messy, messy, messy.
messy, messy, messy.
What does that mean, "they could see Seattle deal before crafting counter offer"?Originally Posted by ctba
They'd be able to view the Seattle offer in the paperwork of the sale assuming they were to put a bid in on the 7%.
I think that would be no brainer move.
So if the minority owners truly do have First right of refusal, I have heard they have 60 days from the time they receive the certified deal. They still haven't gotten the certified deal yet according to some minority owners. Doesn't that kind of screw Seattle from even getting a deal even voted upon on April 19th?
Do the minority partners even have enough money for it to matter and to buy the 65% that's for sale?
I don't see why they can't bring someone in like Burkle/Mastrov to help pay for it. Jordan did it with Charlotte.
I didn't know you could bring someone in.
1. Who did Jordan bring in?
2. Do all of the current minority owners have to be in the group that buys the 65%? What if only 80% of them want to do it, can those 80% still be used to exercise the right of first refusal?
Could you literally have only one existing minority partner, and then everyone else is new?
They'd just bid on the 7% - the issue being, first right of refusal. Bruski and Ham essentially confirmed they do indeed have it, so, they'll have the right to bid on it (all the minority owners will) before Seattle would. Now, if that wasn't the case, there would be a bidding war between Sacramento and Seattle, which Seattle would probably win.
I am pretty sure the 7% won't be able to use FROR.
Jordan just brought along investors, but, he used the right of first refusal to buy the team.With minutes to go until his exclusive negotiating window was to expire, Jordan struck a deal late Friday night to buy controlling interest of the Charlotte Bobcats, putting the six-time NBA champion in charge of the money-losing team in his home state.
Owner Bob Johnson announced in a statement that he's agreed to sell the Bobcats to Jordan, who has been a part-owner of the team since 2006. Jordan has been running the team's basketball operations.
The purchase price and details of Jordan's ownership group -- called MJ Basketball Holdings LLC -- weren't immediately available. A spokeswoman for Johnson and a spokesman for Jordan said neither was available for comment early Saturday.
The league's owners must approve the purchase.
Jordan was in competition with former Houston Rockets executive George Postolos, who also had an ownership group together to buy the team. But Postolos said Jordan had the exclusive right to buy the club until just before midnight Friday night.
http://sports.espn.go.com/nba/news/story?id=4951410
Really? Then it's just a bidding war, no?
I wouldn't think they could since the sale is already in the process. If it were before the process I would think it would be okay. I don't see why one of the current minority owners doesn't team up with Burkle.
I'm still confused about the 7%.
* 52% of the team owned by the Maloofs is up for sale.
* 12% is owned by Bob Hernreich (he was once arrested for domestic violence, but charges weren't filed).
* Why does the 7% owed by Bob Cook matter if it's not for sale? Why is it being bid on?
Anyone know the breakdown of the ownership?
It's in bankruptcy court, since Cook filed for bankruptcy. If somebody in the Kings group gets it - it allows them to become part owner, which would give them right of first refusal - at least that's how it's being suggested.
Oh, ok.
And the Kings minority owners can have the first right of refusal to bid on that?
I would think since the auction of that 7% happens after the offer and deal were made with Hansen, I don't see whoever buys that 7% can use FROR. That's why I don't think that 7% is actually that important. If FROR is valid, then one of the minority owners needs to be engaged with BURKLE/MASTROV to invest.
But haven't the minority owners repeatedly said they weren't given that right? Because the Maloofs didn't read their own contract? Maloofs came out and said that there was no FROR, but, the original purchase agreement was brought to light and it does indeed include it, which the Maloofs - at least according to them - weren't even aware of, thus that's why they never informed any minority owners of the sale.
But I don't buy that the Maloofs didn't know - they asked for that non-refundable $30 million for a reason.
There are also some things in there that Seattle says there is no ROFR so it's looking like a court issue, and no way this gets sorted out by April.
Posting Permissions
Reply With Quote
Bookmarks