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Post by XRaySpecs on Oct 23, 2024 5:42:49 GMT -6
There's no way they let Glen stick around if they win at arbitration. If Glen wins, I assume the Lore and ARod try to sell their current stake. It could be hard as any buyer wouldn't have a guaranteed path to controlling ownership, but they'll still get interest. LoRod could use the proceeds as the basis for different team acquisition. I could be wrong but this arbitration is not the final say is it? Usually it's binding arbitration but I'm not so sure here. I have a hard time believing Glen wins considering LORODs legal team. Glen has nothing to lose except his reputation. It doesn't seem like he even cares about it. Glen is all about the $. I'm no lawyer, but what would be the point of non-binding arbitration? Wouldn't that essentially be the mediation they failed at already? Seems silly to even agree to non-binding arbitration if it carries no standing. I read somewhere that additional legal action could come after the arbitration, but they were referencing other tangents of the case like the share price the LoRod paid. I.e. LoRod could lose the arbitration and then sue for the financial damage of having paid a control premium for the current minority stake. My point is that their may be additional legal action after arbitration, but it may not be an direct appeal if the arbitration and doesn't change the outcome of who owns the team. |
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Post by kingsxman on Oct 23, 2024 10:00:04 GMT -6
I think Glen burned that bridge way too much for that to happen. I think he even knows it isn't likely he will win arbitration. He thought throwing a few million dollars into contesting the sale was worth the chance to make a couple extra billion dollars or so. I agree. Before Glen pulled this stunt I thought it would be perfect that LoRod brought Glen up to the podium when they went to accept the Larry O Brian trophy one day. and I truly think LoRod would have done that. Glen could have kept his seats and enjoyed his time. But Glen has F'd that up. He has no one to blame but himself. All that said, since this is the Timberwolves I look at this whole thing as Lucy holding the football for Charlie Brown. Maybe this time it'll be different, but history has taught me to expect that we cant have nice things. |
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Post by kingsxman on Oct 23, 2024 10:03:59 GMT -6
But Lore and Rodriguez’s ownership group has $940 million in an escrow account that will be used to immediately buy out Taylor entirely should the two prevail in arbitration, league sources said. Lore and Rodriguez have assembled a deep-pocketed group that includes heavyweight minority investors like former New York City mayor Michael Bloomberg and former Google CEO Eric Schmidt. They have been working on plans for a new arena and other improvements should the arbitration panel rule in their favor. www.nytimes.com/athletic/5864229/2024/10/22/marc-lore-alex-rodriguez-full-ownership-timberwolves/ How does that work if Glen doesnt want to sell? Can they force him to sell? |
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Post by levine on Oct 23, 2024 10:17:00 GMT -6
But Lore and Rodriguez’s ownership group has $940 million in an escrow account that will be used to immediately buy out Taylor entirely should the two prevail in arbitration, league sources said. Lore and Rodriguez have assembled a deep-pocketed group that includes heavyweight minority investors like former New York City mayor Michael Bloomberg and former Google CEO Eric Schmidt. They have been working on plans for a new arena and other improvements should the arbitration panel rule in their favor. www.nytimes.com/athletic/5864229/2024/10/22/marc-lore-alex-rodriguez-full-ownership-timberwolves/ How does that work if Glen doesnt want to sell? Can they force him to sell? I believe the contract gives them the right to buy the remainder of the team at any point. |
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Post by darko on Oct 24, 2024 11:42:47 GMT -6
Let's say for example the ownership reveal comes via the Masked Singer. What song do you pick if you're A-Rod? Obviously Glen is using Jenny from the Block.
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Post by tmirvin on Oct 24, 2024 12:36:38 GMT -6
Let's say for example the ownership reveal comes via the Masked Singer. What song do you pick if you're A-Rod? Obviously Glen is using Jenny from the Block. For all of your posts, this in the only one that has made me literally laugh out loud. It took me a couple seconds to put it together, but once I did, wow! |
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Post by kingsxman on Oct 24, 2024 15:53:36 GMT -6
Let's say for example the ownership reveal comes via the Masked Singer. What song do you pick if you're A-Rod? Obviously Glen is using Jenny from the Block. LoRod uses John Fogerty's "Old Man Down the road". |
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Post by kingsxman on Oct 24, 2024 15:56:30 GMT -6
Someone FINALLY spoke to what I've been worried about in terms of this ownership situation since it all blew up. On yesterdays Dane pod they discussed this and he FINALLY said that in his opinion the Connelly original 2 year opt out and now kicking the can down the road is a sign that he's in the LoRod camp. I think the speculation has been that this is the case but I've never seen anyone with any "clout" come right out and say it.
It would be the most Timberwolvesy thing ever. Well, the most Timberwolvesy thing probably still would have been if we picked Okafor instead of KAT. But this is a close 2nd.
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Post by darko on Oct 24, 2024 16:07:30 GMT -6
I would bet if Tim leaves it’s more family than moola, or owner. A guy like Ant is so so so rare. That’s really what’s he’s leaving. Not Glen, Lore or A-Rod. It would be as a gm how many Antman’s do you get?
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Post by darko on Oct 24, 2024 16:15:46 GMT -6
Let's say for example the ownership reveal comes via the Masked Singer. What song do you pick if you're A-Rod? Obviously Glen is using Jenny from the Block. For all of your posts, this in the only one that has made me literally laugh out loud. It took me a couple seconds to put it together, but once I did, wow! If I’ve taught Wolves blog anything, it’s that efficiency is overrated. |
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Post by darko on Nov 4, 2024 11:12:03 GMT -6
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Post by darko on Nov 4, 2024 11:58:52 GMT -6
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Post by quinn on Nov 4, 2024 12:10:02 GMT -6
Yes, arbitration begins today. I hope to God that Lo-Rod wins.
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Post by darko on Nov 4, 2024 12:49:40 GMT -6
I just hope they all have a nice time.
To me it's about defining commercially reasonable expectations, Wacktell has tried to frame as if they dated by a certain date, that's all they need. I think Glen's thing is I would need time to check money as well, before I agree to it. Which is why that one group backing out last minute matters.
It's possible they define it as other measures as well, but the big one seems to be time. I just think the way Marc and Alex played it early was like "we can get the money, yeah we might not have crossed some t's and dotted some i's" is an indicator to me, they know they missed some window, or expectations. That and "we believe a contract in America should be upheld." All that stuff was weird. Glen's camp has been stone cold silent. New money vs old money and old money can do it and invite you over for lasagna, like the mafia.
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Post by darko on Nov 4, 2024 16:17:30 GMT -6
On March 27, 2024, Taylor released his statement that the Timberwolves were no longer for sale and that Lore and Rodriguez had missed the deadline.
Lore, a billionaire tech entrepreneur, and Rodriguez, a former baseball star-turned-investor, said they secured the necessary funding for the deal and submitted the paperwork to the NBA on time. They also said the original 90-day deadline could be extended an additional 90 days if the sides are awaiting league approval to finish the acquisition.
This is where I think their argument is consistently mis-framing the argument, the 90 day extension waiting for league approval seemingly skips the part where Glen's side would have had time to review, and approve.
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Post by levine on Nov 4, 2024 17:43:18 GMT -6
On March 27, 2024, Taylor released his statement that the Timberwolves were no longer for sale and that Lore and Rodriguez had missed the deadline. Lore, a billionaire tech entrepreneur, and Rodriguez, a former baseball star-turned-investor, said they secured the necessary funding for the deal and submitted the paperwork to the NBA on time. They also said the original 90-day deadline could be extended an additional 90 days if the sides are awaiting league approval to finish the acquisition.This is where I think their argument is consistently mis-framing the argument, the 90 day extension waiting for league approval seemingly skips the part where Glen's side would have had time to review, and approve.So Glen could just sit on it until the deadline passes? What does Glen need to approve? The terms were set and agreed upon well before any deadlines. Why does Glen need to vet/approve where the money comes from? That's for the league to determine, not the seller. |
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Post by XRaySpecs on Nov 5, 2024 9:26:42 GMT -6
I hope we eventually get the basic details on this whole thing.
Specifically, I would like to know about the supposed missed deadlines that were mentioned earlier in the process. It makes zero sense to me that someone could use an old missed deadline to justify cancelling a deal months later. I would understand it if the missed deadlines in the past were just more evidence in an ongoing failure by the buyer to pay. If Glen still wanted to sell and was having ongoing issues where LoRod couldn't pay, sure, use prior missed deadlines as justification to cancel the sale entirely. The way it's actually happened though doesn't seem fair. If Glen wanted to use a missed deadline to void the sale it really seems like that should have had to happen when that deadline occurred. Not terminating at that point of the missed deadline seems tacit agreement that the deal wasn't fundamentally changed. Think of the ramifications. You could agree to deals as a way to hurt another business. Find a small infraction and then use it in the future to burn the other party after they spent time/capital in pursuit of the deal they still think is moving forward.
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Post by XRaySpecs on Nov 5, 2024 9:34:19 GMT -6
It surely looks like Glen is going to be completely out quickly if he loses arbitration and the sale gets approved. LoRod has the capital to completely buy the rest of the team. If Glen had just gone along with the sale maybe they could have agreed that they would let Glen keep the remaining 20%. Amend the deal so that the last 20% would be his until his death maybe? Glen would still be a sunset owner and be there for any success the team might have in the next few years. Instead, he'll likely be completely out and with the bridge burned it wouldn't be surprising for him to be shunned by LoRod given what went down.
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Post by quinn on Nov 5, 2024 11:47:05 GMT -6
It surely looks like Glen is going to be completely out quickly if he loses arbitration and the sale gets approved. LoRod has the capital to completely buy the rest of the team. If Glen had just gone along with the sale maybe they could have agreed that they would let Glen keep the remaining 20%. Amend the deal so that the last 20% would be his until his death maybe? Glen would still be a sunset owner and be there for any success the team might have in the next few years. Instead, he'll likely be completely out and with the bridge burned it wouldn't be surprising for him to be shunned by LoRod given what went down. I wonder just how soon it will be before they buy him out. If it's right away, he may be gone by Christmas. They seem like decent guys though and I wonder how much of the high road they'll take even as Glen's drug them through his mud puddle. |
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Post by XRaySpecs on Nov 5, 2024 12:17:16 GMT -6
It surely looks like Glen is going to be completely out quickly if he loses arbitration and the sale gets approved. LoRod has the capital to completely buy the rest of the team. If Glen had just gone along with the sale maybe they could have agreed that they would let Glen keep the remaining 20%. Amend the deal so that the last 20% would be his until his death maybe? Glen would still be a sunset owner and be there for any success the team might have in the next few years. Instead, he'll likely be completely out and with the bridge burned it wouldn't be surprising for him to be shunned by LoRod given what went down. I wonder just how soon it will be before they buy him out. If it's right away, he may be gone by Christmas. They seem like decent guys though and I wonder how much of the high road they'll take even as Glen's drug them through his mud puddle. I dunno...they seemed REALLY pissed when they went scorched earth in the media when Glen pulled the deal. Glen's behavior has cast a shroud on them that I'm sure they hate. Honestly it seems like if they wanted to be jerks they should wait on exercising the option on the last 20%. They'd be in control either way, but this year the Wolves are reportedly going to lose quite a bit of money. Why not make Glen pay 20% of loss? I'm not sure if that's how it works? The biggest jerk move would be to wait to see if the Wolves win the title. In that case only, they exercise the option so that they're 100% the owners for the title ceremony and freeze Glen out. Otherwise they wait on the option until next season so that Glen has to pay a share of the operating loss this year. That would be cold! |
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Post by kingsxman on Nov 5, 2024 12:49:00 GMT -6
I wonder just how soon it will be before they buy him out. If it's right away, he may be gone by Christmas. They seem like decent guys though and I wonder how much of the high road they'll take even as Glen's drug them through his mud puddle. I dunno...they seemed REALLY pissed when they went scorched earth in the media when Glen pulled the deal. Glen's behavior has cast a shroud on them that I'm sure they hate. Honestly it seems like if they wanted to be jerks they should wait on exercising the option on the last 20%. They'd be in control either way, but this year the Wolves are reportedly going to lose quite a bit of money. Why not make Glen pay 20% of loss? I'm not sure if that's how it works? The biggest jerk move would be to wait to see if the Wolves win the title. In that case only, they exercise the option so that they're 100% the owners for the title ceremony and freeze Glen out. Otherwise they wait on the option until next season so that Glen has to pay a share of the operating loss this year. That would be cold! I always supported Glen and never thought he deserved as much criticism as he got...but the way he handled this pretty much made me realize that he's just a greedy old man. His whole "handshakes mean something" schpeel is a ruse. Since I'm from that part of Minnesota I think it makes us all look bad when lots of us truly do believe in that. I really hope that LoRod wins and Glen will have no one to blame but himself when he knows he's sitting in his courtside seats for the last time. His greed got the better of him. |
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Post by Nick K on Nov 5, 2024 16:07:27 GMT -6
It surely looks like Glen is going to be completely out quickly if he loses arbitration and the sale gets approved. LoRod has the capital to completely buy the rest of the team. If Glen had just gone along with the sale maybe they could have agreed that they would let Glen keep the remaining 20%. Amend the deal so that the last 20% would be his until his death maybe? Glen would still be a sunset owner and be there for any success the team might have in the next few years. Instead, he'll likely be completely out and with the bridge burned it wouldn't be surprising for him to be shunned by LoRod given what went down. I wonder just how soon it will be before they buy him out. If it's right away, he may be gone by Christmas. They seem like decent guys though and I wonder how much of the high road they'll take even as Glen's drug them through his mud puddle. I'd let him come back and buy tickets at full price in the nosebleeds. |
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Post by slick21 on Nov 6, 2024 9:39:44 GMT -6
I dunno...they seemed REALLY pissed when they went scorched earth in the media when Glen pulled the deal. Glen's behavior has cast a shroud on them that I'm sure they hate. Honestly it seems like if they wanted to be jerks they should wait on exercising the option on the last 20%. They'd be in control either way, but this year the Wolves are reportedly going to lose quite a bit of money. Why not make Glen pay 20% of loss? I'm not sure if that's how it works? The biggest jerk move would be to wait to see if the Wolves win the title. In that case only, they exercise the option so that they're 100% the owners for the title ceremony and freeze Glen out. Otherwise they wait on the option until next season so that Glen has to pay a share of the operating loss this year. That would be cold! I always supported Glen and never thought he deserved as much criticism as he got...but the way he handled this pretty much made me realize that he's just a greedy old man. His whole "handshakes mean something" schpeel is a ruse. Since I'm from that part of Minnesota I think it makes us all look bad when lots of us truly do believe in that. I really hope that LoRod wins and Glen will have no one to blame but himself when he knows he's sitting in his courtside seats for the last time. His greed got the better of him. This is exactly how I feel. Despite a lot of mismanagement / highly questionable decision-making of the team over the years, I always supported Glen and gave him the benefit of the doubt as he swooped in and saved the team from moving elsewhere. But the way this has been handled by just pulling the rug out on Lore/ARod is just plain wrong in my opinion. |
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Post by Nick K on Nov 6, 2024 20:08:26 GMT -6
I always supported Glen and never thought he deserved as much criticism as he got...but the way he handled this pretty much made me realize that he's just a greedy old man. His whole "handshakes mean something" schpeel is a ruse. Since I'm from that part of Minnesota I think it makes us all look bad when lots of us truly do believe in that. I really hope that LoRod wins and Glen will have no one to blame but himself when he knows he's sitting in his courtside seats for the last time. His greed got the better of him. This is exactly how I feel. Despite a lot of mismanagement / highly questionable decision-making of the team over the years, I always supported Glen and gave him the benefit of the doubt as he swooped in and saved the team from moving elsewhere. But the way this has been handled by just pulling the rug out on Lore/ARod is just plain wrong in my opinion. Good take. Post more often. |
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