Morgan Stanley said $1.4B; Pegulas said OK

[Mace]

It's nice to love and be loved.

http://www.cbssports.com/nfl/writer/jason-la-canfora/24708364/bills-sale-wilson-family-felt-most-comfortable-with-terry-pegula-group

[WagonCircler]

Re: Morgan Stanley said $1.4B; Pegulas said OK

I love how so many called the process a circus and mercilessly mocked Morgan Stanley.

Apparently it was anything but a circus. If anything, it was a going through of the motions.

[Mace]

Re: Morgan Stanley said $1.4B; Pegulas said OK

I love how so many called the process a circus and mercilessly mocked Morgan Stanley.

Apparently it was anything but a circus. If anything, it was a going through of the motions.

Amazing part to me, to date in this fun season, is that there was indeed someone here willing to wave the wallet, and not just willing, but eager to jump right in...not struggling to go through the motions, but making other people do it.

The best part of Buffalo, is the people who intend to be here and be a part of it along with those of us who intend to be here and be a part of it.

Maybe we all get someplace one day at once and won't it be glorious for a while ?

[WagonCircler]

Re: Morgan Stanley said $1.4B; Pegulas said OK

Amazing part to me, to date in this fun season, is that there was indeed someone here willing to wave the wallet, and not just willing, but eager to jump right in...not struggling to go through the motions, but making other people do it.

The best part of Buffalo, is the people who intend to be here and be a part of it along with those of us who intend to be here and be a part of it.

Maybe we all get someplace one day at once and won't it be glorious for a while ?

A few feet to the left in Tampa, one January, and we were there. So close you could taste the champagne.

I don't know if we'll live to see it, but at least Terry kept us in the game.

[Dr. Lecter]

Re: Morgan Stanley said $1.4B; Pegulas said OK

I love how so many called the process a circus and mercilessly mocked Morgan Stanley.

Apparently it was anything but a circus. If anything, it was a going through of the motions.

I've been saying that for awhile now and I think I have gotten a few people to my side. It is almost like they knew who they were going to sell to from the start.

I would still like to hear who the other bidders were

[better days]

Re: Morgan Stanley said $1.4B; Pegulas said OK

I've been saying that for awhile now and I think I have gotten a few people to my side. It is almost like they knew who they were going to sell to from the start.

I would still like to hear who the other bidders were

The sale to the Pagula's should surprise nobody.

I have said all along that the Pegula's had the money to spend & would be willing to spend what it took to buy the Bills.

Also that the trust could sell to whoever it wanted to, and that it wanted to sell to someone that would keep the Bills in Buffalo.

[Mace]

Re: Morgan Stanley said $1.4B; Pegulas said OK

I've been saying that for awhile now and I think I have gotten a few people to my side. It is almost like they knew who they were going to sell to from the start.

I would still like to hear who the other bidders were

Having mentioned in a different thread that I myself, myself me, I.......Me Freegan backed group, had gone in there with more than $302 dollars in myselfs bid...legal obligations considered, one of them was certainly NOT an amazingly fit, razor sharp Elvis Presley looking easily a decade younger, nor was another Jerry Jones in a cheap wig and fake mustache thinking to drive up the selling price, nor was another the late Ralph Wilson making a play from the afterlife to aggravate Spiked.

Had Wilson actually been there, which of course he wasn't and I never said he was, he was transformed back to his early 30's if somewhat transparent and ethereal with this annoying organ music playing from nowhere around him and you'd have been as amazed by his vigor and legendary puckish wit as by his determination to come back from the grave to tick Spiked off.

[jimmifli]

Re: Morgan Stanley said $1.4B; Pegulas said OK

I've been saying that for awhile now and I think I have gotten a few people to my side. It is almost like they knew who they were going to sell to from the start.

I would still like to hear who the other bidders were

Yes and no.

I think the NFL was surprised by the process. Specifically the speed required. It didn't allow them any time for some last minute legal manoeuvres. I think they were surprised by the lease, specifically the clause that didn't allow teams to even look at other sites during the entire duration of the lease. That detail was put into the lease, but nobody seemed aware of it until Bon Jovi was asked to clarify.

I think the NFL wanted to move them to Toronto. I think the Toronto group plus Bon Jovi plus the huge new TV market plus the relocation fee made it highly desirable to the rest of the owners and the NFL.

But that clause, and the speed boxed them out. So it may seem like they going through the motions, but the end wasn't inevitable.

I think tRalph's secrecy was intentional to thwart the corporate forces of the NFL.

[YardRat]

Re: Morgan Stanley said $1.4B; Pegulas said OK

I would be surprised if nobody in the NFL that voted on approving the lease knew that little about it. These people have lawyers for their lawyers, there is no way some of these issues that were such a large factor in keeping the team in Buffalo went unnoticed, especially if there were those whose motives were to move the team to Toronto.

I do agree, however, that the process was smooth and timely, and the end result wasn't pre-determined or inevitable.

[jimmifli]

Re: Morgan Stanley said $1.4B; Pegulas said OK

I would be surprised if nobody in the NFL that voted on approving the lease knew that little about it. These people have lawyers for their lawyers, there is no way some of these issues that were such a large factor in keeping the team in Buffalo went unnoticed, especially if there were those whose motives were to move the team to Toronto.

The lease out coupled with this clause is bizarre. The lease lets the new owner out early for a pretty cheap payoff. On the surface that sounds like it's structured to allow the owner to move. It maximizes the value of the team since it can be sold to almost anyone.

But the clause stating the owner couldn't even explore other sites at any point during the lease essentially makes the out useless. Its a small clause in a massive document signed between two levels of government and Ralph, under a tight deadline. How much time did the NFL have to approve in principle? It wouldn't surprise me at all if it was missed on first reading.

It would explain the "ultra restrictive NDA" news that came out after packages. NDA's aren't a big deal, there's nothing about an NDA that would stop a bidder from doing business. Unless part of that agreement included not talking to, or recently talk to other stadium sites and developers. That would be "Ultra restrictive" to some one wanting to move the team.

I'm still not sold on it, but I still wonder why he kept his plans quiet, especially since it sure seems like the plan was to sell to Terry. The idea that the NFL was adversarial in keeping the team in Buffalo makes some sense, at least on the surface.

[Mace]

Re: Morgan Stanley said $1.4B; Pegulas said OK

The lease out coupled with this clause is bizarre. The lease lets the new owner out early for a pretty cheap payoff. On the surface that sounds like it's structured to allow the owner to move. It maximizes the value of the team since it can be sold to almost anyone.

But the clause stating the owner couldn't even explore other sites at any point during the lease essentially makes the out useless. Its a small clause in a massive document signed between two levels of government and Ralph, under a tight deadline. How much time did the NFL have to approve in principle? It wouldn't surprise me at all if it was missed on first reading.

It would explain the "ultra restrictive NDA" news that came out after packages. NDA's aren't a big deal, there's nothing about an NDA that would stop a bidder from doing business. Unless part of that agreement included not talking to, or recently talk to other stadium sites and developers. That would be "Ultra restrictive" to some one wanting to move the team.

I'm still not sold on it, but I still wonder why he kept his plans quiet, especially since it sure seems like the plan was to sell to Terry. The idea that the NFL was adversarial in keeping the team in Buffalo makes some sense, at least on the surface.

He kept his plans quiet because he didn't need to tell anyone what his plans were. You either trusted him or you didn't, and he'd never moved them, so...either you trusted him or you didn't. The clues were in that last lease, and how long they waited before signing it, relocation fee was minimal for years without one before they signed the restrictive one.

I've seen it suggested, Wilson figured either someone would love them enough or not, and he made sure if anyone did they could have about the best chance they could. Even if they didn't, they'd have to wait or it would cost them.

Wilson....everyone seems to think he needed explain himself when he already had by not jetting off to LA.....he DID explain himself. This was a controlled sale from the nature of his estate....they were not compelled to select highest bidder, they were empowered to choose one.

It was not the plan to sell to Terry, it was the plan that if a Terry stood up, done.

[YardRat]

Re: Morgan Stanley said $1.4B; Pegulas said OK

The lease out coupled with this clause is bizarre. The lease lets the new owner out early for a pretty cheap payoff. On the surface that sounds like it's structured to allow the owner to move. It maximizes the value of the team since it can be sold to almost anyone.

But the clause stating the owner couldn't even explore other sites at any point during the lease essentially makes the out useless. Its a small clause in a massive document signed between two levels of government and Ralph, under a tight deadline. How much time did the NFL have to approve in principle? It wouldn't surprise me at all if it was missed on first reading.

It would explain the "ultra restrictive NDA" news that came out after packages. NDA's aren't a big deal, there's nothing about an NDA that would stop a bidder from doing business. Unless part of that agreement included not talking to, or recently talk to other stadium sites and developers. That would be "Ultra restrictive" to some one wanting to move the team.

I'm still not sold on it, but I still wonder why he kept his plans quiet, especially since it sure seems like the plan was to sell to Terry. The idea that the NFL was adversarial in keeping the team in Buffalo makes some sense, at least on the surface.

Was the no exploration clause part of the lease or the trust?

After considering this a little bit more overnight and remembering how they passed the terrible CBA that Ralph was upset about, it does make it a little less surprising that they could pass something without knowing all of the details.

[jimmifli]

Re: Morgan Stanley said $1.4B; Pegulas said OK

Was the no exploration clause part of the lease or the trust?

After considering this a little bit more overnight and remembering how they passed the terrible CBA that Ralph was upset about, it does make it a little less surprising that they could pass something without knowing all of the details.

It was reported as both. But the fact that NY state said they would aggressively enforce the clause points to it being contained in the lease. There was a lot of sloppy reporting, which is to be expected when sports writers try to cover legal proceedings, or business writers attempt to "dumb down" their coverage for a sports audience.

Like I said, I'm not totally sold on the idea. But I definitely think that clause caught everyone by surprise.