Yeah, considering how emotionally tied a lot of people are to these happenings I'd advise people to hesitate posting speculation of this magnitude without confirmation.
Waiting for whales and latest news, rumors, etc.
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Yeah, considering how emotionally tied a lot of people are to these happenings I'd advise people to hesitate posting speculation of this magnitude without confirmation.
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Kingsguy881
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Heard that too. Said we will know within a month. Not too sure how credible he is. Sounds like he wants some media time and to get his name and voice out there. Don't know what to think...
Fact, nothing is a known fact with these guys. On the other hand, there is a vote tonight to enter in negotiations with an unnamed equity investor(s) who are working with the city. They are trying to get a deal in writing now.
I wish you luck in your pursuit of the truth.
The RoFR certainly exists. Aaron Bruski was able to get a copy of the legal documentation and confirmed this in a story. [link]
Whether Kehriotis would succeed in blocking a sale in court is I suppose a question for the judge who would get the case.
There's been some discussion about whether or not the NBA has the right to reject an ownership transfer to minority partners. It's possible (I'd lean towards likely) that the BOG could (not necessarily would) reject a purchase bid by Kehriotis.
That's what Crandall reported last night - that Kehriotis has $350M ready to buy the Maloof/Hernreich shares and another $400M promised to build an arena. I will note that Crandall has a relatively poor track record when reporting on magical arena investors coming out of the woodwork and that the timing of the announcement (one day before the first "binding" city council vote) is a bit suspicious.
I suppose that the story is a best-case scenario. An investor who is legally in line in front of Hansen buys the team and builds a brand new arena downtown without using any public money. But I'm not much of one for fairy tales, and until the fairy actually emerges it would be silly for the city to stop moving forward.
butteredbiscuit
G-League
I just heard the guest on Ross show. But we will see. until I see it mentioned by more than 1 source, then I will believe it. Until then, I will keep it in the back of my mind
Circa_1985_Fan
All-Star
Yeah...umm...who is 'Tyler the Source'? And how does he have his ear to the ground on this. I doubt highly this is happening.
butteredbiscuit
G-League
Just put it in the back of your mind like I am. Hope he is right. Just makes sense that it happens this way. having 2 men thinking about owning the Kings and making an arena is a good thing. Shows the NBA that they should keep the Kings there. Just might be a Hansen-Maloofs lawsuit to get back the 30 million.
I would agree with this. I would like to add one other note. Kehriotis and Greg Van Dusen have generally been known to be working together, but yet have not publicly announced anything. Greg has put out some cryptic tweets about letting the new owners decide where to build their arena. Greg has also been a major proponent of remodeling Sleep Train Arena. Crandall's report also revealed that the Kehriotis group are not looking at downtown for their arena. For the rest, I guess you will have to wait for more info from the group themselves.
Well, Crandall's report said that the Kehriotis group's proposal was not site-specific and would consider the Railyards, DTP, and Natomas. Again, we have to take everything here with a big ol' grain of salt, but the report doesn't say that Kehriotis is not looking at downtown, it says that Kehriotis will consider all options.
Kingster
Hall of Famer
http://www.modbee.com/2013/02/26/2595320/bankruptcy-trustee-may-hurry-up.html
So, maybe you lawyer types can help me out here. If someone buys this right of refusal piece out of bankruptcy, isn't that the end game? Then as long as this party matches, there is no discretion left, right? If you match, you win, regardless of whether the Maloofs want to sell to you, right?
If that's the case, then couldn't there be a gigantic bidding war between the Seattle group and Burkle & Co. over this small piece?
So, maybe you lawyer types can help me out here. If someone buys this right of refusal piece out of bankruptcy, isn't that the end game? Then as long as this party matches, there is no discretion left, right? If you match, you win, regardless of whether the Maloofs want to sell to you, right?
If that's the case, then couldn't there be a gigantic bidding war between the Seattle group and Burkle & Co. over this small piece?
Section 101
All-Star
I think there is a lot of misinformation the the minority share. If the ROFR is true then the auction sets the price for the 7%. The maloofs or other minority owners would be able to match the auction price first. This is where I think the $30 mil deposit comes into play. Then whoever is awarded the 7% still needs to be approved by the BOG unless they have some sort of pre approval from the BoG to be able to bid.
whozit
Starter
I am not the lawyer type. My question would be, even if someone bought the piece out of bankruptcy wouldn't it be too late? They would be buying their piece after the other pieces have already been agreed to be sold. I wouldn't think that it could be applied retroactively. At least, that would be one of the things I would be arguing if I was Hansen's lawyer.
HndsmCelt
Hall of Famer
BOG would still have o OK the sale of any portion and especially controlling interest of the team. What it could do is tie up the team sale in court making it difficult to move he team. In shor there could be a very nice mess that keeps the team in Sac until ownership is established by courts and BOG.
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