Golisano "may" have a bid in this week.

[Jim Bob]

http://www.buffalonews.com/editorial/20030211/1007318.asp?1007318.asp

Since there appear, as of now, to be no real competitors, observers believe Golisano may try to negotiate a purchase deal with Bettman, rather than just submit a formal bid. Golisano declined to provide any specifics about any upcoming talks or the details about the numbers he has been reviewing. His plan, he has insisted, will include no requests for new government funding.

As for timing, Golisano remained coy.

"Maybe we'll be ready to put in an offer by then, and maybe we won't be," he said, referring to later this week.


I think he's going to lowball the NHL and Adelphia and we're in for a staredown.

But Golisano needs to research how long the Penguins sat in bankruptcy before a deal got done before he expects a whole lot from going that route.

[Forum21]

The hangup will be the conditional payout to adelphia. Hopefully the Bankruptcy judge, with his new power, will work that into the settlement to Alelphia.

Currently, the estimate is $65 million, which is low considering they (the Sabres) have assumed another $25 million since his original bid, and the new owner will be expected to eat. Basically, you buy this team, you've already owned them from the time the NHL took over.

The bid needs to be somewhere around $70-$75 million now, which is where many estimates place it.

[Jim Bob]

Originally posted by jj@jj.com
The hangup will be the conditional payout to adelphia. Hopefully the Bankruptcy judge, with his new power, will work that into the settlement to Alelphia.

Currently, the estimate is $65 million, which is low considering they (the Sabres) have assumed another $25 million since his original bid, and the new owner will be expected to eat. Basically, you buy this team, you've already owned them from the time the NHL took over.

The bid needs to be somewhere around $70-$75 million now, which is where many estimates place it.

It's being reported that there may be a hang up on the buyer picking up the line of credit that has kept the team afloat this year as well.

Golisano very well could say my offer of $35 million in cash and up to $30 million in loses AFTER I take over is on the table and that's all I'm offering.

Then the NHL, the Sabres bankruptcy judge, and Adelphia need to figure out what to do. I'd be shocked if Adelphia was OK with a deal that would basically leave them only $10 to 15 million to settle the concession debt after the $25 million line of credit was settled.

Plus, the NHL wouldn't go for it as it would leave Jeremy Jacobs most likely on the hook for the remainder of the concession loan that wasn't paid off by Adelphia.