[Rumour] Barroway set to buy the Islanders for $400 mil. update: suing Wang for backing out

[Hugh Jahrmes]

....

[kirant]

Originally Posted by sureLoss

Barroway is suing Wang for $10 million for backing out of what he says was a handshake deal to buy the Islanders:
http://www.nydailynews.com/sports/ho...n=NYDNSportsTw

Just when Islanders fans they were out of the woods...

[Cheese]

What a wang!

[FlatLandFlamesFan]

hmm.. Wang pulls out early leaves fans disappointed ?


sorry I just had to

[red sky]

Kind of a c0cksucker move no?

[Stanathan]

http://en.wikipedia.org/wiki/Oral_contract

For example, in 1984, after Getty Oil was sold to Pennzoil in a handshake deal, which is legally binding under New York law, Texaco made a higher offer, and the company was sold to Texaco. (Even though the case was tried in Texas, New York law applied.) Pennzoil filed a lawsuit alleging tortious interference with the oral contract, which the court upheld and awarded $11.1 billion in damages, later reduced to $9.1 billion (but increased again by interest and penalties).[3]

Excellent precedent case here that I've done some research on in the past. Interesting that is is also filed in the State of New York. This could end up with Wang coughing up some change. Too early to tell though.

[codynw]

Originally Posted by red sky

kind of a wangsucker move no?

fyp

[Resolute 14]

Well, if Wang backed out of the sale, it stands to reason that the other buyer coughed up a lot more than the $450 million Barroway was offering. Presumably, Wang could simply sign a check for $10 million and still come out the big winner.

[Sidney Crosby's Hat]

Originally Posted by Resolute 14

Well, if Wang backed out of the sale, it stands to reason that the other buyer coughed up a lot more than the $450 million Barroway was offering. Presumably, Wang could simply sign a check for $10 million and still come out the big winner.

Yes, it seems to me like what he's asking for is extremely low which makes me wonder how much of a done deal there really was and if he's just hoping for an out-of-court settlement.

[Vulcan]

It seems pretty cut and dried to me as $10M was already the agreed upon sum to be paid if Wang backed out.

"The failure to follow through with the sale has caused NY Ice irreparable harm" and if the deal can't go forward, the firm says in court papers, "NY ICE is entitled to the $10 million 'break up' fee to which the parties agreed" or to be reimbursed for its costs and losses.

Probably Wang is hoping to settle for less so the parties don't need to go to court.

[tvp2003]

Isles sold to Jon Lidecky and Scott Malkin:

The club announced Tuesday that a group led by former Washington Capitals co-owner Jon Ledecky and London based investor Scott Malkin have purchased a minority interest in the team.

Current owner Charles Wang will remain majority owner of the club for the next two years, with Ledecky and Malkin taking over as majority owners at that time.

http://www.tsn.ca/nhl/story/?id=459748

EDIT: Sorry, didn't see the new thread that was started