Already quoted but the money shot in that Bloomberg article was that, in Bloomberg's records, this was the biggest spread from LIBOR for a offering from a company not already in bankruptcy. @Jake Tower calling it DIP financing was hitting the nail on the head. This is the sort of thing you throw together around the time you file the bankruptcy petition and start the clock. LOL at the first priority lien secured assets for the debt being some 'online gaming interests' Is he Bovada or something? He's got to sell something, and fast, just to get the scratch to cover the juice on that debt. What do you think people will buy right now, besides the Rockets? I actually think the poster who mentioned the NBA potentially stepping in and buying the team, has some merit. The NBA will do anything to prevent a comp sale existing that suggests teams are only worth 1 billion, not 2 or more. He's done.
We'll see, I still think he may get the loan from the $500B slushfund that Trump now can manage in secret. That I would presume would have a much lower interest rate.
I'll see you in the unemployment line bro, you'll be the guy standing way too close to everyone else I gather.
Selling the team is good For nba, good for Houston and good for fans. Why not? He can’t afford paying Gordon and Tucker unless he borrows money.
I said he never called the China travel ban xenophobic. Biden has said many times Trump is a xenophobe, because he is. (Charlottesville / Birther etc) Biden is just making the point, we need someone we can trust, not someone with Trump's history.
For cryin' out loud, it's not about player payroll. Mostly. Though payroll doesn't help. If it were about payroll, then it would be about him not affording Harden or Westbrook's deals, not guys lower on the food chain. His financial problems or solvency are totally unrelated to how well the team does competitively. They have nothing to do with how efficiently the team wins basketball games. They do have to do with whether he can service his financial obligations. That's a question of how much money does he have coming in, and whether he can delay/defray those financial obligations. When you're pawning your companies and needing 15 percent juice to find a buyer, that tells me he doesn't have enough coming in. The 1/4 year salary he owed both Tucker and Gordon, about 7 million USD, rounding up, isn't even budget lint in this analysis.
I am talking about next season. Tilman would let Tucker walk and make a salary dump trade for Gordon.
Houston Chronicle podcast on tight ass Tilman.... https://www.houstonchronicle.com/bu...en-What-s-eating-Tilman-Fertitta-15171850.php
If Fertitta makes next season as Rockets owner, it'll be amazing. I don't think you understand just how unprecedented floating bonds with this kind of outrageous interest really is. At a time when interest rates are at historic lows. Businesses just don't do this unless they REALLY need the money, and/or feel they'll be able to pay those potentially huge obligations off rapidly. Worrying about who he'll cut next year is like a car accident victim with spurting arteries thinking, 'You know, I could really use a tummy tuck next year. I'm not getting any younger...' But sure, should he remain Rockets owner, there'll probably be some cost cutting. Gordon is as good as gone, and no way Tucker gets extended.
Tilman might be able to hold off from selling for a little awhile, until he can find someone to buy his Jets, Yachts, Mansions, etc. "National Basketball Association owners could get some financial relief in the form of of returned pay in any compensation deal with players, according to multiple people with knowledge of the situation." https://www.cnbc.com/2020/04/07/nba-players-could-refund-millions-to-owners-sources-say.html
Jeez, the players are probably as bad off as Fertitta. So, the League is not only talking about hanging onto salaries for the non-played games, but recouping other monies as well? LOL. Oh, to be a bankruptcy lawyer now...
Trump already said he was going to ignore the congressional oversight, and he just fired the IG appointed to it. If I were Tilman, I'd jump on that real quick.
