Forbes- All potential Bills buyers under $900 Million

[Skooby]

http://www.forbes.com/sites/mikeozanian/2014/08/21/three-bids-for-buffalo-bills-are-each-below-900-million/?partner=yahootix



Terry Pegula: $890 million.

Toronto Group (Larry Tanenbaum, Bon Jovi, Ed Rogers): $820 million.
Donald Trump: $809 million

[Dr. Lecter]

There is no economic reason why the Bills must be sold during the few months.

This is actually not true. As I understand it, the estate taxes need to be paid withing 9 months of Ralph's passing.

[better days]

As if a less restrictive non disclosure agreement would have a huge impact on the sale of the team.

LMAO at that writer.

[OpIv37]

Odd that the writer used his own valuation of the team at $935 mm and not the $850 estimate that Forbes released just a few months ago...

I guess "most likely owner bids $40 mill more than the value" isn't as interesting as "OMG no one wants the Buffalo bills because they didn't bid as much as the number I made up"

[Skooby]

This is actually not true. As I understand it, the estate taxes need to be paid withing 9 months of Ralph's passing.

Mary is alive, so why wouldn't she get all of the money without tax liabilities ?

[Dr. Lecter]

Odd that the writer used his own valuation of the team at $935 mm and not the $850 estimate that Forbes released just a few months ago...

I guess "most likely owner bids $40 mill more than the value" isn't as interesting as "OMG no one wants the Buffalo bills because they didn't bid as much as the number I made up"

I thought about that too.

And that is one reason I question Forbes on some of the reporting. This is not to say other reports are accurate. But their stories have been shoddy and full of holes.

And earlier they had Trump at 850. Now it is 809? Why are these soures better?

It just seems like the re-estimate the value of the team and then publish these values that are all lower than their new estimate.

And the two sources are not directly involved in the sale of the team?

[Skooby]

I thought about that too.

And that is one reason I question Forbes on some of the reporting. This is not to say other reports are accurate. But their stories have been shoddy and full of holes.

And didn't they earlier report that Trump bid 850?

It just seems like the re-estimate the value of the team and then publish these values that are all lower than their new estimate.

And the two sources are not directly involved in the sale of the team?

I haven't seen this many conflicting stories in a long time.

[SpikedLemonade]

.....The best thing NFL commissioner Roger Goodell could do right now is convince the Wilson trust to fire Morgan Stanley and start over. There is no economic reason why the Bills must be sold during the few months. Let the Wilson trust hire a banker that will not require potential bidders to sign an ultra-restrictive (http://bills.buffalonews.com/2014/08/04/bon-jovi-letter-trump-bluster-apparently-violates-bills-non-disclosure-agreement/) non disclosure agreements, so that people interested in buying the team could speak with each other and the NFL.

But the Wilson trust and NFL need to move quickly if they want to restore interest in the team. Rumors have surfaced (http://probballreport.com/rumor-tim-leiweke-about-to-leave-mlse-creates-stir/) that Tim Leweike is leaving Maple Leaf Sports & Entertainment. The CEO of MLS&E has denied (http://www.cbssports.com/nba/eye-on-basketball/24667920/tim-leiweke-denies-report-hell-leave-mlse-which-owns-raptors) he is departing the company any time soon.

But if Leweike is indeed thinking of moving on, then I take it as a sign that Tanenbaum, the chairman and minority owner of MLS&E who hired Leweike in part to help him buy an NFL team, is losing interest in the Bills. That would all but guarantee the team is sold for less than $900 million unless Rogers were to up the ante without Tanenbaum.


Well this part actually did happen...

LEIWEKE DEPARTING FROM MAPLE LEAF SPORTS AND ENTERTAINMENT

http://www.tsn.ca/nhl/story/?id=459929

[SpikedLemonade]

Seems like Pegula's alleged non-binding bid of $1.3B was merely fantasy.

He is no idiot.

[Albany,n.y.]

Mary is alive, so why wouldn't she get all of the money without tax liabilities ?

Because the majority of his estate is probably going to his 2 daughters.

[BB4ever]

Mary is alive, so why wouldn't she get all of the money without tax liabilities ?

First sentence man. She would be paying a 40% tax on 900 mil then paying taxes again when she sold it.
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Estate-Tax

[Blondie]

I'd like to see Bon Jovi buy the Bills ... he is hot which would make the bills hot! ♡♡♡♡

[better days]

Mary is alive, so why wouldn't she get all of the money without tax liabilities ?

Mary is not the only person getting the money from Ralph's estate.

[Mr. Miyagi]

Donald Trump: $809 million
I guess the Donald rounded up when he said he bid a billion.

[Bill Cody]

This is actually not true. As I understand it, the estate taxes need to be paid withing 9 months of Ralph's passing.

Actually Ralph can pass his entire estate to Mary free of tax, Mary would be subject to estate taxes when she dies. It's called the unlimited marital deduction.

[better days]

Actually Ralph can pass his entire estate to Mary free of tax, Mary would be subject to estate taxes when she dies. It's called the unlimited marital deduction.

Not really. Changes can't be made to the will after a person dies.

[Bill Cody]

Not really. Changes can't be made to the will after a person dies.

Talking about what Ralph probably did to avoid tax, not about changes now.

[better days]

Talking about what Ralph probably did to avoid tax, not about changes now.

Well, Ralph probably did not leave his entire estate to Mary or there would be no need to sell his extensive art collection which has been done to pay taxes.

[OpIv37]

I know the bids are non-binding and I know the reports of the bid amounts have varied widely, but it would be great if Pegula did get the team for $890 mm.

He netted $1.75 bn from that big selloff he did, leaving him with $860 mm.

That will build one hell of a stadium with no public funds....

[Fletch]

Seems like Pegula's alleged non-binding bid of $1.3B was merely fantasy.

He is no idiot.

He's also no target for gold-digging by the fans.

[Fletch]

I haven't seen this many conflicting stories in a long time.

One thing's for sure in that article:

The circus that has been masquerading as the sale of the Buffalo Bills ...

As to "firing Morgan Stanley and starting over with a less restrictive NDA," who says it was Morgan Stanley that created that? Couldn't it have been the trust, or Wilson himself? There's clearly something to protect and it's not a reach to consider that it has something to do with the team not relocating.

[SpikedLemonade]

Why are we surprised that a NFL franchise is worth a lot less in Buffalo?

[YardRat]

Anybody that contends the process has been a circus is a dumbass. From the very beginning, the timeline was basically set as having a new owner in place by the October meetings. and they are on target for that still. The only people creating a circus out of the process are the *******s in the media, especially the douchebags at Forbes.

[Skooby]

Anybody that contends the process has been a circus is a dumbass. From the very beginning, the timeline was basically set as having a new owner in place by the October meetings. and they are on target for that still. The only people creating a circus out of the process are the *******s in the media, especially the douchebags at Forbes.

The first & second stage stuff was fluff. If I walked in there with $1 Billion in my Morgan S account I could own the Bills, they're not turning anyone away. They gave Jim Kelly's phone number to JBJ to try and get JBJ's group to make a competitive bid, Jim basically told him to go fly a kite.

From a Billion $ transaction standpoint, this is a circus.

P.S. JBJ made money on looks & vocal talent, the people around him helped him make more. Don't mistake a good business team for a business giant, he's still a singer & didn't make his first / bigger money in the business field. Your post pining for him was right up there for worst idea ever for the Bills, there's something obviously wrong with you to even mention the idea. Dunk your head in cold water for that, for penance.

[BB4ever]

Actually Ralph can pass his entire estate to Mary free of tax, Mary would be subject to estate taxes when she dies. It's called the unlimited marital deduction.

Except that whole inheritance tax:
Inheritance Tax

Inheritance tax is imposed as a percentage of the value of a decedent's estate transferred to beneficiaries by will, heirs by intestacy and transferees by operation of law. The tax rate varies depending on the relationship of the heir to the decedent.

[cookie G]

Except that whole inheritance tax:
Inheritance Tax

Inheritance tax is imposed as a percentage of the value of a decedent's estate transferred to beneficiaries by will, heirs by intestacy and transferees by operation of law. The tax rate varies depending on the relationship of the heir to the decedent.

Bill Cody is referring to the Marital Deduction under the Federal Estate tax.

It is an unlimited deduction to all property passing outright to the surviving spouse.

- - - Updated - - -


Except that whole inheritance tax:
Inheritance Tax

Inheritance tax is imposed as a percentage of the value of a decedent's estate transferred to beneficiaries by will, heirs by intestacy and transferees by operation of law. The tax rate varies depending on the relationship of the heir to the decedent.

Bill Cody is referring to the Marital Deduction under the Federal Estate tax.

It is an unlimited deduction to all property passing outright to the surviving spouse.

[DetDannyWilliams]

apparently Forbes was wrong...Report: Bid For Bills Tops A BillionESPN Bills reporter Mike Rodak discusses the report that Terry Pegula's bid for the team was over $1 billion.

[Typ0]

First sentence man. She would be paying a 40% tax on 900 mil then paying taxes again when she sold it.
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Estate-Tax

I don't know how you read that. There is nothing about timelines and doing all that valuation can take a long time.

[Mace]

I lowballed my initial bid to feel out the competitors. Morgan Stanley said not good enough, I went up 5 more dollars, they sent me the book. It wasn't the best book because there were no cheerleader pics in it, lot of stupid numbers, and I didn't get to meet any when the Head of Sanitation gave me a tour of the dumpsters, though some people waved to me when I waved to them as a prospective owner near the dumpsters. I always bond with Freegans, I am a man of the people.

Anyway, I'm going as high as $243 in the final round , but my attorney advises me this whole process is a farce. I think that's what he said anyway, I don't speak that dialect of his native tongue, but I'm the customer and the customer is always right so it better be what he said or I'll get another lawyer for the next team I mean to buy if I can get my 50 dollars back from him. If I can't I see it as a relationship of faith and he'd better get me a book with cheerleader pics in it.

I suppose technically I did not bid over 900 million either, as if.

It's a staged spectacle for people that have more money than I do, I am inclined to believe.

[YardRat]

To me 'staged' implies the eventual outcome is predetermined, as well as all of the actions leading up to that outcome. To a certain point, yes, it is staged, because the mechanisms and process were put into place by RW to guarantee, as much as feasibly possibly, that the team remain in Buffalo after sold. Good. I'm happy that part is 'staged'. To a certain point it isn't, because there is no way to control who is willing to bid to purchase the team and keep them here, or their actions throughout the process, or how the media reports the progress and the info (true, false, made-up...whatever). The sale of an NFL team is always a 'spectacle', because it very much is news worthy. The entire NFL and everything they do is a 'spectacle', and pretty much a spectacle by intent.

[Dr. Lecter]

I guess the bids did go over a billion.

Hmmmmmm......

[Novacane]

Sorry you didn't win

[Mace]

I lowballed my initial bid to feel out the competitors. Morgan Stanley said not good enough, I went up 5 more dollars, they sent me the book. It wasn't the best book because there were no cheerleader pics in it, lot of stupid numbers, and I didn't get to meet any when the Head of Sanitation gave me a tour of the dumpsters, though some people waved to me when I waved to them as a prospective owner near the dumpsters. I always bond with Freegans, I am a man of the people.

Anyway, I'm going as high as $243 in the final round , but my attorney advises me this whole process is a farce. I think that's what he said anyway, I don't speak that dialect of his native tongue, but I'm the customer and the customer is always right so it better be what he said or I'll get another lawyer for the next team I mean to buy if I can get my 50 dollars back from him. If I can't I see it as a relationship of faith and he'd better get me a book with cheerleader pics in it.

I suppose technically I did not bid over 900 million either, as if.

It's a staged spectacle for people that have more money than I do, I am inclined to believe.

Followup....

I had an influx of new Freegan investors, took back my cans, and Larry Quinn finally paid me back the 5 dollars he borrowed in 1987, so my binding bid topped out at $302.25. I also attempted to concede and congratulate Terry Pegula, a personal friend, who pepper sprayed me and had me arrested for being his garage to congratulate him. Oh ho, Mr. Money Guy, I violated an order of protection, well, a bunch of them, simply to be gracious in defeat, and so you make me pay my attorney another $50 to get me out yet again. I see how you are now and it's a good thing we're personal friends or I myself would take it as a negative aspersion on myself.

They made me give the book back with this Nazi SWAT team of burly Morgan Stanley muscle or I'd tell more about it, but I couldn't be bothered to read much of it without cool pictures.

I found the process to be enlightening, and I intend to bid next on some other team when it is for sale. I was telling Jim Kelly my thoughts and he said "I told you to go away now, or I will call the police, friend." (Yes, I am friends with Jim Kelly too as you can see by the quote), and I felt we were on the same page.

I didn't take any pictures of the sales book, but attempted to draw it in Windows Paint and it came out like a rudimentary child's drawing so I feel it's inappropriate to publish it.

I'm optimistic I will one day be accepted as a minority owner, if well, very minority owner, because I am friends with Jim Kelly, certainly intend to meet Gundlach when I can find him (he moves around a lot, savvy), and represent a substantial amount of Freegan investors who I have come to hang out with a lot.

It was a merry chase, and I think it important to mention I, myself, would myself have kept the Bills around here someplace, myself.

Well played Terry !