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Post by scottie65 on Jun 3, 2008 9:24:17 GMT -5
Predators investor faces second suit over loansBank founded by dad is plaintiffBy JOHN GLENNON • Staff Writer • June 3, 2008 The second-largest investor in the Predators' ownership group has been hit with a second lawsuit. William "Boots" Del Biaggio III is being sued by San Jose, Calif.-based Heritage Bank of Commerce, a bank founded by his father. Heritage is also suing Sand Hill Capital Partners III and the financial services firm of Merriman Curhan Ford over a $4 million loan. The suit filed in a Santa Clara, Calif., court is similar to a lawsuit filed last week by DGB Investments, which accused Del Biaggio of doctoring documents to obtain a $3 million loan late last year. Del Biaggio, 40, resigned last week as general partner from Sand Hill Capital, the boutique lending company he co-founded. The Securities and Exchange Commission and the U.S. Attorney's Office in San Francisco have launched an investigation into a "retail client and broker" of Merriman, the company said in a filing with the SEC on Thursday. Del Biaggio, a San Jose socialite and investor, owns about 27 percent of the Predators, the second-largest percentage behind David Freeman. The San Jose Mercury News reported on the lawsuit on its Web site and also said Canada's Ontario Securities Commission has ordered Del Biaggio and his partners in Onco Petroleum to stop trading the firm's securities until it files required financial reports. The newspaper said the former San Jose Sharks co-owner has apparently seen his stake in the company decline sharply. The Mercury News said Del Biaggio could not be reached for comment on Monday. The new suit says Del Biaggio and others obtained a $4 million loan Dec. 24, 2007, using documents that claimed he owned trading accounts at Merriman worth $6.5 million, but the accounts are not his. Contact John Glennon at 259-8262 or jglennon@tennessean.com. www.tennessean.com/apps/pbcs.dll/article?AID=/20080603/BUSINESS01/806030343/1028
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Post by scottie65 on Jun 5, 2008 9:48:30 GMT -5
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Post by vivianmb on Jun 7, 2008 16:59:47 GMT -5
www.nationalpost.com/sports/story.html?id=566333 according to this story boots had the right to buy out the other owners and move to KC if the team didn't meet certain seats sold numbers in TWO years. quote- Mr. Del Biaggio's indirect interest in the Predators, which makes him the second largest owner, includes a number of contractural rights that would have allowed him to buy out his co-partners' shares after two years if the team sustains cumulative losses of US$20-million or if it fails to maintain average attendance levels at 14,000 a game or more. Conversely, the contract allows for Mr. Del Biaggio to "put" his shares to Mr. Freeman and the local Nashville group, forcing them to buy him out after two years if the team successfully meets its financial criteria. -endquote he was a temporary owner if the preds succeeded, and moving them if they didn't. the NHL APPROVED THIS AFTER TELLING BALLSILLIE TO TAKE A HIKE.and kept flying the keep the preds in nashville baloney. i hope this comes crashing down on bettmans head like it should. he lied and had contingency plans to move the team, but NOT to canada.
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Post by leer2006 on Jun 7, 2008 17:51:50 GMT -5
Well Viv,
That looks like the proof most Canadian hockey fans have been looking for.
Our time looks like it's closer then we think. In order for the Nhl to save face if these alegations are true they will have little choice but to put a team in Canada or face the consiquences.
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felix
Prime Member
Posts: 74
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Post by felix on Jun 7, 2008 18:04:47 GMT -5
It's only a matter of time before the other partners bow out and Jim Balsille takes over.
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Post by scottie65 on Jun 16, 2008 7:24:19 GMT -5
Here's David Climber of the Nashville Tesnnessean and his video blog on the Preds situation. www.tennessean.com/apps/pbcs.dll/article?AID=/20080612/VIDEO02/80612075And here's another one of his blogs: Predators don't let drama die COMMENTARY BY DAVID CLIMER • STAFF WRITER • JUNE 16, 2008 It's another offseason on the brink for the Predators. Last year, the team was up for sale. This year, its second-largest investor has gone bust. Sort of makes you wonder what we have to look forward to in '09, huh? Preds ownership must come up with $9.8 million to avoid defaulting on its agreement with the city. That money is needed to cover funds pledged by Boots Del Biaggio III, who has declared bankruptcy. All of which begs a question: Why didn't somebody see this coming? On Friday, attorney Larry Thrailkill, who negotiated the deal between the new ownership group and the city, placed all the blame at Del Biaggio's feet. Speaking to the Metro Sports Authority, he said: "Who is to blame for this set of circumstances? Mr. Del Biaggio is to blame." Yes and no. Certainly, Del Biaggio duped everyone. When the bank your father founded sues you, you're pretty slimy. Sort of makes you wonder what Father's Day was like around the Del Biaggio family. Maybe majority owner David Freeman should have been more diligent before bringing Del Biaggio aboard. But we'll take Freeman off the hook because Del Biaggio previously had been a minority owner of the San Jose Sharks. He had been vetted by NHL headquarters and passed. Lax Background Check That is where the problem lies. The NHL doesn't exactly turn over every stone to see what crawls out of a prospective owner's brokerage account. If you have a pulse and a decent credit limit on your Visa, the NHL welcomes you with open arms. Vanderbilt economist John Vrooman, who specializes in the business of sports, said the NHL is "behind the other leagues" when it comes to checking the backgrounds and financial status of its owners. Why? Because there is limited revenue sharing within the league, Vrooman said. "If you share so much money like the NFL does, you want to know everything about the owner," he said. "In a league like the NHL that doesn't share very much revenue, you just want that team to be viable." But Vrooman believes the Predators will survive. Del Biaggio's 27 percent stake in the team can be replaced by a new partner, a loan or a combination of the two. "Having a highly leveraged deal is not necessarily a bad thing," Vrooman said. "If you're playing with borrowed money, the owner can be more aggressive." But if/when a new investor surfaces, here's hoping the Preds and the NHL perform their due diligence and we can get off this rollercoaster. David Climer's columns appear on Monday, Wednesday, Friday and Sunday. Reach him at 615-259-8020 or dclimer@tennessean.com. www.tennessean.com/apps/pbcs.dll/article?AID=/20080616/COLUMNIST0202/806160322 |
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Post by jhendrix70 on Jun 16, 2008 7:37:41 GMT -5
So....who here wants to get a loan to help these boys out? Anybody........anyone.......Frye.........Frye.......  Detroit Fan....darn..... |
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Post by WpgJets2008 on Jul 14, 2008 10:53:35 GMT -5
'Boots,' Preds Chronology www.tennessean.com/apps/pbcs.dll/article?AID=/20080713/NEWS0202/807130417/1028/SPORTS02A time line of some events in the purchase of the Nashville Predators by a group of owners including William "Boots" Del Biaggio III, according to court records and accounts in The Tennessean: 2007 May: Predators owner Craig Leipold says he wants to sell the Predators. Among the offers he weighs are those from Del Biaggio, BlackBerry maker Jim Balsillie, and a bid from a group of local investors led by David Freeman and Herb Fritch. Aug. 1: Leipold inks a binding letter of intent with the local investors' group, who have joined forces with Del Biaggio. Oct. 19: Del Biaggio takes the entire Predators team out to dinner in San Jose, Calif., while the team is there to play the San Jose Sharks. Oct. 29: AEG, part-owner of Kansas City's Sprint Center, agrees to lend Del Biaggio $7 million. Nov. 2: Freeman, lead partner in the new ownership group, addresses the Nashville Kiwanis Club. He tries to allay fans' concerns that the presence of out-of-state investors means the team will be moved. "There's not a legal document out there that says, 'Under these circumstances, the guys from the West Coast take over,' " he tells the group, and says of Del Biaggio: "His motivation is not to take over and run this franchise." Nov. 16: Nashville Mayor Karl Dean and the Predators' new owners announce an agreement on a new lease, with some fine-print details left to be worked out. The lease changes will "keep the Predators in Nashville under local ownership," Freeman says in a statement. Also Nov. 16: Del Biaggio and his wife borrow $10 million from the Modern Bank. Dec. 24: Heritage Bank lends Del Biaggio $4 million. 2008 First week of February: Mayor Karl Dean meets with NHL Commissioner Gary Bettman to discuss the Predators' lease with the city. Feb. 13: Valley Community Bank lends Del Biaggio $4.25 million. April 15: Metro Council gives final approval to the Predators' renegotiated lease with the city. April 22: Security Pacific Bank agrees to lend Del Biaggio $5 million. May 13: Valley Community Bank finds Del Biaggio in default, saying he has failed to make loan payments. May 23: Modern Bank writes the Del Biaggios, saying they have failed to make payments. May 26: Del Biaggio resigns from his venture capital firm, Sand Hill Capital Partners. May 27: DGB Investments sues Del Biaggio and a West Coast securities firm with whom he was doing business. May 30: Heritage Bank sues Del Biaggio. June 2: Security Pacific Bank and Modern Bank sue Del Biaggio; Valley Community Bank notifies him he is in default on his loan and demands he repay $4.2 million; Del Biaggio notifies AEG he can't repay its loan. June 6: Del Biaggio files for bankruptcy; AEG sues him. June 9: Valley Community Bank sues Del Biaggio. June 11: FBI delivers subpoenas to Metro officials for records concerning Del Biaggio and his role in the Preds deal. — COMPILED BY JENNIFER PEEBLES Chris |
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Post by WpgJets2008 on Jul 14, 2008 10:55:29 GMT -5
Local Preds owners to replace Del Biaggio's $9.8 million Group to cover guarantee to Metro By MICHAEL CASS • Staff Writer • July 12, 2008 www.tennessean.com/apps/pbcs.dll/article?AID=/20080712/NEWS0202/807120353The local owners of the Nashville Predators are ready to put up $9.8 million to cover William J. "Boots" Del Biaggio III's personal guarantee to Metro Nashville, the lead owner said Friday. "We will do it in full," David Freeman told the Metro Sports Authority. "Hopefully that will take care of the issue that's arisen under the lease. ... We're happy to do it." Del Biaggio, of San Jose, Calif., is under federal investigation of his business dealings and has declared bankruptcy. The situation puts at risk his share of the money Metro would be owed if the Predators broke their reworked Sommet Center lease with the city. Del Biaggio and one other California investor own minority stakes in the pro hockey team totaling more than 31 percent; Freeman and seven other Middle Tennessee residents collectively own more than two-thirds of the team. Kevin Lavender, the sports authority's chairman, thanked Freeman. "I think most citizens thought we were in for a protracted dialogue and discussion," Lavender said. Freeman said the local owners would replace Del Biaggio's personal guarantee "permanently" as soon as attorneys for the team and Metro work out an agreement. He said no new investors would be involved in the transaction. "Given the circumstances, it seemed most appropriate that the Nashville guys step forward and take care of the lease obligations with the city," he said in an interview. Freeman stressed that Del Biaggio remains an owner while a California bankruptcy trustee works through his nearly $54 million in assets and $88 million in debts. Freeman's group has offered to buy out the stake Del Biaggio bought for $25 million, but at a reduced price. Freeman also said that if the trustee accepted another offer for Del Biaggio's interest and a new investor came on board, "it's no big deal." The local owners are moving to strengthen their control in light of the legal fiasco clouding their first offseason. "Anybody buying Boots' ownership interest would have even less rights than Boots," Freeman said. Contact Michael Cass at 259-8838 or mcass@tennessean.com. Chris |
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Post by jaylon1970 on Jan 22, 2009 13:56:28 GMT -5
PREDATORS MAY BUY OWN TICKETS TO ENSURE NHL FUNDS [http://www.tsn.ca/nhl/story/?id=264253&lid=sublink01&lpos=headlines_nhl/url]
On the heels of reports the Phoenix Coyotes lost out on revenue-sharing funds, the Nashville Predators are looking at boosting ticket sales with their own money.
According to the Tennessean, Predators officials have discussed the option of buying up unsold tickets to ensure they collect the maximum revenue-sharing from the league. Earlier this month, an ESPN.com report indicated the Coyotes forfeited 25% of their full share for failing to meet specific targets.
"We've consistently said that we're here to give everything we've got to make this work," Predators' lead owner David Freeman told the Tennessean.
For the Predators to qualify for a full share of their revenue-sharing monies from the league, average paid attendance in Nashville must reach the level of 14,000. After 22 home games, the team is 256 tickets short of that mark.
Last season, the Predators received their full share of revenue-sharing equalling $12 million, money that is crucial to the ongoing operations of the team. Falling short of just one target could mean forfeiting 25% of the full share.
"It's absolutely critical to us," Freeman told the Tennessean. "We're doing everything we can to grab as many dollars as we can so we can build the best hockey team we can build."
Currently, the Predators sit 14th in the Western Conference, eight points out of a playoff spot.
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Post by WHA on Jan 22, 2009 16:21:33 GMT -5
Its like collecting EI payments because I make only minimum wage! Great for the Canadian teams to pay when the CDN$ is sucking again! A bigger Ouch is coming!
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Post by Hobble on Jan 22, 2009 17:22:37 GMT -5
They can't let that happen, can they?
What the hell would that say about Bettman's NHL? Teams have to buy their own tickets to stay afloat?!?
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Post by vivianmb on Jan 22, 2009 19:10:16 GMT -5
what a fackin joke!!!
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Post by scottie65 on Jan 22, 2009 21:20:17 GMT -5
And they publicly stated this strategy?  Wow - I'm thinkin the rest of the BOGs stood up and took notice of this ludicrous strategy. Talk about life-support - just pull the damn plug already and let gramma rest in peace. |
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Post by razorsedge on Jan 22, 2009 22:34:03 GMT -5
So they are 256 tickets short of reaching full revenue share. So the team spends whatever amount it is, say 10 000, and will get millions in return?  That is gotta be a loop hole that will be addressed next CBA. I'm sure the other teams won't like Predators ownership if they pull that stunt. |
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Post by Y2C on Jan 23, 2009 10:30:44 GMT -5
According to the Tennessean, Predators officials have discussed the option of buying up unsold tickets to ensure they collect the maximum revenue-sharing from the league. I'm sure the rest of the teams in the league will be stoked about that! |
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Post by Dcmac on Jan 23, 2009 21:17:24 GMT -5
There would be nothing better than seeing the Preds head to Hamilton after all, after that idiot said "get your damn hands off our team" and it just prolongs it!
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Post by WHA on Jan 26, 2009 22:44:51 GMT -5
Playoff hopes dying for Predators
By Teresa M. Walker, THE ASSOCIATED PRESS
NASHVILLE, Tenn. - The Nashville Predators' scoring problems have put their streak of four consecutive playoff appearances at risk.
The Predators are last in the NHL in goals scored with 111 through 46 games. They have scored three or fewer goals in 25 of their past 29 games with six one-goal losses in that stretch, while the power play ranks 29th out of 30 teams.
The team ended their all-star break a day early Monday and left for Vancouver hoping to find some chemistry away from home.
"There's nothing magical about it," coach Barry Trotz said. "It's hard work and details and guys communicating and all those things."
Defenceman Shea Weber, the Predators' lone all-star, and goaltender Pekka Rinne, who played in the YoungStars game, flew straight from Montreal to Vancouver to meet the team rather than risk weather delays before Wednesday night's game. But Trotz planned individual meetings during the flight to help set goals for the final 36 games.
The need to score more goals is at the top and has Trotz preaching a return to scoring basics. He's also moving Steve Sullivan, a forward who's only been back five games after missing nearly two years with a back injury, to a line with captain Jason Arnott and J.P. Dumont.
"We're trying a lot of different things ... We've got to find the solution to score more goals," Sullivan said.
Arnott said they've tried everything else.
"So he's trying something new now, and hopefully it works. It's going to be up to us as a whole to get out of this," Arnott said.
Scoring wasn't expected to be this much of a problem this season even as the Predators lost forward Alexander Radulov, who scored 26 goals last season, when he chose to stay home and play in Russia.
Nashville's defencemen have scored 29 goals this season, one off what they scored all of last season with Weber leading the group and all defencemen in the NHL with 14. He also leads the Predators in power-play goals with six.
The struggles with scoring is why the Predators went into the break 3-7 over the last 10 games. They welcomed the break, with Trotz comparing it to needing a vacation after a tough stretch at the office.
Arnott said they're just not happy with how they were playing going into the break.
"But we talked about it a lot, and now it's just going out and doing it. We hashed out a lot of our issues. Now it's just time to cut down our mistakes and capitalize on our opportunities and just keep working as a team. That's all we can ask," Arnott said.
The Predators rank sixth in the NHL in most points since 2005-06 with 161 and had been third for most home points in that time. After their three-game swing through western Canada, the Predators will play 11 of 15 at home starting Feb. 3 with four of their first six in March on home ice.
Sullivan said the current road trip can help the team bond.
"We're really going to have to rely on each other to get out of this funk," he said.
The on-ice struggles haven't been seen yet in the stands. Paid attendance sits at 13,744 through 22 games, up from 12,975 at the same point last season, putting Nashville easily within reach of the 14,000-average needed for revenue-sharing.
Trotz recalled the Predators were counted out of the playoff chase at about this time last year. Nashville got hot and grabbed the West's No. 8 seed before losing a fourth straight first-round playoff series. Trotz said hopefully that's the plan again.
"Every game is going to have to be played like a playoff game. If we don't, then we're not going to be successful. It's that simple. But this group cares and is willing to go forward and hopefully we can get it done," Trotz said.
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Post by WPGISNHL on Jan 29, 2009 13:19:31 GMT -5
Court gets tough with Predators owner Kevin McGran Sports Reporter ST. PAUL, MINN.-The San Francisco court sorting through the case of the bankrupt minority owner of the Nashville Predators is getting tough with the NHL team that has been reluctant to part with financial documents. The court on Tuesday ordered the NHL team to ensure all financial documents - from single-game ticket sales to the overall financial performance of the entire league - to be forwarded to the trustee overseeing the affairs of disgraced financier William (Boots) Del Biaggio. The team did win a crucial point, however, in that some of the documents being sent to bankruptcy trustee R. Todd Neilson will remain confidential. Those include documents that relate to: •suite and club seat sales for the past three seasons; •commercial sponsorship of the team; •the performance of the league; But information regarding single-game ticket sales, bulk ticket sales, season ticket packages, salaries of coaches and players will be available for the public. The team has been holding back some documents, unwilling to part with information it believed was confidential. The court demanded the Predators turn over the documents by Feb. 5, and ordered the Predators to send weekly and monthly financial updates. Del Biaggio owns 27 per cent of the Predators, a holding that could be worth up to $40 million (U.S.). Canadian billionaire Jim Balsillie is among a group interested in purchasing the Predators. www.thestar.com/Sports/Hockey/article/578432 |
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Post by WHA on Jan 29, 2009 13:36:55 GMT -5
By the following statement the Preds are worth approx. $150 million. US$. at the top end .
Del Biaggio owns 27 per cent of the Predators, a holding that could be worth up to $40 million (U.S.). Canadian billionaire Jim Balsillie is among a group interested in purchasing the Predators.
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Wow - I'm thinkin the rest of the BOGs stood up and took notice of this ludicrous strategy. Talk about life-support - just pull the damn plug already and let gramma rest in peace.
