Ronin Posted August 5, 2014 Share Posted August 5, 2014 http://www.wgrz.com/story/sports/nfl/future-of-the-bills/2014/08/04/bills-sale-nda-bon-jovi-trump/13606473/ "I think they've backfired on Morgan Stanley, the firm representing the Wilson estate. I think the NDA is a big reason why there are only three bids that we know of to this point," Benigni said. "I think it's a major factor for Tom Golisano, for example, for holding back his bid. And as a result, they've extended the deadline to accept new bids from that original July 29th date. The estate wanted a bidding war, and so far they've failed to create one." I'm wondering why they wanted a bidding war, it makes it sound as if it's going to the highest bidder. This thing really is turning into a circus though. Another article, the best written that I've seen on the trust, talked about how the stringency of the NDA would repel bidders. The guys orchestrating this are experts with trusts and these kinds of things. Why they would desire a bidding war and yet create an NDA that deters would be bidders from getting involved makes it seem like the whole thing is being run by amateurs. Link to comment Share on other sites More sharing options...
Kirby Jackson Posted August 5, 2014 Share Posted August 5, 2014 (edited) http://www.wgrz.com/story/sports/nfl/future-of-the-bills/2014/08/04/bills-sale-nda-bon-jovi-trump/13606473/ "I think they've backfired on Morgan Stanley, the firm representing the Wilson estate. I think the NDA is a big reason why there are only three bids that we know of to this point," Benigni said. "I think it's a major factor for Tom Golisano, for example, for holding back his bid. And as a result, they've extended the deadline to accept new bids from that original July 29th date. The estate wanted a bidding war, and so far they've failed to create one." I'm wondering why they wanted a bidding war, it makes it sound as if it's going to the highest bidder. This thing really is turning into a circus though. Another article, the best written that I've seen on the trust, talked about how the stringency of the NDA would repel bidders. The guys orchestrating this are experts with trusts and these kinds of things. Why they would desire a bidding war and yet create an NDA that deters would be bidders from getting involved makes it seem like the whole thing is being run by amateurs. They want to drive the bids as high as they can but that doesn't necessarily mean that it will go to the highest bidder. In addition, there are more parties out there but there isn't a ton of advantages to submitting a preliminary bid. There were people that were going to try to gauge the preliminary bids and see where the process has gone. I would be surprised if we don't see more groups emerge. We have 2 loud mouth groups in Trump & JBJ so they want everyone to know that they are involved. In addition, Pegula has long been (and still is) considered the favorite. When he makes a move people will cover it. That doesn't mean that it is only those 3. Edited August 5, 2014 by Kirby Jackson Link to comment Share on other sites More sharing options...
Mr. WEO Posted August 5, 2014 Share Posted August 5, 2014 (edited) They want to drive the bids as high as they can but that doesn't necessarily mean that it will go to the highest bidder. In addition, there are more parties out there but there isn't a ton of advantages to submitting a preliminary bid. There were people that were going to try to gauge the preliminary bids and see where the process has gone. I would be surprised if we don't see more groups emerge. We have 2 loud mouth groups in Trump & JBJ so they want everyone to know that they are involved. In addition, Pegula has long been (and still is) considered the favorite. When he makes a move people will cover it. That doesn't mean that it is only those 3. How? Edited August 5, 2014 by Mr. WEO Link to comment Share on other sites More sharing options...
Dan Posted August 5, 2014 Share Posted August 5, 2014 Maybe the trust did that to make it easier to disqualify bids that they don't want? Makes perfect sense if their primary interest is to approve sale to someone they like (that will keep the team in Buffalo) and not sell to the highest bidder. Link to comment Share on other sites More sharing options...
GG Posted August 5, 2014 Share Posted August 5, 2014 I think that sports reporters should generally avoid talking about business issues. Benigni has no point. If the estate wanted a bidding war, it wouldn't have put onerous bidding conditions in the auction. Link to comment Share on other sites More sharing options...
C.Biscuit97 Posted August 5, 2014 Share Posted August 5, 2014 How is it becoming a circus when no one from the trust or Pegula has even commented? Shockingly, it's the media creating the circus. I know, that never happens. Link to comment Share on other sites More sharing options...
A Dog Named Kelso Posted August 5, 2014 Share Posted August 5, 2014 They want to drive the bids as high as they can but that doesn't necessarily mean that it will go to the highest bidder. In addition, there are more parties out there but there isn't a ton of advantages to submitting a preliminary bid. There were people that were going to try to gauge the preliminary bids and see where the process has gone. I would be surprised if we don't see more groups emerge. We have 2 loud mouth groups in Trump & JBJ so they want everyone to know that they are involved. In addition, Pegula has long been (and still is) considered the favorite. When he makes a move people will cover it. That doesn't mean that it is only those 3. I understand this but there must be a person that was somewhat amazed that, allegedly, a 1.3 billion offer came in. I know the clippers went for 2 billion but it is silly to compare that sale to what is going on with the Bills. It seems like they may annoy some of the bidders and, though unlikely, those bidders could withdraw. I doubt the NDA stopped anyone from bidding. Link to comment Share on other sites More sharing options...
Kirby Jackson Posted August 5, 2014 Share Posted August 5, 2014 How? We have heard that 3 bids were received. We have also heard different numbers (Trump $1B cash, Pegula up to $1.3b, etc...). There are people now that have a sense for the competition and where the price may go. There really isn't much of an advantage to the non binding bids except you can see more info. I understand this but there must be a person that was somewhat amazed that, allegedly, a 1.3 billion offer came in. I know the clippers went for 2 billion but it is silly to compare that sale to what is going on with the Bills. It seems like they may annoy some of the bidders and, though unlikely, those bidders could withdraw. I doubt the NDA stopped anyone from bidding. Was his bid $1.3B? It won't annoy bidders; these are big time business people. They are at the trust's mercy if they want the Bills. The trust will ultimately select the best person for the team but they certainly won't eliminate people or take extra $ off the table. It's a negotiation. Link to comment Share on other sites More sharing options...
BuffaloBill Posted August 5, 2014 Share Posted August 5, 2014 Hate to say it but this is just speculative BS that may be out there just to create a story when there is not one. Trump and JBJ are highly public figures and if there was any thought they would "shut up" for long in this process the trust was simply short sighted. The longer this looks like a circus the better I feel about Pegula's chances of winning. He has the money and seems to have the behavior to get the deal done. No doubt I am biased as I want him to win. Link to comment Share on other sites More sharing options...
Fan in San Diego Posted August 5, 2014 Share Posted August 5, 2014 Of course they want a bidding war. They want to get the highest price possible. Business 101. Just like selling your house, wouldn't you want a bidding war? Link to comment Share on other sites More sharing options...
Captain Hindsight Posted August 5, 2014 Share Posted August 5, 2014 Of course they want a bidding war. They want to get the highest price possible. Business 101. Just like selling your house, wouldn't you want a bidding war? Exactly. This is normal and frankly I can't control it, so I'm not worried about it Link to comment Share on other sites More sharing options...
ALF Posted August 5, 2014 Share Posted August 5, 2014 The Bills franchise cost $25,000 , made many millions since 1960, and they did not accept a $1.3 Billion bid Link to comment Share on other sites More sharing options...
May Day 10 Posted August 5, 2014 Share Posted August 5, 2014 How? I dont get how not submitting a non-binding bid and not getting a shot at meeting with the seller and going over the financials this week is appealing in any way or provides an advantage. Link to comment Share on other sites More sharing options...
Rubes Posted August 5, 2014 Share Posted August 5, 2014 The Bills franchise cost $25,000 , made many millions since 1960, and they did not accept a $1.3 Billion bid This comment has so much fail to it I can't even quantify it. Link to comment Share on other sites More sharing options...
C.Biscuit97 Posted August 5, 2014 Share Posted August 5, 2014 The Bills franchise cost $25,000 , made many millions since 1960, and they did not accept a $1.3 Billion bid Agreed. They should sell the team for $25,000. It's only right. Link to comment Share on other sites More sharing options...
Kirby Jackson Posted August 5, 2014 Share Posted August 5, 2014 Do you want the deeper pockets in Toronto to outbid Pegula ? Are you serious? Of course not!! They want the highest price from the best buyer (ie someone keeping them in WNY). Link to comment Share on other sites More sharing options...
odon59 Posted August 5, 2014 Share Posted August 5, 2014 Are you serious? Of course not!! They want the highest price from the best buyer (ie someone keeping them in WNY). What the trust "wants" is a very complicated issue that has gotten mischaracterized both here and in the media. The trust and the trustees have a fiduciary duty to the trust beneficiaries (the people who will receive the proceeds from the sale of the team) that is governed by the trust agreement (a legal document similar to a will) and applicable state law. To my knowledge there has not been a public disclosure as to what the trust agreement says - it could say the team must go to the "highest bidder," or say something much more ambiguous like "reasonable offer." It could also say something about the team's location or not. The point is we just don't know. Another wrinkle to this is if the trustees and beneficiaries are the same people, in which case they simply owe a fiduciary duty to themselves in which case they can probably do whatever they want. Link to comment Share on other sites More sharing options...
ALF Posted August 5, 2014 Share Posted August 5, 2014 This comment has so much fail to it I can't even quantify it. Try Link to comment Share on other sites More sharing options...
GG Posted August 5, 2014 Share Posted August 5, 2014 Try What do the cost basis and income earned to date have to do with current market value? Link to comment Share on other sites More sharing options...
ALF Posted August 5, 2014 Share Posted August 5, 2014 What do the cost basis and income earned to date have to do with current market value? Nothing at all, Pegula made a great bid, take it Link to comment Share on other sites More sharing options...
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