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

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HndsmCelt said:
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.
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I'm starting to wonder why Hansen/Ballmer didn't go the Clay Bennett route. Buy the team in the current city, and then move it a year or two later. Unless they severely underestimated KJ's actions.
 
Bricklayer said:
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.
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Agreed. But maybe, again, Sacramento just wanted Seattle to make the first move and then counterpunch.
 
Warhawk said:
Agreed. But maybe, again, Sacramento just wanted Seattle to make the first move and then counterpunch.
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I think the bankruptcy lawyer jumped the gun. He has always said there was a 4/1 deadline to bid. He came out a couple weeks ago and said he might not do that and try to sell it before that which I think was because of Hansen pressuring him of getting it done ASAP so Sacramento couldn't jump on it.
 
Hallama said:
I'm starting to wonder why Hansen/Ballmer didn't go the Clay Bennett route. Buy the team in the current city, and then move it a year or two later. Unless they severely underestimated KJ's actions.
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That obviously wasn't ever going to work that way. Just by who they are you instantly knew what they were about.
 
Fear the Putin said:
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.
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My guess is $15mil of that has gone up George's nose, $5mil towards Gavin's saturday night companions and the other $10mil towards Adrienne's face lifts and v*gina rejuvenations.
 
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Bricklayer said:
That obviously wasn't ever going to work that way. Just by who they are you instantly knew what they were about.
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Like Clay Bennett being from OKC, and after his investment group had the Hornets play in OKC after Katrina? That was about as obvious.
 
Hallama said:
Like Clay Bennett being from OKC, and after his investment group had the Hornets play in OKC after Katrina? That was about as obvious.
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Sure, but here is the truth people in the northwest don't like to talk about: they sucked. They blew it and lost their team. Almost chased them out of town. They felt entitled, just as Kings fans did once. Its a fortunate thing really that that happened, and that Sacto and KJ have been on full alert.
 
KJ responds.....

Tony Bizjak ‏@TonyBizjak 5m

Mayor KJ issues statement hinting about Hansen 7% deal: we "know exactly what our next steps are." (A minority owner ready to counter?)
 
Bricklayer said:
Sure, but here is the truth people in the northwest don't like to talk about: they sucked. They blew it and lost their team. Almost chased them out of town. They felt entitled, just as Kings fans did once. Its a fortunate thing really that that happened, and that Sacto and KJ have been on full alert.
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a team leaving a big market for a much smaller one had almost never been done before, seattle felt like they had stern/BOG in a bind and he would just lay down and pay for a new arena because they wouldnt have the guts to just leave a big market like seattle after 41 years, they found out the hard way that you just dont mess with stern and try to bully him, you play nice like we are and do everything he asks, he wants it be known that he in charge.
 
kingjatt said:
a team leaving a big market for a much smaller one had almost never been done before, seattle felt like they had stern/BOG in a bind and he would just lay down and pay for a new arena because they wouldnt have the guts to just leave a big market like seattle after 41 years, they found out the hard way that you just dont mess with stern and try to bully him, you play nice like we are and do everything he asks, he wants it be known that he in charge.
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What about when Minnesota tried to leave?
 
Just a note - I changed the title of the thread to more accurately reflect our current understanding of the situation.
 
Aside from a current limited partner matching the offer for Cook's 7%, wouldn't the ROFR be prioritized starting with the partner with the highest percentage? If so, of the group below, doesn't Joe Benvenuti owns the highest percentage (I think around 13%)?

Limited Partners:
Joe Benvenuti
Bob Hernreich
John Kehriotis
Dave Luccheti
Bob Cook (sold via bankrupcy)
 
If I was a creditor of Bob Cooks debt. I would cry foul here. Someone is not doing their due diligence by forgoing an auction and coming to terms before said auction.

This is a potential court tie up, if I ever saw one.
 
KingsFanSince85 said:
Aside from a current limited partner matching the offer for Cook's 7%, wouldn't the ROFR be prioritized starting with the partner with the highest percentage? If so, of the group below, doesn't Joe Benvenuti owns the highest percentage (I think around 13%)?

Limited Partners:
Joe Benvenuti
Bob Hernreich
John Kehriotis
Dave Luccheti
Bob Cook (sold via bankrupcy)
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It's the Benvenuti family that owns the shares now. They just sold their property holdings so cash to buy shouldn't be a problem.

Hernreich maybe out since his shares are currently part of the sale to Hansen.
 
Mojo said:
How so? I haven't seen anything that he has done that was out of line.
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The whole idea of Hansen making a secret deal with the Maloofs is what a lot of people object to. I may not be overly fond of Hansen, but I think people need to remember that it's been the Maloofs who, for years, have made a habit of smarmy business practices.
 
Sooty said:
If I was a creditor of Bob Cooks debt. I would cry foul here. Someone is not doing their due diligence by forgoing an auction and coming to terms before said auction.

This is a potential court tie up, if I ever saw one.
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Not necessarily. If the sell recovers everything that is owed and all of the associated fees, what grounds would they have?
 
VF21 said:
The whole idea of Hansen making a secret deal with the Maloofs is what a lot of people object to. I may not be overly fond of Hansen, but I think people need to remember that it's been the Maloofs who, for years, have made a habit of smarmy business practices.
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There's also the PR side of it, where Hansen said that he would never steal a team away from another city.

Well, Mr. Righteous, we've got an awesome ownership group that wants to buy the team and keep it here, we've got an arena deal, we've got fans packing half of the City Council chambers in white t-shirts on the vote night. The owners want the team here. The city wants the team here. The fans want the team here. And all of us have stepped up, big time, to make that known and obvious. At what point does your pursuit of this team fall into the "stealing" category?
 
Capt. Factorial said:
There's also the PR side of it, where Hansen said that he would never steal a team away from another city.

Well, Mr. Righteous, we've got an awesome ownership group that wants to buy the team and keep it here, we've got an arena deal, we've got fans packing half of the City Council chambers in white t-shirts on the vote night. The owners want the team here. The city wants the team here. The fans want the team here. And all of us have stepped up, big time, to make that known and obvious. At what point does your pursuit of this team fall into the "stealing" category?
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Yeah, I kinda forgot about that part. For me, though, the bottom line has always been that if the Maloofs hadn't been doing business as usual in dealing with Hansen, he wouldn't have been able to make a bid for the team.

The whole thing reeks of smarm, though, and there's enough to go around for all the Maloofs AND Hansen.
 
Capt. Factorial said:
There's also the PR side of it, where Hansen said that he would never steal a team away from another city.

Well, Mr. Righteous, we've got an awesome ownership group that wants to buy the team and keep it here, we've got an arena deal, we've got fans packing half of the City Council chambers in white t-shirts on the vote night. The owners want the team here. The city wants the team here. The fans want the team here. And all of us have stepped up, big time, to make that known and obvious. At what point does your pursuit of this team fall into the "stealing" category?
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Yep, up to this point he was just a guy trying to bring the NBA back to Seattle. This latest move proves he's willing to do whatever it takes to do so.

I love that KJ and the new investment group have plotted this whole thing out and are ready for every obstacle. Will be interesting to see which Kings M.O. will swoop up Cook's 7%, or should I say Hansen's temporary 7%. ;)
 
VF21 said:
Yeah, I kinda forgot about that part. For me, though, the bottom line has always been that if the Maloofs hadn't been doing business as usual in dealing with Hansen, he wouldn't have been able to make a bid for the team.

The whole thing reeks of smarm, though, and there's enough to go around for all the Maloofs AND Hansen.
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To be fair, Hansen also did the deal for this 7% share in secret as well.
 
VF21 said:
The whole idea of Hansen making a secret deal with the Maloofs is what a lot of people object to. I may not be overly fond of Hansen, but I think people need to remember that it's been the Maloofs who, for years, have made a habit of smarmy business practices.
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personally, i don't have any particular objection to the way hansen has done business thus far. admittedly, very little was accomplished "in broad daylight," so there's not much to judge either way, but from his perspective, the kings were for sale if the bid was high enough, so he made an offer over market. i don't want to sound sympathetic, because i'm not, but the tiniest part of me kinda sorta almost feels bad for hansen/ballmer. the maloofs were aware of the local investment group that KJ's had on speed dial since last year, and they were also aware of david stern's preference that the kings remain in sacramento, but refused to approach local investors first regarding the sale of the team...

what's not clear to me is if the maloofs made the hansen group aware of the fact that a competing sacramento bid could very well derail their purchase of the kings, and by the time the hansen group was made aware of just how serious that threat was, they'd already slapped a supposedly non-refundable $30 million deposit down on the team. hansen/ballmer definitely didn't see ranadive/mastrov/burkle/jacobs bearing down on them, because nobody saw them coming... except for the maloofs, who were plenty capable of contacting kevin johnson about the investors he had lined up to bid on the team should it go to market...
 
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