Wang Getting Sued

  1. You have chosen to ignore posts from jmwalters. Show jmwalters's posts

    Wang Getting Sued


    As per TSN:


    New York Islanders owner Charles Wang has been served with a $10 million lawsuit on Monday by Andrew Barroway for failing to sell his team to Barroway's NY ICE corporation for $420 million, reports The New York Daily News.


    According to papers filed at Manhattan Supreme Court, Barroway had a "handshake agreement" with Wang for the sale of the team to NY ICE in March and the company had already began to look for financing and NHL approval.


    Barroway claims that "without notice, [Wang] abruptly refused to proceed to close the transaction and honor the terms of their 70-page purchase agreement, but instead improperly sought to renegotiate the already agreed upon price" and demanded an increased figure of $548 million by midway through the summer.


    The suit alleges that Wang experienced "seller's remorse" after seeing the sum of money that Donald Sterling was to receive for the sale of the Los Angeles Clippers. On August 1st, Wang informed NY ICE of his intentions to sell the team to another party.


    Barroway's papers claim that "NY ICE is entitled to the $10 million 'break up' fee to which the parties agreed," or to at least be reimbursed for all costs involved.


    The Islanders released no comment on the matter.


     

     
  2. You have chosen to ignore posts from WalkTheLine. Show WalkTheLine's posts

    Re: Wang Getting Sued

    I haven't followed this very closely but it sounds like something wacko wang might do.

    I don't see how anyone could use the sale price of the Clippers as some sort of benchmark for the value of the Islanders. The obvious flaw is that one is an NBA franchise the other is NHL. But the other problem is Balmer intentionally submitted a ridiculous bid, well over the estimated value of the team, to ensure that nobody else would get the team. This is not comparing apples and oranges....it's comparing apples and cinderblocks.

     

     
  3. You have chosen to ignore posts from NeelyOrrBourque. Show NeelyOrrBourque's posts

    Re: Wang Getting Sued

    I don't think Wang is all there!

     
  4. You have chosen to ignore posts from SanDogBrewin. Show SanDogBrewin's posts

    Re: Wang Getting Sued

    "But in his filing, Barroway has an obvious problem: Wang never signed a contract that required him to sell the team to Barroway. The sides shook hands, the papers say. Wang told Barroway that he was an honorable man. An email from an aide of Wang’s to Barroway’s lawyers said that “we are signed off” on the paperwork. But there is not a signed contract."

     

    Now maybe if they can do a DNA test from the spit off the hand shake ?

    Wang should keep the team at Barclay's for a few years, rake in some cash from all the suite revenue and then sell the Islanders at a much higher value. That is probably where he had his sellers remorse. 

     
  5. You have chosen to ignore posts from WalkTheLine. Show WalkTheLine's posts

    Re: Wang Getting Sued

    And people b**ch about Jacobs around here. Imagine if wango zee tango owned the B's? Fans would storm the Garden with torches and pitchforks. And I mean the old Boston Garden...there would be no new building and we'd be on 42 years of no SC and counting with no end to the drought in sight. Almost, but not quite, makes me feel sorry for Islander fans.

     

     
  6. You have chosen to ignore posts from jmwalters. Show jmwalters's posts

    Re: Wang Getting Sued

    In response to SanDogBrewin's comment:

     

    Now maybe if they can do a DNA test from the spit off the hand shake ?

     




    $420 million handshake...nice!!!

     

     

     
  7. You have chosen to ignore posts from BadHabitude. Show BadHabitude's posts

    Re: Wang Getting Sued

    A handshake?  For that kind of money I would think a double pinkie swear would be in order.

     

     
     
  8. You have chosen to ignore posts from jmwalters. Show jmwalters's posts

    Re: Wang Getting Sued

    or fist bump or something  :)

     

     
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