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It’s Only Money

from Stu Hackel of The Red Light,

You’ve got to hand it to Devils owner Jeff Vanderbeek. The man has the escape ability of Houdini. Although Tuesday’s deadline for him to pay his creditors $77 million has come and gone and he does not have all the money that he had agreed to pay them, it appears he’ll keep control of his team, get more time to refinance his club and seek new partners.

Now, if you or I owe money to someone, chances are we don’t get to slide as easily. But you and I are not Jeff Vanderbeek and when you owe a massive amount of money, allowances are made. That’s one advantage of being wealthy, or at least understanding how to manage wealth, in our society. Those to whom Vanderbeek is indebted recognize that if they declared him in default and set the wheels in motion to force him into bankruptcy, they might end up with lots of pennies instead of lots of dollars. Giving him more time — as much as two more years according to reports — to either raise the needed funds or sell the team and pay off what he owes means that they stand a better chance of recovering their cash. We should all be so lucky.

Every time we’ve read an account of Vanderbeek’s perils, included in the story is some variation on the phrase, “Don’t underestimate Jeff Vanderbeek; don’t count him out.” Clearly that is true. The man is dogged, resourceful and, ultimately, successful. When it comes to those qualities, the Devils have a good role model in the owner’s suite.

continued

Filed in: NHL Teams, New Jersey Devils, | KK Hockey | Permalink
 

Comments

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When you owe someone 5 or 10 grand, it’s a big deal to all involved.  People will get their knees broken over that kind of cash.  When you owe someone 10-20 million, though, it’s a whole different ballgame because the people who are owed the money just want the money.  Killing the guy costs them 10 million bucks.

The only real impact here is that nobody’s going to loan Vanderbeek money ever again, so he is absolutely bound to run into liquidity problems at some point down the road.  It is just a matter of time.

Posted by HockeyinHD on 08/16/12 at 06:42 PM ET

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And Vanderbeek screwed the City of Newark and New Jersey taxpayers out of about $15 million in rent.  Worst owner in the NHL.

Posted by njtaxpayer on 08/16/12 at 07:20 PM ET

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Nah, it’s Wang by a country mile.

Posted by HockeyinHD on 08/16/12 at 10:25 PM ET

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About Kukla's Korner Hockey

Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.

From breaking news to in-depth stories around the league, KK Hockey is updated with fresh stories all day long and will bring you the latest news as quickly as possible.

Email Paul anytime at pk@kuklaskorner.com

 

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