, order the Kings sale stayed until our bankruptcy process is done and the new owners has a right to match."

If the Court buys it, the sale is blocked ...until the next suit. Good point. Cooks 7% probably isn't the first in line. But the judge may still block the sale and BOG. Which would end up giving KJ even more time.
 
Glenn said:
I wonder what Mama Maloof thinks of her kid's stewardship of the family fortune.

I thought of throwing in their failure to provide grandchildren for their mother into the pot but decided against it - -- or did I ;)
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I'm sure they have a nice senior facility picked out for her. TV in her room and everything! :D
 
Glenn said:
I wonder what Mama Maloof thinks of her kid's stewardship of the family fortune.

I thought of throwing in their failure to provide grandchildren for their mother into the pot but decided against it - -- or did I ;)
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Might as well throw it in but who really wants a bunch of mini Magoofs running around anyway?!
 
Larry David said:
But that may tie up the whole sale. The trustee is saying, "Wait. This 7% has a legal right that goes away when the sale is done on 4-1-13. Our bids aren't due until 4-1-13. This just came up. Cook is going to get screwed here. Court, order the Kings sale stayed until our bankruptcy process is done and the new owners has a right to match."

If the Court buys it, the sale is blocked ...until the next suit. Good point. Cooks 7% probably isn't the first in line. But the judge may still block the sale and BOG. Which would end up giving KJ even more time.
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This gets more interesting by the minute. I'd love to be a fly on the wall in George's office.
 
this whole thing has a darker side to it I had not considerd, and it makes me wonder about those terms. They could have been used against Sacto too.

In any case, in theory at least the Maloofs should not care if this is possible, outside of their vindictive little souls the money will be the same no matter if its Seattle money or local matching money.
 
Reke 13 Havoc said:
ya didnt that family originally own the team when it moved here?
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They were minority owners. Greg Luckenbill I believe, was the majority owner. I knew Joe's brother, and used to buy tickets from him once in a while. Both he and his wife were very nice people.
 
Reading through some of this, I would like to point out that the entity that owns the Kings and the entity that owns the arena are two separate legal entities, although the majority owner and minority owners are the same in the same percentages. No matter who owns the team, the moment the team no longer uses the STA facilities, the city's loan, plus penalties, becomes immediately due and payable. The collateral is the property and improvements, plus a $25 million interest in the team. (Be weird for Sacramento to be part owner of the Sonics, wouldn't it?).

If not immediately paid off, then the city would start foreclose proceedings to force payment or to take ownership of the collateral. This is not what the city wants, because the collateral won't pay off the bond and that means payments would have to be made by the city's general fund, because the city guaranteed payment to the investors. If the city defaults, good luck on the next thing you want financed with bond funds. The city's credit rating would take a dive meaning it would limit the amount of borrowing and it would drive up the interest on anything borrowed as the city would be seen as a more risky creditor.

Does the league really want to see a loyal, supportive city stiffed by any league owner who has a city invest in their arenas or help a financially strapped team as Sacramento did. That's an even worse black eye than relocation and could even affect the league's borrowing.

Did anybody listen to the press conference today? What was the news? Burkle? Anyone else?
 
kennadog said:
Did anybody listen to the press conference today? What was the news? Burkle? Anyone else?
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No new news. Just KJ saying he updated David Stern on the current situation. He also said he's not ready to announce the whale quite yet.
 
kennadog said:
Reading through some of this, I would like to point out that the entity that owns the Kings and the entity that owns the arena are two separate legal entities, although the majority owner and minority owners are the same in the same percentages. No matter who owns the team, the moment the team no longer uses the STA facilities, the city's loan, plus penalties, becomes immediately due and payable. The collateral is the property and improvements, plus a $25 million interest in the team. (Be weird for Sacramento to be part owner of the Sonics, wouldn't it?).

If not immediately paid off, then the city would start foreclose proceedings to force payment or to take ownership of the collateral. This is not what the city wants, because the collateral won't pay off the bond and that means payments would have to be made by the city's general fund, because the city guaranteed payment to the investors. If the city defaults, good luck on the next thing you want financed with bond funds. The city's credit rating would take a dive meaning it would limit the amount of borrowing and it would drive up the interest on anything borrowed as the city would be seen as a more risky creditor.

Does the league really want to see a loyal, supportive city stiffed by any league owner who has a city invest in their arenas or help a financially strapped team as Sacramento did. That's an even worse black eye than relocation and could even affect the league's borrowing.

Did anybody listen to the press conference today? What was the news? Burkle? Anyone else?
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The info that that the media gave from both the Steinberg meeting and Stern phone call were both pretty generic, nothing too exciting, new or specific.

Dale Kasler ‏@dakasler
Mayor says #NBAKings ltd partners' protests are "mucking it up a little bit" for Seattle, but they're on separate track from his effort

David Bienick ‏@kcrabienick
Sen Steinberg says still waiting for data about Microsoft contracts with California. "Not looking to change current contracts."

Rob McAllister ‏@Rob_McAllister
Mayor Johnson: This is about business and labor. This is bigger than basketball. This is a powerful statement we are making today.

Rob McAllister ‏@Rob_McAllister
Steinberg: We are in this to win this final chapter.

Rob McAllister ‏@Rob_McAllister
Steinberg: We are willing to fight for what is right.

Sean Cunningham ‏@News10Sean
KJ said he spoke to David Stern today & updated him on progress made in Sac. Stern told him ok, keep doing what you're doing

HereWeStay ‏@HereWeStay
RT "@TedGaines: Feeling more encouraged than ever about our chances of keeping #NBAKings after meeting w/ @KJ_MayorJohnson, Sen Steinberg"
 
Buckle up folks:)

Carmichael Dave ‏@CarmichaelDave
I believe the next few days will be vital. We will be VERY happy with the next cards the Mayor plays. I believe there are more surprises.
 
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