Author Topic: Judge delays decision on Corel Centre sale  (Read 1957 times)

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Offline 50 Mission Cap

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Offline Bonzai

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Judge delays decision on Corel Centre sale
« Reply #1 on: June 18, 2003, 10:36:52 AM »
This is somewhat expected.  Chadwick has to consider everything but in the end the decision is sort of made due to the fact that there are no other serious bidders.  He will consider it, but it is unlikely anything will change.  It is too bad for the creditors but that's business sometimes.

Cheers

Offline 50 Mission Cap

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Judge delays decision on Corel Centre sale
« Reply #2 on: June 18, 2003, 10:39:09 AM »
Quote from: Bonzai
This is somewhat expected.  Chadwick has to consider everything but in the end the decision is sort of made due to the fact that there are no other serious bidders.  He will consider it, but it is unlikely anything will change.  It is too bad for the creditors but that's business sometimes.

Cheers


Most of what you said is true, however, the creditors do have the ability to hold up the process through legal proceedings.
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Offline Puck Bunny

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Judge delays decision on Corel Centre sale
« Reply #3 on: June 18, 2003, 10:39:57 AM »
Not amused.

It's already later than good for the resignings.

Sigh.  You can't really blame the creditors who will not get anything; you can't blame the buyer for buying out of bankruptcy.  It's no use blaming any entity that might have been responsible for messing it up in the first place.

That's what bankruptcy does though - wipes the slate clean and allows for a fresh beginning.  Although it's mean of me, I hope the creditors just take their lumps on this one.  I don't see a choice.  It's not Eugene Melnyk's fault and I wouldn't expect him to pay every creditor out of the goodness of his heart.  That's just not the way it goes - he wouldn't be interested if that were the case.  

I hope the Judge gets around to this.  He may joke about the hockey timeline and the schedules for resignings and development camps, but the longer he takes, the more difficult it gets for the team and the higher the chance of adverse effects to the Senators organization.  That would be unfortunate as they've put so much time, effort and skill towards selecting the young guys, developing them and bringing them along.

I'm tired of it all.  I see no point in the delay.  If the creditors want to crater the deal, they put themselves into an even worse position.  On top of not getting what they were owed by the old Senators, they won't have the business of the new either.  Talk about shooting yourself in the the foot.  Sigh.  I just want it to end and have the team safe and fully resigned, etc.  If this team isn't able to keep the core players together because of this delayed process... it hurts everyone.  Hockey is not just business (as the banks found out) - it's very personal to the public in Canada.

Offline Bonzai

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Judge delays decision on Corel Centre sale
« Reply #4 on: June 18, 2003, 10:47:36 AM »
Quote
Most of what you said is true, however, the creditors do have the ability to hold up the process through legal proceedings.



That's probably true.

Offline Dagwood

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Judge delays decision on Corel Centre sale
« Reply #5 on: June 18, 2003, 12:35:32 PM »
Such is life in the legal system. Nobody want's to loose out on anything, but that is why companies who take these kind of loses get to write them off in the long run. It's not called risky business for no reason.  I agree with Puckbunny, where she said all these companies stand to lose more buy nixing the deal rather than taking thier bumps now and looking towards the future. I feel sorry for the smaller businesses who cannot afford to lose any percentage of money owed, but the new business I'm sure they will pick up from the Sens new ownership would surely offset that over the next several years.  Concerning the value of the Corel Center at 155 million,, It's not worth a dime if there is not a major tenant.

It was not so long ago that we heard similar ramblings when the Roughriders folded and now the Renegades have taken up residence.  All those same businesses that complained about losing out are now making some cash again.

Concerning the Ideal parking deal, your contract was with Bryden, not Melnyk.  If I were them, I'd start negotiating a new deal now because at $12 a pop, your nothing but a bunch of crooks.  :evil:
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Offline OS

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Judge delays decision on Corel Centre sale
« Reply #6 on: June 18, 2003, 01:39:39 PM »
From the start Melnyk has had a total figure for the team and the Corel Centre and has linked the two deals together.  I smart move IMHO to not give one leverage over the other and treat it as a package.  The creditors are letting out their anguish over their losses, but they really don't have other options.  

The roots go back to day one with the team and many of the mistakes made then are finally being pushed through to a conclusion.

Offline JustLearning

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Judge delays decision on Corel Centre sale
« Reply #7 on: June 18, 2003, 01:53:50 PM »
When someone or a company invests in a new venture, it should be taken into account (and usually is) that you may or may not get a return on your money. If you can't afford the loss, you shouldn't invest. It's that simple. A new venture, no matter how promising, is always a gamble. I don't feel that sorry for the investors who lost money, it was the chance they took. It could have easily gone the other way. To keep dragging everything through the courts and trying to delay things is ridiculous. Personally, I'm also tired of it.

I want to see everything cleaned up and ready to go when I see my first hockey game of the season. A fresh start to, what I think, will be a GREAT year.

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Offline BlindDruid

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Judge delays decision on Corel Centre sale
« Reply #8 on: June 18, 2003, 02:04:04 PM »
It seems to me that these unsecured creditors are blowing smoke for nothing except ruining any chance for any future considerations as someone else previously mentioned.  A bankruptcy means that the owner(s) have no money to pay their debts.   If a sale ensues then the money from that sale would go to the secured creditors first and if any money is left from that then the rest gets divied up by the unsecured creditors.  This has nothing to do with Melnyk.  Leave him alone.  If the creditors want their money then they have to get it from Bryden and I dont think he will pay them from his own personal funds.  This is business and thats how it goes.  Its all a big risk.  If you lose there's nothing worse than whining about it.
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Offline 50 Mission Cap

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Judge delays decision on Corel Centre sale
« Reply #9 on: June 18, 2003, 02:20:14 PM »
Quote from: justlearning
When someone or a company invests in a new venture, it should be taken into account (and usually is) that you may or may not get a return on your money. If you can't afford the loss, you shouldn't invest. It's that simple. A new venture, no matter how promising, is always a gamble. I don't feel that sorry for the investors who lost money, it was the chance they took. It could have easily gone the other way. To keep dragging everything through the courts and trying to delay things is ridiculous. Personally, I'm also tired of it.

I want to see everything cleaned up and ready to go when I see my first hockey game of the season. A fresh start to, what I think, will be a GREAT year.

"Ya  pays yer money...ya takes yer chances!" :P


These aren't people that just invested. They recount the story of a small business that did some work on Marshall's office that stands to lose $15,000. You shouldn't assume risk when you are doing work for a company. When you do a job you get paid.

As it stands now, only Covanta is going to see any money from the sale. These other creditors are fuming because of the discrepancy between the appraisal price of the CC and the sale price.

Quite honestly, they have nothing to lose from holding it up in court. They stand to lose all their money as it is.
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Offline GeeGee4Life

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Judge delays decision on Corel Centre sale
« Reply #10 on: June 18, 2003, 11:38:13 PM »
Wow this stinks.

 :?: Does anyone want to speculate how long this will postphone the Melnyk deal? It feels like we've been waiting forever already, and now this! grrr

Offline Bonzai

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Judge delays decision on Corel Centre sale
« Reply #11 on: June 20, 2003, 03:37:45 PM »
http://www.cbc.ca/pcgi-bin/templates/sportsView.cgi?/news/2003/06/20/Sports/sens-sale030620


Well it would appear that Chadwick considered things but figured this was the best that could be done.

Glad to see it

cheers

Offline BlindDruid

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Judge delays decision on Corel Centre sale
« Reply #12 on: June 20, 2003, 03:59:59 PM »
Business is business.  What would have been the alternative?  The judge favors the creditors, Melnyk walks away and the Sens move elsewhere....  The judge made the right decision in this case which is best for the team, the community and the leage.  Hopefully the creditors can negotiate new contracts with Melnyk.
Time passes, things change, the Sens WILL WIN the CUP. 
edit -  Hopefully within my lifetime.......

Offline sensrbest

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Offline Jenn_#11fan

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Judge delays decision on Corel Centre sale
« Reply #14 on: June 21, 2003, 11:30:57 AM »
Great news!!! Everything is falling into place nicely :D