NYG wrote:HartfordWhalers wrote:So, the detail I haven't seen and really would love to:
Taylor supposedly is evil and prearranged to cancel the deal because he bought 2.96 from a limited partner Bill Sexton while waiting a year to sell 40%... including Bill Sexton's 2.96%. I'm real curious on the price paid.
Am I misunderstanding or can Lore/ARod still easily come out of this as the owners? If that is the case and I'm understanding correctly, what would be that timeline of playing out?
Depends who you believe. If you believe Lore/ARod they have it ironclad. If you believe Taylor, he has it all done as well.
I posted something along these lines elsewhere, but it will be very interesting to see how the supposed 40% last round would have split. We know it is as of now: 27% Lore, 9% ARod, and 37% Taylor, 28% other (18% of that other being Orbit iirc).
Dyal cannot be more than 20% (NBA rules), so some breakdown between Schmidt, Arod, Lore or other had to add up the remaining 20%.
And that would also enable Taylor to have a put option on the last 20%. Note this is not Lore/ARod choice if they stay at 80% or go to 100%, it would be entirely Taylor's. And Dyal would be capped already, so not available as the buyer of last resort for minority shareholders they have historically been. And there isn't a no thank clause, but rather a if you don't find the money immediately you pay 12% per year each year until you do. So there is a lot of extra finances that I would be requiring to see proof of to approve the team next stage happening, at least if I were the NBA.
I've seen iirc May 1st mediation, then somewhere like July the actual arbitration, which wouldn't be scheduled yet as the arbiters aren't picked but more a general idea. I personally think it will go to July at least, there really isn't a reason for Taylor to go to here and not keep going to July at least. I guess an arbitration that it is without a doubt Taylor will win could happen and then ARod/Lore decide to cut their losses, but I think staying in the headlines is probably worth it for Lore if not ARod as well.