Taro T Posted November 30, 2010 Report Share Posted November 30, 2010 what patty said -- it's a tentative deal, with many of the key terms included but made subject to change and otherwise conditioned upon a number of different things happening prior to closing. there's usually an escape hatch clause as well that allows either side to blow up the deal if something problematic emerges during due diligence (buyer finds out that cash flow isn't what was represented, seller finds out that buyer is illiquid). this is a big feckin' deal. perhaps other than the events of june/july 2007, this is easily the biggest thing that's happened with the team since i logged onto this here board. Yeah, what he said. :thumbsup: Soooooo, with Bass Pro out, Canal Side apparently having some clarity to their direction (although I'm not certain how useful canals that don't lead anywhere are, (or will they connect up with something?) I do agree that they'd be more useful than 'faux canals'), and (theoretically at least) a new 100% owner for the Sabres; does this mean that LQ will officially not be in the news anymore? November 29, 2010 might turn out to be one heck of a day for the City of Buffalo. (Assuming all these developments happened yesterday and are getting reported today.) And to think, all it took was a 7th round pick asking the Almighty to give him a sign. ;) (Yeah, yeah, I know, this is Buffalo, so in the end 11/29/10 will be just another day in the grand scheme of things; but let me enjoy it for a few moments.) Link to comment Share on other sites More sharing options...
apuszczalowski Posted November 30, 2010 Report Share Posted November 30, 2010 A HUGE DAY for all of Buffalo. FInally, the team may have an owner whom actually CARES about the product that is on the ice. And as an Urban Planner, I must say the Waterfront plan they are going through with is STUNNING. It's a breath of fresh air and exactly what downtown needed. So you work in the "Dreamer" Department? Link to comment Share on other sites More sharing options...
That Aud Smell Posted November 30, 2010 Report Share Posted November 30, 2010 What about the server upgrade? :unsure: :worthy: (although I'm not certain how useful canals that don't lead anywhere are, (or will they connect up with something?) i believe that their utility will be strictly recreational in nature -- paddle boats in the summer, skating in the winter, and personal injury fodder for cellino and barnes year-round. Link to comment Share on other sites More sharing options...
Taro T Posted November 30, 2010 Report Share Posted November 30, 2010 :worthy: i believe that their utility will be strictly recreational in nature -- paddle boats in the summer, skating in the winter, So basically, they're just a shorter version of the current Erie Canal? I guess I'm cool w/ that. and personal injury fodder for cellino and barnes year-round. :lol: No doubt. Link to comment Share on other sites More sharing options...
PASabreFan Posted November 30, 2010 Report Share Posted November 30, 2010 :worthy: i believe that their utility will be strictly recreational in nature -- paddle boats in the summer, skating in the winter, and personal injury fodder for cellino and barnes year-round. Hurt in a canal? Link to comment Share on other sites More sharing options...
Taro T Posted November 30, 2010 Report Share Posted November 30, 2010 Hurt in a canal? Oooohhhhh Mr. Drane, you have a call on the white courtesy phone. Link to comment Share on other sites More sharing options...
\GoBillsInDallas/ Posted November 30, 2010 Author Report Share Posted November 30, 2010 Terry Pegula from Forbes Magazine: http://www.forbes.com/profile/terrence-pegula Link to comment Share on other sites More sharing options...
Skibum Posted November 30, 2010 Report Share Posted November 30, 2010 Great, now buy the Bills and we're all set. Link to comment Share on other sites More sharing options...
\GoBillsInDallas/ Posted November 30, 2010 Author Report Share Posted November 30, 2010 Here's his tennis-playing daughter: http://www.palmbeachpost.com/sports/tennis-standout-jessica-pegula-of-boca-raton-shoots-807453.html Link to comment Share on other sites More sharing options...
Patty16 Posted November 30, 2010 Report Share Posted November 30, 2010 LQ is denying the Hockey News report. Link to comment Share on other sites More sharing options...
thesportsbuff Posted November 30, 2010 Report Share Posted November 30, 2010 Buffalo Sabres Managing Partner/Minority Owner Larry Quinn in response to The Hockey News report that a letter of intent has been signed to sell the Buffalo Sabres: “Reports regarding the sale of the Buffalo Sabres tend to surface from time to time. There have been several inquiries in the past few years regarding this subject. Our company policy is we do not comment on them because people make inquiries all the time. Some of these inquiries are serious, some are not, some make the media and others do not. The report that a $150 million letter of intent has been signed is simply not true.” Link to comment Share on other sites More sharing options...
apuszczalowski Posted November 30, 2010 Report Share Posted November 30, 2010 Hurt in a canal? Will there be a battle for naming right of the canal between William Mattar and Celino & Barnes? Link to comment Share on other sites More sharing options...
wallybarthman Posted November 30, 2010 Report Share Posted November 30, 2010 Buffalo Sabres Managing Partner/Minority Owner Larry Quinn in response to The Hockey News report that a letter of intent has been signed to sell the Buffalo Sabres: “Reports regarding the sale of the Buffalo Sabres tend to surface from time to time. There have been several inquiries in the past few years regarding this subject. Our company policy is we do not comment on them because people make inquiries all the time. Some of these inquiries are serious, some are not, some make the media and others do not. The report that a $150 million letter of intent has been signed is simply not true.” Here's my "I know someone who knows someone" connection. Terry is good friends with a family that I know well (if you look on the East Resources webpage he's the COO of Terry's company). He said as of yesterday there were rumors flying all over and that it almost happened last spring, but Golisano backed out. Link to comment Share on other sites More sharing options...
Eleven Posted November 30, 2010 Report Share Posted November 30, 2010 Parts of the letter can be binding ie let me see your books. Overall, its a general agreement on price etc but not a contract. Bascially says if everything checks out we have a deal. It really comes down to the wording, every situation will be different. Some are binding, some are not; some create a duty to negotiate further in good faith, some do not, etc. But it definitely would be something that a seller would normally require prior to allowing a buyer to conduct due diligence (such as inspecting books and records), together with a confidentiality agreement, at the very, very least. Even then, the really big deals have restrictions on how due diligence will be conducted. Link to comment Share on other sites More sharing options...
Sterling Archer Posted November 30, 2010 Report Share Posted November 30, 2010 Here's his tennis-playing daughter: http://www.palmbeachpost.com/sports/tennis-standout-jessica-pegula-of-boca-raton-shoots-807453.html Color me disappointed. Link to comment Share on other sites More sharing options...
Patty16 Posted November 30, 2010 Report Share Posted November 30, 2010 It really comes down to the wording, every situation will be different. Some are binding, some are not; some create a duty to negotiate further in good faith, some do not, etc. But it definitely would be something that a seller would normally require prior to allowing a buyer to conduct due diligence (such as inspecting books and records), together with a confidentiality agreement, at the very, very least. Even then, the really big deals have restrictions on how due diligence will be conducted. Yea, i tried to keep the wording general bc a document like that is tailored to the situation. LQ denies a letter was signed. Perhaps there was a conf agreement until deal is signed. This story is getting some legs, interested to see where it runs next. Link to comment Share on other sites More sharing options...
Eleven Posted November 30, 2010 Report Share Posted November 30, 2010 Yea, i tried to keep the wording general bc a document like that is tailored to the situation. LQ denies a letter was signed. Perhaps there was a conf agreement until deal is signed. This story is getting some legs, interested to see where it runs next. Yes. This is turning into one big electric glockenspiel. Link to comment Share on other sites More sharing options...
shrader Posted November 30, 2010 Report Share Posted November 30, 2010 I will now officially not get any work done today. Link to comment Share on other sites More sharing options...
darksabre Posted November 30, 2010 Report Share Posted November 30, 2010 LQ is denying the Hockey News report. If the Sabres were being sold, would LQ even have to know? I mean, it's not like it's his share of the team being sold. Would anything ever need to be mentioned to him? Link to comment Share on other sites More sharing options...
PASabreFan Posted November 30, 2010 Report Share Posted November 30, 2010 Here's his tennis-playing daughter: http://www.palmbeach...ots-807453.html You little stalker, you! Link to comment Share on other sites More sharing options...
SDS Posted November 30, 2010 Report Share Posted November 30, 2010 Yea, i tried to keep the wording general bc a document like that is tailored to the situation. LQ denies a letter was signed. Perhaps there was a conf agreement until deal is signed. This story is getting some legs, interested to see where it runs next. No. He denied one was signed for $150M. Those are weasel words. It could have been $151M and LQ would be correct. Link to comment Share on other sites More sharing options...
Patty16 Posted November 30, 2010 Report Share Posted November 30, 2010 No. He denied one was signed for $150M. Those are weasel words. It could have been $151M and LQ would be correct. Indeed. Link to comment Share on other sites More sharing options...
Eleven Posted November 30, 2010 Report Share Posted November 30, 2010 If the Sabres were being sold, would LQ even have to know? I mean, it's not like it's his share of the team being sold. Would anything ever need to be mentioned to him? Depends on what the LP agreement and/or member agreement for the LLC say. It's possible that notice would be required. No. He denied one was signed for $150M. Those are weasel words. It could have been $151M and LQ would be correct. From Larry? Never. Link to comment Share on other sites More sharing options...
wonderbread Posted November 30, 2010 Report Share Posted November 30, 2010 No. He denied one was signed for $150M. Those are weasel words. It could have been $151M and LQ would be correct. LQ speaks with forked tongue. Link to comment Share on other sites More sharing options...
PASabreFan Posted November 30, 2010 Report Share Posted November 30, 2010 LQ speaks with forked tongue. The "simply not true" construction is also interesting. Not sure, why. It jumped out at me. Sounds like the way you'd deny an affair to your wife. "Honey, it's simply not true!" Why not "false"? Link to comment Share on other sites More sharing options...
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