06-01-2016, 06:20 AM
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#1
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Some kinda newsbreaker!
Join Date: May 2004
Location: Learning Phaneufs skating style
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Canes owner sued by sons
Karmanos' three sons are suing him for $105 million dollars.
He used up their trust funds as a loan to help fund the Carolina Hurricanes and is now defaulting on the loan.
There have been stories of how Karmanos' has been bleeding money and been trying to sell the team for a long time now.
This story will only fuel the rumors that Carolina is up for relocation.
http://www.clickondetroit.com/busine...rricanes-loans
Quote:
It's a family squabble of monumental proportion.
The Karmanos family, businessman Peter Karmanos and his three elder sons, are fighting over more than $100 million.
The case is now in Oakland County Circuit Court. The dispute centers on Karmanos's will, which stands to give substantial amounts of money to his sons. The problem? Pete Karmanos borrowed millions of dollars from trusts, made up of Compuware stock, promised to his three sons, Peter the third, Nick and Jason.
The trusts are valued at over $100 million, but over the years, Pete Sr. borrowed against the account to fund his beloved Carolina Hurricanes hockey team. He wrote a loan contract for more than $100 million, agreeing to pay interest using installments until June 29, 2022, or one year after his death.
A lawsuit filed last Thursday says "on or about April 21, Peter the third ... sent his father a notice of default of balance of principal and interest on the June 2013 note."
The sons claim their father "failed to timely cure such defaults and accordingly, on or about May 25, 2016 the entire balance of the June 2013 note ... more than $105 million ... would become immediately due and payable."
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06-01-2016, 06:29 AM
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#2
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Franchise Player
Join Date: Jun 2009
Location: Thunder Bay Ontario
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This is going to be an awkward Fathers Day.
Happy Fathers Day Dad, here's a tie...now about that 105 million you owe us...
__________________
Fan of the Flames, where being OK has become OK.
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06-01-2016, 06:59 AM
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#3
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Lifetime Suspension
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The Canes will wind up in Quebec City in short order.
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06-01-2016, 07:12 AM
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#4
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Franchise Player
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Hahaha the epitome of entitlement.
Kids I promise to give you 105 million bucks.
Hey kids, daddy actually needed the 105 million bucks for a business venture. Looks like you lazy asses might have to work for a living (like everyone else).
What?! No trust fund? See you in court, dad.
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06-01-2016, 07:19 AM
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#5
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Franchise Player
Join Date: Oct 2006
Location: San Fernando Valley
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On one hand Karmanos probably should have just sold the team if it was going to come to using his kids trust funds to help keep the team afloat. On the other hand it's a pretty D-bag move to sue your own father over his own money that you believe you are entitled to.
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06-01-2016, 07:33 AM
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#6
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Franchise Player
Join Date: Apr 2014
Location: Indiana
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Karmanos should win the case, sell (move) the team, then will his money to charity.
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06-01-2016, 07:40 AM
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#7
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Franchise Player
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There's probably a legal loophole the family is trying to pull off with the advise of their lawyers.
I know a guy who hit his wife's car accidentally and told his wife to start a claim against him. His premium wasn't going to go up much but there would be a settlement money in coming. She didn't want to and didn't do it.
Senior Karmanos might have insurance against the loan or something like that. The rich probably have ways to get around things like that.
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06-01-2016, 07:54 AM
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#8
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Lifetime Suspension
Join Date: Jul 2003
Location: Calgary, Alberta
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Hurricanes to Las Vegas.
15 teams in each conference, and Gary gets to kill 2 birds with 1 stone.
Sometimes the solutions are too obvious.
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06-01-2016, 07:58 AM
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#9
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Franchise Player
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Quote:
Originally Posted by the_only_turek_fan
Hurricanes to Las Vegas.
15 teams in each conference, and Gary gets to kill 2 birds with 1 stone.
Sometimes the solutions are too obvious.
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And give up the expansion fee revenue? Nope. not happening.
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06-01-2016, 07:59 AM
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#10
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Franchise Player
Join Date: Oct 2001
Location: NYYC
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Why would Gary give up all that beautiful Vegas expansion money?
edit: Doh, beaten to it. Obvious indeed.
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06-01-2016, 08:03 AM
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#11
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NOT breaking news
Join Date: Jan 2007
Location: Calgary
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i kinda wish they went back to Hartford. That's a rich area that considering a new arena anyways because the one in the mall is 40 years old now.
__________________
Watching the Oilers defend is like watching fire engines frantically rushing to the wrong fire
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06-01-2016, 08:06 AM
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#12
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First Line Centre
Join Date: Jul 2015
Location: Victoria, BC
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Nice kids. Probably got every cent they have from their father to begin with.
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06-01-2016, 08:51 AM
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#13
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Franchise Player
Join Date: Mar 2007
Location: Income Tax Central
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Inheritances make people crazy.
My last cheque is going to bounce.
__________________
The Beatings Shall Continue Until Morale Improves!
This Post Has Been Distilled for the Eradication of Seemingly Incurable Sadness.
The World Ends when you're dead. Until then, you've got more punishment in store. - Flames Fans
If you thought this season would have a happy ending, you haven't been paying attention.
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06-01-2016, 08:52 AM
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#14
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Franchise Player
Join Date: Oct 2001
Location: Vancouver
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Quote:
Originally Posted by Da_Chief
And give up the expansion fee revenue? Nope. not happening.
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Couldn't they just make it a relocation fee?
__________________
"A pessimist thinks things can't get any worse. An optimist knows they can."
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06-01-2016, 09:03 AM
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#15
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Scoring Winger
Join Date: Jan 2013
Location: Calgary
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Quote:
Originally Posted by Da_Chief
There's probably a legal loophole the family is trying to pull off with the advise of their lawyers.
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This is probably what's going down. We laugh and say, "Look at these entitled kids!" when really, the more likely scenario is that this is a meticulously planned strategy involving the entire family and they're all sitting in their mansion sipping cognac and laughing about filing suits against each other.
__________________
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06-01-2016, 09:16 AM
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#16
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Franchise Player
Join Date: Mar 2009
Location: The Bay Area
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Quote:
Originally Posted by SofaProfessor
This is probably what's going down. We laugh and say, "Look at these entitled kids!" when really, the more likely scenario is that this is a meticulously planned strategy involving the entire family and they're all sitting in their mansion sipping cognac and laughing about filing suits against each other.
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The Aristocrats!
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06-01-2016, 09:18 AM
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#17
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Franchise Player
Join Date: Aug 2002
Location: Calgary
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Quote:
Originally Posted by the_only_turek_fan
Hurricanes to Las Vegas.
15 teams in each conference, and Gary gets to kill 2 birds with 1 stone.
Sometimes the solutions are too obvious.
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I would bet expansion to Las Vegas, if Hurricanes were to relocate I would guess possibly Quebec.
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06-01-2016, 09:22 AM
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#18
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Franchise Player
Join Date: Oct 2006
Location: San Fernando Valley
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Quote:
Originally Posted by Locke
Inheritances make people crazy.
My last cheque is going to bounce.
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Doesn't it? I never realized how crazy it made people until some of the people I work with went through it. Stuff like one of the inheriants bringing in paper napkin statements from a parent that they were supposed to get the house. Another sibling that was taking direct care of the mother getting her to sign off access to her bank accounts to pay bills on her behalf and once she passes the accounts are emptied out before they can be divided. Lots of court battles and crazy stuff. I have three siblings and a wealthy father so I'm a little worried myself about what can happen given what I have seen.
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06-01-2016, 09:25 AM
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#19
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Franchise Player
Join Date: Apr 2004
Location: I don't belong here
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Quote:
Originally Posted by flambers
I would bet expansion to Las Vegas, if Hurricanes were to relocate I would guess possibly Quebec.
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But Quebec was trying to get an expansion team too. The Hurricanes will go to Seattle maybe? The Seattle Rain? Seattle Nimbus? Seattle Umbrellas?
The NHL wanted a team in Seattle and was disappointed that they didn't apply for expansion.
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06-01-2016, 09:33 AM
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#20
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Franchise Player
Join Date: Aug 2002
Location: Calgary
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Quote:
Originally Posted by Buff
But Quebec was trying to get an expansion team too. The Hurricanes will go to Seattle maybe? The Seattle Rain? Seattle Nimbus? Seattle Umbrellas?
The NHL wanted a team in Seattle and was disappointed that they didn't apply for expansion.
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Sure, I bet the Jets were trying to get an expansion team as well (many years ago)
However the Thrashers were relocated.
No one will know the plan other than the Board of Governors and the Commissioner.
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