Winning Bidder Could Be Announced Within A Week

[The Dude]

Didn't say much about the Cubs before moving on to bonds. Just that he thinks they are getting close. Wouldn't speculate on timing.

[rok]

<!--quoteo(post=42256:date=Jun 5 2009, 10:40 AM:name=The Dude)-->QUOTE (The Dude @ Jun 5 2009, 10:40 AM) <{POST_SNAPBACK}><!--quotec-->Didn't say much about the Cubs before moving on to bonds. Just that he thinks they are getting close. Wouldn't speculate on timing.<!--QuoteEnd--><!--QuoteEEnd-->
How did he look?

[The Dude]

<!--quoteo(post=42258:date=Jun 5 2009, 10:48 AM:name=rok)-->QUOTE (rok @ Jun 5 2009, 10:48 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=42256:date=Jun 5 2009, 10:40 AM:name=The Dude)--><div class='quotetop'>QUOTE (The Dude @ Jun 5 2009, 10:40 AM) <{POST_SNAPBACK}><!--quotec-->Didn't say much about the Cubs before moving on to bonds. Just that he thinks they are getting close. Wouldn't speculate on timing.<!--QuoteEnd--><!--QuoteEEnd-->
How did he look?
<!--QuoteEnd--></div><!--QuoteEEnd-->

Like this, with a little more grey.

[rok]

<!--quoteo(post=42260:date=Jun 5 2009, 10:54 AM:name=The Dude)-->QUOTE (The Dude @ Jun 5 2009, 10:54 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=42258:date=Jun 5 2009, 10:48 AM:name=rok)--><div class='quotetop'>QUOTE (rok @ Jun 5 2009, 10:48 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=42256:date=Jun 5 2009, 10:40 AM:name=The Dude)--><div class='quotetop'>QUOTE (The Dude @ Jun 5 2009, 10:40 AM) <{POST_SNAPBACK}><!--quotec-->Didn't say much about the Cubs before moving on to bonds. Just that he thinks they are getting close. Wouldn't speculate on timing.<!--QuoteEnd--><!--QuoteEEnd-->
How did he look?
<!--QuoteEnd--></div><!--QuoteEEnd-->

Like this, with a little more grey.


<!--QuoteEnd--></div><!--QuoteEEnd-->
[img]style_emoticons/<#EMO_DIR#>/laugh.gif[/img]

What I really meant was, how did he carry himself?

[The Dude]

Oh- He was pretty guarded when asked about the Cubs, like he didn't really want to talk about it, then loosened up when they moved on to the markets. He's kind of a quiet, dorky guy- maybe we should invite him here!

[Butcher]

Bring him.

[rok]

From everything that I've heard about him, he's a huge fantasy baseball geek, and he was also Mr Good Times fratboy in his college days at UC, so he would definitely fit in here.

[rok]

Please please please please please happen. The Trib really needs to bounce that bitch from the negotiating table. If Trollman is out of the way, I could see the Cubs sale happening in a matter of days from that point.
http://www.chicagotribune.com/business/chi...0,5886810.story
<!--quoteo-->QUOTE <!--quotec-->Chicago-based Tribune Co. and its creditors are in the early stages of negotiating a plan of reorganization in U.S. Bankruptcy Court that sources said likely would transfer control of the troubled media conglomerate from Chicago billionaire Sam Zell to a group of large banks and investors that hold $8.6 billion in senior debt.

The plan is still in its infancy, these sources said, and much could change as negotiations continue.<!--QuoteEnd--><!--QuoteEEnd-->

[vegascub]

I'm so fucking tired of this shit.

http://www.chicagotribune.com/business/chi...-,0,94280.story

[funkster]

The whole thing has become beyond tiresome.

[rok]

Seems to me that Zell is just trying to up the ante and put pressure on the Ricketts to cave in and accept his terms. I don't think this stunt will work, because either A) Utay will fail to get enough cash and financing to close the deal, or B ) the banks/debt owners will force Zell out of the Trib altogether before any deal closes. B is looking more and more likely, and A is one of the reasons why Utay lost the bid in the first place, because he didn't have enough up-front cash that Zell wanted.

[Destined]

I don't understand how Zell thinks that by getting the most out of Ricketts, he wins. He could have sold the whole shebang a long time ago for a helluva lot more money. He's the dumbass for not trying to speed up the process when things were valued at $1 billion.

I'm not an expert at this thing by any means, I just think Zell is looking worse and worse and like a man in denial.

[1060Ivy]

<!--quoteo(post=45139:date=Jun 19 2009, 12:40 AM:name=rok)-->QUOTE (rok @ Jun 19 2009, 12:40 AM) <{POST_SNAPBACK}><!--quotec-->Seems to me that Zell is just trying to up the ante and put pressure on the Ricketts to cave in and accept his terms. I don't think this stunt will work, because either A) Utay will fail to get enough cash and financing to close the deal, or B ) the banks/debt owners will force Zell out of the Trib altogether before any deal closes. B is looking more and more likely, and A is one of the reasons why Utay lost the bid in the first place, because he didn't have enough up-front cash that Zell wanted.<!--QuoteEnd--><!--QuoteEEnd-->

My understanding of the issue is that Ricketts agreed to a $900 MM price tag and now only wants to pay $840 - $860 MM.

Not surprisingly, they say the issue goes back to the value of the Cubs TV rights which have historically been grossly undervalued due to the WGN and Comcost deals. If the TV rights are valued more like a normal team or what the Yankees get with the YES network the value is much greater.

The credit markets are also an issue but it looks like Ricketts not Zell is the party more at fault.

Gotta love the situation, the Padres were able to sell off a majority portion of the team within a month.

As the Cubs are considering reopening the bidding process, it looks like this deal may not be done for over 3 years. Anyone else notice that the Tribune is still going to hold onto a portion of the team (believe it is something like 10%)

[rok]

How is Ricketts more at fault than Zell because of the credit markets? And if you are buying something, and feel you were misled by a portion of the sale (which is a very long term contract like the broadcast rights) wouldn't you try to get the most fair deal possible? The problem is the Trib being so secretive and lumping most of their Cubs revenue into the broadcast division. They did this to play a virtual shell game for tax purposes. Zell and the Trib are the ones who need to clarify their structure and financial statements, not Ricketts. They have everything in place to close the deal. Zell has been a dick throughout this entire process. And don't even get me started on him dealing under the table with Blago on selling Wrigley.

[1060Ivy]

<!--quoteo(post=45147:date=Jun 19 2009, 07:32 AM:name=rok)-->QUOTE (rok @ Jun 19 2009, 07:32 AM) <{POST_SNAPBACK}><!--quotec-->How is Ricketts more at fault than Zell because of the credit markets? And if you are buying something, and feel you were misled by a portion of the sale (which is a very long term contract like the broadcast rights) wouldn't you try to get the most fair deal possible? The problem is the Trib being so secretive and lumping most of their Cubs revenue into the broadcast division. They did this to play a virtual shell game for tax purposes. Zell and the Trib are the ones who need to clarify their structure and financial statements, not Ricketts. They have everything in place to close the deal. Zell has been a dick throughout this entire process. And don't even get me started on him dealing under the table with Blago on selling Wrigley.<!--QuoteEnd--><!--QuoteEEnd-->

When one party agrees to purchase something for $XX then decides that it doesn't want to purchase it for that amount. At the same time, that party decides they are still willing to purchase it for less due to how they finally decided to value a portion of the deal and due to changes in the finance market, I consider the first party at fault.

As you mentioned, the Tribune most likely set up the structure for tax purposes but in addition the Trib may have wanted to hide money from baseball revenue sharing arrangements. Now these same structures set up in the late 80's and 90's make it a more complex deal to value - which all parties were aware of before starting discussions. All these structures were in place for years before Zell was involved with the Tribune so I don't see how he is at fault.

What I believe is happening is that the Ricketts did not anticipate the changes in the credit markets nor the recessions ability to hit into the valuation as much as it has so now they want to cut a better deal.

Zell wants to get the most for his asset and doesn't want to take 6% less than original deal so he is reopening the bidding phase.

We will see if either party blinks. Hopefully soon so the deal can be completed and payroll can be added for the 2009 season.