Back In The Game?

[njmeadowlanders]

Well they did almost move to Saskatoon!

-Dan

Early/mid 1980's. There was a deal in place to sell the team, but at the last minute local owners stepped up.

I'm going to play the role of "that guy" just because I feel like it:

He said "WELL they almost did move" not "WHEN did they almost move"...

[tp49]

Oh, undoubtedly.

But still, you would need an owner to put his team into bankruptcy. Not going to be a common occurence just for a relocation threat.

Wouldn't it also depend on the type of entity that owns the franchises? If it were say, an LLC running the organization there wouldn't be anyone with personal liability for any debts, as opposed to an LP where there'd be at least one general partner who would be personally liable for debts of the entity?

On edit: For the US based entities. I don't know what Canadian laws state.

Depends upon the laws of the state in which the LLC is incorporated. Generally speaking when it comes to an LLC the owners are not personally liable for the debts and obligations of the company itself.

The whole purpose of an LLC is to give it's owners (called members) the same limited liability of shareholders in a corporation, and also the benefits of partnership tax treatment. Thus, similarly to corporate shareholders members of an LLC are not liable personally for the debts or obligations of the LLC.

[Mac the Knife]

Well they did almost move to Saskatoon!

-Dan

Early/mid 1980's. There was a deal in place to sell the team, but at the last minute local owners stepped up.

I'm going to play the role of "that guy" just because I feel like it:

He said "WELL they almost did move" not "WHEN did they almost move"...

I was still half-asleep when I wrote that.

[Mac the Knife]

Yeah, LLC's and Corporations are pretty much identical save their taxation at the state and federal levels. From a standpoint of liability protection, they're identical in most if not all states.

For the business owner, the LLC/Corporation decision depends almost entirely on the answer to one question: do you intend to pull profits out of the business via direct withdrawal, or is there a reason for you to want to do it via salary (qualifying for social security, for example)? If direct withdrawal's your thing, LLC is the way to go. If you need a payroll check for some reason, Inc. is the way.

[njmeadowlanders]

Well, it looks like we'll know the story one way or the other sometime later today:

http://tsn.ca/nhl/story/?id=281936

With the Penguins parading the Stanley Cup around Pittsburgh today, the attention of hockey fans around the world turns to a court room in Phoenix, where a decision on the future of the Coyotes is expected later in the day.

[Linus]

Please end the suspense and make a decision today!

[The_Admiral]

I am a Coyote.

bleargh.

[Gary]

a decision has come down and looks like the sale to jim ballisillie has been rejected i dont have a link but this is per ktar

[SenatorJake]

Link:

http://www.tsn.ca/nhl/story/?id=281971

[TFoA]

Balsillie loses again.

Not like this was a surprise.

[The_Admiral]

This feels like the Nashville Predators all over again; saving hockey for people that don't really want it. I also expect the Coyotes to be unloaded, like the Preds, on a crook. Maybe the Coyotes will fall victim to a Ponzi scheme. That's really the natural conclusion of this crap.

[TFoA]

The fans (insert joke for however small you want that number to be) better start supporting that team now.

That's assuming that whoever the new owner is doesn't move the team either. Either way, Balsillie's gotta be salty right about now. Three times he's tried to buy a team, three times he failed. I'm guessing the salt won't last, and he'll go after another sun belt/non-traditional market team at the bottom of the standings soon enough. "We haven't seen the last of "Ballsy" Jim Balsillie just yet."

[DEAD!]

The fans (insert joke for however small you want that number to be) better start supporting that team now.

That's assuming that whoever the new owner is doesn't move the team either. Either way, Balsillie's gotta be salty right about now. Three times he's tried to buy a team, three times he failed. I'm guessing the salt won't last, and he'll go after another sun belt/non-traditional market team at the bottom of the standings soon enough. "We haven't seen the last of "Ballsy" Jim Balsillie just yet."

Translation: Three strikes... he's out?

[TBGKon]

The fans (insert joke for however small you want that number to be) better start supporting that team now.

That's assuming that whoever the new owner is doesn't move the team either. Either way, Balsillie's gotta be salty right about now. Three times he's tried to buy a team, three times he failed. I'm guessing the salt won't last, and he'll go after another sun belt/non-traditional market team at the bottom of the standings soon enough. "We haven't seen the last of "Ballsy" Jim Balsillie just yet."

Any bets on what team is next on his Merry-Go-Round???? I get really newvous that the Lightning will be next on the list, since our current owners just plain suck.

[GMac]

technically speaking if Basille removed the June 29th limit on his offer im sure he'd be back in the hunt... as the judge only ruled that there wasnt enough time to make sure all matters were settled before an auction on june 22... and he's right thats a week away and there is a ton of stuff that hasnt been settled between the city, the nhl, and coyotes ownership...

[Linus]

Balsillie dug his own grave with the stupid deadline he set. No one tells the judge when he should have a case finished by.

But man am I pissed. Another chance and another rejection. Im not getting my hopes up anymore, no matter how close the media and Balsillie say we are.

LOL

[IceCap]

The fans (insert joke for however small you want that number to be) better start supporting that team now.

That's assuming that whoever the new owner is doesn't move the team either. Either way, Balsillie's gotta be salty right about now. Three times he's tried to buy a team, three times he failed. I'm guessing the salt won't last, and he'll go after another sun belt/non-traditional market team at the bottom of the standings soon enough. "We haven't seen the last of "Ballsy" Jim Balsillie just yet."

Any bets on what team is next on his Merry-Go-Round???? I get really newvous that the Lightning will be next on the list, since our current owners just plain suck.

As long as Tampa keeps the attendance up they'll be fine.

Atlanta or the NY Islanders are probably the next ones up.

[charger77]

Atlanta I could see, what about the Florida Panthers?

-Dan

[rams80]

technically speaking if Basille removed the June 29th limit on his offer im sure he'd be back in the hunt... as the judge only ruled that there wasnt enough time to make sure all matters were settled before an auction on june 22... and he's right thats a week away and there is a ton of stuff that hasnt been settled between the city, the nhl, and coyotes ownership...

Well...I'm also under the impression the judge said he'd only be bidding on a NHL franchise in Phoenix as well when the auction went down.

Atlanta I could see, what about the Florida Panthers?

-Dan

IIRC they were recently sold to a rather moneyed investment group.

[jkrdevil]

The fans (insert joke for however small you want that number to be) better start supporting that team now.

That's assuming that whoever the new owner is doesn't move the team either. Either way, Balsillie's gotta be salty right about now. Three times he's tried to buy a team, three times he failed. I'm guessing the salt won't last, and he'll go after another sun belt/non-traditional market team at the bottom of the standings soon enough. "We haven't seen the last of "Ballsy" Jim Balsillie just yet."

Any bets on what team is next on his Merry-Go-Round???? I get really newvous that the Lightning will be next on the list, since our current owners just plain suck.

I wouldn't worry he doesn't IMO have the best legal team. Each step of the way his team has basically enhanced the NHL's ability to turn him away. The league has reasonable grounds to reject him right away based on past dealings if he tries to go about buying the team the "normal" way. Plus this case has allowed the NHL now to put a nice price tag on moving to Southern Ontario.

While the judge didn't reject Balsillie totally and didn't rule on the anti-trust aspect (because the NHL still actually hasn't rejected a move), his lawyers basically cost him the case. Not reading previous case law the proclaimed the value of a Phoenix team to be much less than it is, and a value of a Hamilton team to be higher than t probably is. Well it turns out the NHL can charge a relocation fee based on the Raiders case which is the value of the new market minus value of the old market. Using JB's own numbers that means he would have to pay the NHL something like $200 million to move the team to Hamilton if he does bid and win come August.