Sale fell through, Glen Taylor remains owner

[Sundog]

As far as I can tell, it seems like folks who have read the contract (I haven’t) believe that Lore/ARod complied with its terms and will ultimately win. Glen is pushing the envelope of the agreement to see if he can take advantage… maybe there’s a negotiated outcome.

But I’ll say, as a fan, I’ve come to hate Glen Taylor as an owner. The only thing he’s done of any worth is saving the team from moving. But the positive value from that has long since evaporated… Kahn, the Joe Smith debacle, Thibs as GM, the Kevin Garnett situation, Kurt fucking Rambis… I’m growing infuriated as I type this!

[Carlos Danger]

I skimmed previous posts - so pardon me if I'm duplicating something others wrote. Here's a link stating Glen didn't want to do the Rudy trade or hire Connlley:

https://athlonsports.com/nation/bringme ... m-connelly

[Lipoli390]

Yeah, I think sometimes we're made to think extremely wealthy folks are all sharks and schemers that pull every lever they have available to them to get a competitive edge without going to jail, so they are masters of navigating the legal system and constantly dealing with legal conflicts. And that is indeed the case with some of these folks (like Glen perhaps!). But Lore came off as genuinely shocked and disappointed, almost naïve (in a good way) in a sense.

Yes. Also, the fact that Lore has never sued or been sued in a long career of wheeling and dealing at a high level tells us that he and his legal team are very smart. The best lawyers are the ones who keep their clients out of trouble, not the ones who get them out of trouble. I’m pretty sure Lore and A-Rod are on very solid legal ground here.

https://x.com/dan4bowling/status/177379 ... 1SfRe3pBFA

Lip, thanks for your perspective. My first question if this: are you going to the Bulls game tomorrow, and will you lead the chorus of boos for Glen...if he shows?

I'm not happy with this result, and I agree that Lore was likely guided through this deal by top-notch lawyers. But what gnaws (NAW's?) at me is that Glen was too, so I suspect this will not be an easy case to decide. My honey (who you met in Vegas during summer league) was a deal lawyer for many years and is also not at all a Glen fan, but she informed me of some legal terms I had never heard of that could support Glen's position in this matter...basically some steps Lore's lawyers could have made that there is no evidence that they did. I think it's safe to assume that this is not going to be settled for a long time.

What surprises me though is this: Glen has always been concerned about his public image. As Lip has said, he has kind of a midwestern nice guy image that he has worked hard to maintain while becoming a billionaire. It seems to me that his position on this deal is going to damage his public image beyond repair. He will no longer be known as the brilliant businessman who kept the Wolves from moving to Seattle and provided thousands of jobs in the state. Instead he will be known as the slimy guy who pulled some legal strings to deny team control to 2 guys Wolves fans really wanted in charge. this may turn out very well financially for Glen, but at a painful personal cost. He may have survived his previous huge blunder...the Joe Smith debacle...but I don't think Minnesotans will ever forgive him for this...win or lose. I think there is a chance Glen reconsiders (maybe after the booing tomorrow) and issues a press release next week that he has reconsidered and is going through with the deal.

Hey FNG. I won’t be at tomorrow’s game. If I were, I still wouldn’t boo Glen. He’s not worth any strain on my vocal cords. . But I suspect he’ll be booed and I don’t know how he’ll react. He wants to be liked, but it’s become increasingly clear over the years that he’s really pretty underhanded and nasty. His awe shucks subterfuge has warn thin with the public whether he knows it or not. I think holding on to his possessions, including the Wolves, means more to him than being liked. It’s like the kid who won’t share his toys even though it makes all the other kids hate him.

I don’t know enough to disagree with your honey about things Lore’s lawyers could have done. I’ll just note that, whatever those things were, maybe they did them and we simply don’t know. Also, I read the 90-day extension provision on line and it seems clear to me that Lore/A-Rod triggered that extension unless Lore is lying about submitting the financial commitments by March 21, which was 7 days before the March 27 deadline to trigger the extension. I have a hard time believing that Lore lied about that. Note that Lore/A-Rod didn’t need to pay the balance on March 27; they simply needed to have the necessary financing and submit documents reflecting that fact. That triggers the extension and the deal then closes (with final payment exchanged) after League approval within that 90 day period.

It’s telling that Lore said his lawyers are “talking to the NBA.” That reflects Lore’s confidence in his position and I suspect the NBA won’t look fondly on Glen’s 11th-hour antics to stop a deal he committed to 2 years ago. This deal is too far down the road to kill. Lore/A-Rod have already paid a ton of money to acquire their current 40% share. Note that they bought that share with the express understanding that it was a step towards acquiring majority ownership. It was Glen who wanted to slow-roll the sale because, in truth, he had a hard time letting go.

This dispute will apparently go to mediation and maybe arbitration. I don’t think the dispute will last years because I don’t think it’s a particularly close case. But I’ll concede there’s a lot I don’t know. It’s just my gut feeling based on what I’ve read and heard.

[WildWolf2813]

Yes. Also, the fact that Lore has never sued or been sued in a long career of wheeling and dealing at a high level tells us that he and his legal team are very smart. The best lawyers are the ones who keep their clients out of trouble, not the ones who get them out of trouble. I’m pretty sure Lore and A-Rod are on very solid legal ground here.

https://x.com/dan4bowling/status/177379 ... 1SfRe3pBFA

Lip, thanks for your perspective. My first question if this: are you going to the Bulls game tomorrow, and will you lead the chorus of boos for Glen...if he shows?

I'm not happy with this result, and I agree that Lore was likely guided through this deal by top-notch lawyers. But what gnaws (NAW's?) at me is that Glen was too, so I suspect this will not be an easy case to decide. My honey (who you met in Vegas during summer league) was a deal lawyer for many years and is also not at all a Glen fan, but she informed me of some legal terms I had never heard of that could support Glen's position in this matter...basically some steps Lore's lawyers could have made that there is no evidence that they did. I think it's safe to assume that this is not going to be settled for a long time.

What surprises me though is this: Glen has always been concerned about his public image. As Lip has said, he has kind of a midwestern nice guy image that he has worked hard to maintain while becoming a billionaire. It seems to me that his position on this deal is going to damage his public image beyond repair. He will no longer be known as the brilliant businessman who kept the Wolves from moving to Seattle and provided thousands of jobs in the state. Instead he will be known as the slimy guy who pulled some legal strings to deny team control to 2 guys Wolves fans really wanted in charge. this may turn out very well financially for Glen, but at a painful personal cost. He may have survived his previous huge blunder...the Joe Smith debacle...but I don't think Minnesotans will ever forgive him for this...win or lose. I think there is a chance Glen reconsiders (maybe after the booing tomorrow) and issues a press release next week that he has reconsidered and is going through with the deal.

Hey FNG. I won’t be at tomorrow’s game. If I were, I still wouldn’t boo Glen. He’s not worth any strain on my vocal cords. . But I suspect he’ll be booed and I don’t know how he’ll react. He wants to be liked, but it’s become increasingly clear over the years that he’s really pretty underhanded and nasty. His awe shucks subterfuge has warn thin with the public whether he knows it or not. I think holding on to his possessions, including the Wolves, means more to him than being liked. It’s like the kid who won’t share his toys even though it makes all the other kids hate him.

I don’t know enough to disagree with your honey about things Lore’s lawyers could have done. I’ll just note that, whatever those things were, maybe they did them and we simply don’t know. Also, I read the 90-day extension provision on line and it seems clear to me that Lore/A-Rod triggered that extension unless Lore is lying about submitting the financial commitments by March 21, which was 7 days before the March 27 deadline to trigger the extension. I have a hard time believing that Lore lied about that. Note that Lore/A-Rod didn’t need to pay the balance on March 27; they simply needed to have the necessary financing and submit documents reflecting that fact. That triggers the extension and the deal then closes (with final payment exchanged) after League approval within that 90 day period.

It’s telling that Lore said his lawyers are “talking to the NBA.” That reflects Lore’s confidence in his position and I suspect the NBA won’t look fondly on Glen’s 11th-hour antics to stop a deal he committed to 2 years ago. This deal is too far down the road to kill. Lore/A-Rod have already paid a ton of money to acquire their current 40% share. Note that they bought that share with the express understanding that it was a step towards acquiring majority ownership. It was Glen who wanted to slow-roll the sale because, in truth, he had a hard time letting go.

This dispute will apparently go to mediation and maybe arbitration. I don’t think the dispute will last years because I don’t think it’s a particularly close case. But I’ll concede there’s a lot I don’t know. It’s just my gut feeling based on what I’ve read and heard.

He has a hard time letting go, but when father time says it's time, nothing he can do and he doesn't have a family willing to carry on with the team. Whatever happens with the franchise going forward is inevitable and short of someone magically saving the day who hasn't come along yet, one way or another this team will belong to someone whose intentions won't be known.

[davemang]

This will be really interesting going into the offseason if they’re still duking it out. Wolves looking at going 25-50m into the tax next year when in their history they’ve gone 25m into the tax total. In theory with minority owners, that tax burden is shared right? Who does TC have to take direction from? If they’re in a legal battle, who gets to make the decisions and who pays the tax?

[mjs34]

Yes. Also, the fact that Lore has never sued or been sued in a long career of wheeling and dealing at a high level tells us that he and his legal team are very smart. The best lawyers are the ones who keep their clients out of trouble, not the ones who get them out of trouble. I’m pretty sure Lore and A-Rod are on very solid legal ground here.

https://x.com/dan4bowling/status/177379 ... 1SfRe3pBFA

Lip, thanks for your perspective. My first question if this: are you going to the Bulls game tomorrow, and will you lead the chorus of boos for Glen...if he shows?

I'm not happy with this result, and I agree that Lore was likely guided through this deal by top-notch lawyers. But what gnaws (NAW's?) at me is that Glen was too, so I suspect this will not be an easy case to decide. My honey (who you met in Vegas during summer league) was a deal lawyer for many years and is also not at all a Glen fan, but she informed me of some legal terms I had never heard of that could support Glen's position in this matter...basically some steps Lore's lawyers could have made that there is no evidence that they did. I think it's safe to assume that this is not going to be settled for a long time.

What surprises me though is this: Glen has always been concerned about his public image. As Lip has said, he has kind of a midwestern nice guy image that he has worked hard to maintain while becoming a billionaire. It seems to me that his position on this deal is going to damage his public image beyond repair. He will no longer be known as the brilliant businessman who kept the Wolves from moving to Seattle and provided thousands of jobs in the state. Instead he will be known as the slimy guy who pulled some legal strings to deny team control to 2 guys Wolves fans really wanted in charge. this may turn out very well financially for Glen, but at a painful personal cost. He may have survived his previous huge blunder...the Joe Smith debacle...but I don't think Minnesotans will ever forgive him for this...win or lose. I think there is a chance Glen reconsiders (maybe after the booing tomorrow) and issues a press release next week that he has reconsidered and is going through with the deal.

Hey FNG. I won’t be at tomorrow’s game. If I were, I still wouldn’t boo Glen. He’s not worth any strain on my vocal cords. . But I suspect he’ll be booed and I don’t know how he’ll react. He wants to be liked, but it’s become increasingly clear over the years that he’s really pretty underhanded and nasty. His awe shucks subterfuge has warn thin with the public whether he knows it or not. I think holding on to his possessions, including the Wolves, means more to him than being liked. It’s like the kid who won’t share his toys even though it makes all the other kids hate him.

I don’t know enough to disagree with your honey about things Lore’s lawyers could have done. I’ll just note that, whatever those things were, maybe they did them and we simply don’t know. Also, I read the 90-day extension provision on line and it seems clear to me that Lore/A-Rod triggered that extension unless Lore is lying about submitting the financial commitments by March 21, which was 7 days before the March 27 deadline to trigger the extension. I have a hard time believing that Lore lied about that. Note that Lore/A-Rod didn’t need to pay the balance on March 27; they simply needed to have the necessary financing and submit documents reflecting that fact. That triggers the extension and the deal then closes (with final payment exchanged) after League approval within that 90 day period.

It’s telling that Lore said his lawyers are “talking to the NBA.” That reflects Lore’s confidence in his position and I suspect the NBA won’t look fondly on Glen’s 11th-hour antics to stop a deal he committed to 2 years ago. This deal is too far down the road to kill. Lore/A-Rod have already paid a ton of money to acquire their current 40% share. Note that they bought that share with the express understanding that it was a step towards acquiring majority ownership. It was Glen who wanted to slow-roll the sale because, in truth, he had a hard time letting go.

This dispute will apparently go to mediation and maybe arbitration. I don’t think the dispute will last years because I don’t think it’s a particularly close case. But I’ll concede there’s a lot I don’t know. It’s just my gut feeling based on what I’ve read and heard.

I read what was posted online referencing the closing dates, but I wasn't privy to the requirements of the closing itself. Lip, the extension is triggered by the NBA approval process, but for that to occur Lore/Arod would have to comply with the closing requirements. I believe that part of that would have been making the money/payment available to Taylor Corp using some type of holding or escrow account.

Something else that jumped out at me was Lore referencing a "handshake agreement" and that they really didn't need to go back to the contract. I was hearing alarms going off after that statement. When you are purchasing anything in excess of 600 million, you better believe they are dotting every i and crossing every t.

Several years ago Taylor (when defending McHale) stated "Kevin wasn't great with the details" and I thought at that level of business someone should be.

I'll leave the argument to others regarding the character of the involved parties as I have never met any of them, but I would not be so quick to make judgements based on a podcast. Some of the dirtiest businessmen and politicians come off as the most sincere.

[FNG]

It's interesting to me that each side of this spat has a known cheater involved...Taylor for the Joe Smith debacle, and ARod for using PEDs and lying about it (as well as trying to slap the ball out an opponent's hands during a World Series game). Who can you trust? I guess Marc Lore actually has a pretty clean reputation, so I think I'm going to put my money on him.

[Phenom]

Lip, thanks for your perspective. My first question if this: are you going to the Bulls game tomorrow, and will you lead the chorus of boos for Glen...if he shows?

I'm not happy with this result, and I agree that Lore was likely guided through this deal by top-notch lawyers. But what gnaws (NAW's?) at me is that Glen was too, so I suspect this will not be an easy case to decide. My honey (who you met in Vegas during summer league) was a deal lawyer for many years and is also not at all a Glen fan, but she informed me of some legal terms I had never heard of that could support Glen's position in this matter...basically some steps Lore's lawyers could have made that there is no evidence that they did. I think it's safe to assume that this is not going to be settled for a long time.

What surprises me though is this: Glen has always been concerned about his public image. As Lip has said, he has kind of a midwestern nice guy image that he has worked hard to maintain while becoming a billionaire. It seems to me that his position on this deal is going to damage his public image beyond repair. He will no longer be known as the brilliant businessman who kept the Wolves from moving to Seattle and provided thousands of jobs in the state. Instead he will be known as the slimy guy who pulled some legal strings to deny team control to 2 guys Wolves fans really wanted in charge. this may turn out very well financially for Glen, but at a painful personal cost. He may have survived his previous huge blunder...the Joe Smith debacle...but I don't think Minnesotans will ever forgive him for this...win or lose. I think there is a chance Glen reconsiders (maybe after the booing tomorrow) and issues a press release next week that he has reconsidered and is going through with the deal.

Hey FNG. I won’t be at tomorrow’s game. If I were, I still wouldn’t boo Glen. He’s not worth any strain on my vocal cords. . But I suspect he’ll be booed and I don’t know how he’ll react. He wants to be liked, but it’s become increasingly clear over the years that he’s really pretty underhanded and nasty. His awe shucks subterfuge has warn thin with the public whether he knows it or not. I think holding on to his possessions, including the Wolves, means more to him than being liked. It’s like the kid who won’t share his toys even though it makes all the other kids hate him.

I don’t know enough to disagree with your honey about things Lore’s lawyers could have done. I’ll just note that, whatever those things were, maybe they did them and we simply don’t know. Also, I read the 90-day extension provision on line and it seems clear to me that Lore/A-Rod triggered that extension unless Lore is lying about submitting the financial commitments by March 21, which was 7 days before the March 27 deadline to trigger the extension. I have a hard time believing that Lore lied about that. Note that Lore/A-Rod didn’t need to pay the balance on March 27; they simply needed to have the necessary financing and submit documents reflecting that fact. That triggers the extension and the deal then closes (with final payment exchanged) after League approval within that 90 day period.

It’s telling that Lore said his lawyers are “talking to the NBA.” That reflects Lore’s confidence in his position and I suspect the NBA won’t look fondly on Glen’s 11th-hour antics to stop a deal he committed to 2 years ago. This deal is too far down the road to kill. Lore/A-Rod have already paid a ton of money to acquire their current 40% share. Note that they bought that share with the express understanding that it was a step towards acquiring majority ownership. It was Glen who wanted to slow-roll the sale because, in truth, he had a hard time letting go.

This dispute will apparently go to mediation and maybe arbitration. I don’t think the dispute will last years because I don’t think it’s a particularly close case. But I’ll concede there’s a lot I don’t know. It’s just my gut feeling based on what I’ve read and heard.

He has a hard time letting go, but when father time says it's time, nothing he can do and he doesn't have a family willing to carry on with the team. Whatever happens with the franchise going forward is inevitable and short of someone magically saving the day who hasn't come along yet, one way or another this team will belong to someone whose intentions won't be known.

This is the most worrisome part. It would likely be best if Arod and Lore win arbitration since they seem to be committed to Minnesota.

[Carlos Danger]

https://celticswire.usatoday.com/2024/0 ... fools-day/

(check the calendar!)

[FNG]

This will be really interesting going into the offseason if they’re still duking it out. Wolves looking at going 25-50m into the tax next year when in their history they’ve gone 25m into the tax total. In theory with minority owners, that tax burden is shared right? Who does TC have to take direction from? If they’re in a legal battle, who gets to make the decisions and who pays the tax?

Very relevant questions, Dave. I think that as long as Glen remains as majority owner, he calls the shots. TC has to listen to him, because the majority owner has the power to fire him. And you are correct...all of the minority owners and limited partners share in the lux tax. I know that certain limited partners have opted to be bought out by Glen in the past rather than participating in the tax.

I note that Glen and Becky were at the game yesterday. Does anyone know if they were booed at times during the game? I'm disappointed if a group of fans didn't at least start a chant...something like "complete the sale!". Minnesota Nice, I guess.

On the Dane Moore podcast, Lore/ARod said Glen has banned them from coming to games! We should note the Wolves are now 0-1 in games in which Glen has banned them from attending.