Is The Portland Trail Blazers Sale Now In Jeopardy? | The Firm Of Harris & Marang

Is The Portland Trail Blazers Sale Now In Jeopardy? | The Firm Of Harris & Marang

Uh, I I I read the article. I heard people mention it. I read the article again. Jeff Rust and I had a conversation. I read the article again. Please, I do not understand what is going on in this Panda Express Blazer buy situation. Uh, this is a um a billionaire not happy with other billionaires situation. Oo, rich crime. So, yeah. So, uh, for for those that are wondering, uh, Bill Bill Bill Orum, uh, Matthew Kish, uh, at at the Oregon Live, uh, had a report out last night, uh, the the lead a new lawsuit could disrupt the sale of Port Trailblazers to a group of investors led by businessman Tom Dundan, according to a meteor and a source with knowledge of the lawsuit. So, there is a lawsuit filed in Delaware. Um, and that lawsuit was filed against uh the Dundan le group that has agreed with the Allen estate to purchase the Trailblazers for a $4.25 billion valuation. Uh, Raj Sports Holding LLC, that’s the ownership group that currently owns the Portland Thorns and the group that brought uh back the Portland Fire. Um, they are fighting back as it were. Uh, they are led by uh Lisa Bethal and Alice Bthal, brother and sister. They want to prohibit the sale of the team to the group that currently exists, which includes the Panda Express founders and CEOs, Andrew and Peggy Churn. Uh they are worth a reported uh $7.7 billion. If you if you were wondering, you know, when I brought this up, you know, the the Dundon Group, the money did not add up. I was like, that’s not that’s not that’s not enough. You were pretty hammering on that for a while. I was like, there’s no the money does not add up here. You do not have $4.25 billion. Do not pass go. do not like you might collectively all be worth that, but you’re not liquidating everything and putting every single penny you have into this. Correct. So, I’m like, “Okay, so where’s where’s the the heavy hitter? Where’s the big money?” And then we found out it’s panda money. It’s like, “All right, we got we got some orange chicken money.” Cool, cool, cool, cool, cool, cool. But as according to this report, this lawsuit was filed in in uh Delaware, and I’m imagining because of the uh particular laws that may or may not favor the plaintiff in this case, it’s always holdings. Why do imports always come to Connecticut? I wonder why. It’s import taxes. Um but uh it’s currently under seal and the original port came from a law 360, but more clarity is expected to be coming in the next couple of days as the records become publicly available. My read of this situation, just kind of asking around to see where things are, is that the uh Raj group, the Bethalss, were interested in being the owners of the team and in a kind in a quasi Dundan uh facility, right? Or uh capacity and they probably solicited billionaires and what probably a bunch. And what you do when you do this is like, hey, we know this is up for sale. We want to put our new group together. you make them sign binding uh confidentiality agreements like hey we came to you with this this proposal this plan you can’t go and be like hey I like this plan but I don’t like you right I’ll take this plan and I’m going to go somewhere else somebody else correct which makes sense but that is at least what allegedly the Raj group is is saying that the churns did is that they were brought this deal by the bethalss and they violated this agreement they signed on July 24th of this year. Is there a is there a a role that could have been played that they did not break that confidentiality agreement with Dundon and was like this is a better deal than the one they gave us. I’m sure that’s what what they’ll try to contest in court. U the Oregonian reached out to uh Dundan’s reps with the Hurricanes. They reached out to uh the the Churn family and then uh Raj Sports. Um and again this is from from the the article on or on the Oregonian Oregon organ live uh representative from Rajports declined a comment citing deference to the legal process. Uh the Blazers directed to the Allen estate and you know because it’s you know it’s kind of funny even though the Allen estate still technically owns the Trailblazers like the Trailblazers themselves are kind like they technically still work for the Allen estate but sure like you can’t if you’re I’m going to say this and I love the everybody over there. They’re in a weird position. Yeah. Because yes, you work for the Allen estate, but do you want to piss off your new potential boss and be like, “Wait, so my favorite in the article was like they re we reached out to the Allen estate for comment and nobody got back to us.” And I was like, “You think?” Yeah, because nobody’s got anything to say. Well, not only that, it’s like they’re just trying to sell the like they’re trying to sell the team. Uh, is there any long-term issues here? They’re potential. Yeah. Let’s say that the Raj Sports Group does win. that would prevent the Churn family from being investors. So then Dundon would have to go back and find somebody new. Now there’s there’s a certainly a quote unquote shortage of billionaires in the world, but there’s no shortage of billionaires who want to get involved with sports. No, that is the truth. I mean, it’s we’ve been talking about this for weeks, months now, that buying a sports team is the coolest thing in the world now. Great investment. Yeah. Good return on money. Now, where this without knowing anything, this is in, let me state this. This is pure speculation. Pure speculation. without knowing any of the the the legal holdings or matters that are at play here. I don’t know if that invalidates Dundan’s bid because if that were the case, I would think it would. That’s again, I don’t know. Right. So, if that’s the case, do they have to reopen the process? And that’s again if they end up winning this lawsuit, which could then kick this further down the road and I mean, is it fair to say maybe Jody Allen wants it to get kicked down the road a little bit? Well, maybe I mean, make a little extra cheddar. Look, it’s the anti- um situation that happened in Minnesota. He sells the team for one and a half billion. Then he realizes, oh crap, it’s worth more than twice that. And it drove out for what? 2 and 1/2 years. Yeah. But it’s like, it’s not my fault you’re an idiot. You sold it for significantly below market value. I think that process was like a four-year full term. Like once they decided to sell it, then it got drugged out for the two and a half that you were talking about. That is not something that wants to go down here. No. And the thing the other part about this is like if Dundan becomes his bid becomes invalid and let’s say the the Raj group is able to generate the the funds necessary with their own group you know do they have to resubmit and now like you said maybe it goes from 4.25 25 to 4.3 or 4.35 and their bid is is higher now that they’ve now that they know what the bar is at then maybe they raise the bar ever so slightly and then if you know Dundon doesn’t have Panda money he’s trying to scramble find somebody else again there’s people out there it just it just obuscates and delays the process potentially personally I don’t like this from the Bthals you’re it seems a little petty it like if you do this and you lose, remember you’re sharing a building with him. Yeah, this is not a good start. And again, I I get what they’re doing because when you have this money and you have this potential to have this investment and somebody potentially could have broke, you know, uh broken an agreement or breached an agreement, you have to protect yourself. You have to protect your assets that like that that’s the way you work when you have this kind of money. Also, not only are you sharing a building, but you’re going to share the next one, too. Yeah. So that’s more important than the modus center right now. Yeah. And it’s like this like you have two potential groups who are going to be sharing a building who if they end up lose all the the the Raj group ends up losing this lawsuit. You know this is not going to go well. you know, the the clo, you know, the Blazers have had lawsuits recently. Um, behind the scenes, the whole Gary Payton the second stuff with that was weird with that absolutely fraudulent reporting from Slater and and Shams at the Athletic. It was some of the most heinous reporting I think I’ve ever seen in the sports world where they lied through their teeth and carried water for an owner. There were there were full-on lawsuits filed by the Warriors and the Blazers. It got bad ugly. It got nasty behind the scenes and it was like, “Yeah, and it should and that this stuff does happen. You know, the the Knicks sued the uh the Toronto Raptors uh for uh a former Knicks employee going to the Raptors and breaking into their their u basketball database and then they’re still conducting trades. It was very very very deal. OJ OG and an OB like there’s there’s just you know, you’re like this all seems a little incestuous. This is very weird. Um, ultimately this is just it’s just not a good look for anybody involved. No, it’s a bad look. And we and and also we’re seeing this on the text line, too. Are they trying to get the city to hate them? Like that’s a dangerous place to walk. Um, I know that some of it’s died down a little bit, but you know, Mayor Pollson is not his name is not well-loved in this city. No. And Timbers fans have made that very, very clear and very, very obvious. this is a town whether you like it or not will hold that and will vote with their dollar and that’s you know the the roll out for the Portland fire has not been great it has not been great I agree now they’re they from what I understand they are doing much better now they have a general manager in place and there’s hires behind the scenes that are happening that that are real and effective but you know they kind of stumbled out of the blocks and when you just I don’t know man part of sits there and goes, “You guys are not you’re not hitting your marks.” Yeah. Well, we’ll keep an eye we’ll keep an eye on this and any other news that comes out, we’ll keep you updated on it. Yeah. Great article in the Oregonian uh that I read and I think I’m very glad I have you here, Danny. Oh, well, once a week you’ll get it. I I read that article three times and I was like, I have no idea what’s going on. I’m very interested. And I’m not stupid. No, I I’m very interested to see like when these docs become like the court filings become public. Yeah. Okay. Like what what actually are we looking at? We have a general idea, but you know, timelines uh who did what, what was agreed to, what are the the kind of the the push backs from uh the the the churn group and kind of where does that go? Because then we can kind of have a better understanding of because right now it’s it’s and I’m not taking away people going into reporting like what they’re No, I didn’t think you were. But it’s it’s like we just don’t really know. We have we have a pretty good idea. I think, right? And that’s why I said everything that I’m stating right now is speculative. It’s based on back little information we have and some information that I’ I’ve gotten from other people that are are at least tangential to those orbits.

A lawsuit filed in Delaware against the potential new ownership group of the Portland Trail Blazers just made the sale of the Portland Trail Blazers a lot more complicated.

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