Hallama
Starter
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
Good luck selling the shares for anything like 14 million then.
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!
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.
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.
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'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.
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.
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.”
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.
Bankruptcy Laywer you bastard.....
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.
If the new value is $535 million, then 7% equals around $37 million, at least in theory.*
*the maths aren't my bestest quality
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.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.
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!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.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?
Well that's going to ruin my day.
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.