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Posted on 12/12/13 at 7:54 am to JOHNN
This is just dumb. D-U-M-B. Any deal that big has been in the works for months, and there is no mention of Saban being excused from the personal guaranty, or even the terms of the transfer to the new creditor. Dumb. 
Posted on 12/12/13 at 7:55 am to JOHNN
quote:
Finebaum just said on mike and mike that he thinks Saban isnt allowing Sexton to talk with UT until Brown has actually stepped down. Said it has to do with the respect factor between coaches. Take it fwiw.
Posted on 12/12/13 at 7:56 am to bamaswallows
quote:
(as he was also involved in Perkins Rowe with Spinosa, which went south)
can someone shed light on this? what went south? Perkins Rowe sure looks successful to me. how is it so much in debt?
Posted on 12/12/13 at 7:57 am to ErnestTBassmaster
Any new thread is like a batsignal for you gumps that arent worried at all
Posted on 12/12/13 at 7:59 am to bamaswallows
It's pretty impressive when your prowess as a college football coach can get you out of substaintal debt.
Saban and pecans seems to have something in common.
Saban and pecans seems to have something in common.
Posted on 12/12/13 at 7:59 am to jlc05
I don't know of anyone who wants him to take another job, and since there is discussion of that, I am concerned, as I am sure you would be if you thought Les might leave. Unless you are a NegaTiger, I guess.
Posted on 12/12/13 at 7:59 am to JOHNN
quote:
Saban isnt allowing Sexton to talk with UT until Brown has actually stepped down. Said it has to do with the respect factor between coaches
Saban doesnt give a frick about anyone else.
Posted on 12/12/13 at 8:00 am to GeeOH
Perkins Rowe has been involved in foreclosure proceedings for about 2 years or so. Borrowed about $220MM to build everything out and Spinosa had disagreement with lenders about release prices on condos and/or other issues with the debt. Bank foreclosed, he countersued, bank won and ended up getting the right to sell it at Sheriff Sale to clear the title. That sale has not occurred yet to my knowledge. Saban was involved as investor and I think still owns part of that water chiller/tower? It has all been tied up legally for quite some time. Bank is debtor is possession and is able to continue to manage the property for all of the tenants in the development, so everything is still open and running normally.
Posted on 12/12/13 at 8:00 am to ErnestTBassmaster
quote:
This is just dumb. D-U-M-B.
quote:
ErnestTBassmaster
Alabama Fan
White Plains, Alabama
Member since Sep 2010
I would expect nothing less than blind denial from a Bama fan.
This post was edited on 12/12/13 at 8:01 am
Posted on 12/12/13 at 8:01 am to GeeOH
quote:
can someone shed light on this? what went south? Perkins Rowe sure looks successful to me. how is it so much in debt?
The guy who developed the whole thing basically did it on a credit card and defaulted on the load afterwards. The area itself is successful, but the guy who did it isnt.
Posted on 12/12/13 at 8:03 am to bamaswallows
quote:
Barnswallows
quote:
Perkins Rowe has been involved in foreclosure proceedings for about 2 years or so. Borrowed about $220MM to build everything out and Spinosa had disagreement with lenders about release prices on condos and/or other issues with the debt. Bank foreclosed, he countersued, bank won and ended up getting the right to sell it at Sheriff Sale to clear the title. That sale has not occurred yet to my knowledge. Saban was involved as investor and I think still owns part of that water chiller/tower? It has all been tied up legally for quite some time. Bank is debtor is possession and is able to continue to manage the property for all of the tenants in the development, so everything is still open and running normally.
What's at issue is Spinosa's bankruptcy for Perkins Rowe puts Saban in a perilous position in their land deal in Houston, where CNS is personally liable for the $25MM debt. Saban's financial involvement in Perkins Rowe is a negligible issue. The Houston debt is the nuclear bomb that needs to be diffused.
Posted on 12/12/13 at 8:04 am to Child of the Missip
quote:
Saban and pecans seems to have something in common.
They both make terrible businessmen?
Posted on 12/12/13 at 8:05 am to bamaswallows
quote:
bamaswallows
Thanks. I have no inside information or knowledge on this one, but I will tell you from business perspective what seems to be happening. Instead of "forcing" Mack out, UT seems to be "Forcing" Saban to sat yes. Could they possibly be buying out his debts and hold them over his head in some way?
Posted on 12/12/13 at 8:08 am to tritiger
quote:
What's at issue is Spinosa's bankruptcy for Perkins Rowe puts Saban in a perilous position in their land deal in Houston, where CNS is personally liable for the $25MM debt. Saban's financial involvement in Perkins Rowe is a negligible issue. The Houston debt is the nuclear bomb that needs to be diffused.
I was not familiar with this!? Although it offers more support of Spinosa and Saban being involved together in several underperforming investments. I was replying to GeeOh's question about Perkins Rowe in my post.
Care to elaborate on the Houston deal?
Posted on 12/12/13 at 8:09 am to ErnestTBassmaster
quote:
and there is no mention of Saban being excused from the personal guaranty, or even the terms of the transfer to the new creditor. Dumb.
Dude, are you that thick to think private business dealings like that are ever going to get published? Terms of a coaching contract have to be reported, but private financial matters do not.
Ultimately they become public record because the involve a mortgage, but even then you have to dig for that info.
Posted on 12/12/13 at 8:10 am to jonboy
quote:
1) If it looks like he was mailing it in before taking the UT job Bama could sue his arse.
What would be the grounds for suing?
This whole thread is ate up with the dumb.
Posted on 12/12/13 at 8:11 am to bamaswallows
Posted on 12/12/13 at 8:12 am to partsman103
quote:
This whole thread is ate up with the dumb.
Saban's debt is what pulled him away from Bama. Had it not been for bad financial moves, he would have stayed at Bama.
Posted on 12/12/13 at 8:12 am to tritiger
tritiger - thank you - nice work! 
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