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Terry Pegula buying the Buffalo Sabres discussion

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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.)

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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?

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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.

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: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.

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: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?

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Hurt in a canal?

Oooohhhhh Mr. Drane, you have a call on the white courtesy phone.

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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.”

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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.

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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.

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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.

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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.

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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?

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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.

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No. He denied one was signed for $150M. Those are weasel words. It could have been $151M and LQ would be correct.

 

Indeed.

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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.

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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.

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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"?

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