Ebenezer
01-10-2003, 07:48 AM
WGR is reporting that the NHL has granted Mark Hamister a 1 week extention to get the deal done with the state. The state has balked on part of the Hamister deal. They will approve the $10 mil dollars in loans. The sticking point is the $23 million loan that will go to pay Key and Fleet Banks. The state does not want to give that much and they want assurances that the money will not go to Adelphia. Hamister said the following this morning:
1. The money will not go to Adelphia.
2. They will negotiate and come to a money number that is satisfactory with the state.
3. The $23 million goes to pay of loans to Key and Fleet Banks. These loans were taken out by the Knoxes in order to get the Arena built. Failure to pay these loans off would trigger action against the loan holder plus it would result in those banks receiving the $4.5 million of concession revenue now received by the team.
4. The potential default of the loans would have happened even if the Knoxes were alive and still owned the team.
5. The $33 million that he pays Adelphia will take Adelphia out of the picture. They will write off the $154 million owed them and they will never get another penny.
1. The money will not go to Adelphia.
2. They will negotiate and come to a money number that is satisfactory with the state.
3. The $23 million goes to pay of loans to Key and Fleet Banks. These loans were taken out by the Knoxes in order to get the Arena built. Failure to pay these loans off would trigger action against the loan holder plus it would result in those banks receiving the $4.5 million of concession revenue now received by the team.
4. The potential default of the loans would have happened even if the Knoxes were alive and still owned the team.
5. The $33 million that he pays Adelphia will take Adelphia out of the picture. They will write off the $154 million owed them and they will never get another penny.