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3
Posted on 12/12/13 at 10:06 am to bamafan425
The bankruptcy petition was linked on shaggy bevo late last night. Saban's name is listed
Posted on 12/12/13 at 10:06 am to JB Bama
quote:Why would a successful NFL coach go to college?
For the record if you are going to pay a coach 40 million why not go after Sean Payton, Bellicheck, a Harbaugh, Mike Tomlin?
Posted on 12/12/13 at 10:08 am to bamafan425
quote:
interested to see if this is all real
<---------this guy has your answer
Posted on 12/12/13 at 10:09 am to JB Bama
quote:Think for one second about what you are saying. Saban's debt is in the 8 figure range. You state the Alabama man is worth 8 figures.
so Jamail can buy up bad debt, write it up as a loss for the tax break but Saban's boss who has 8 figures of wealth can't?
Joe Jamail is a billionare. That's 10 figures.
quote:Seriously, using simple math:
Seriously guys just give me one logical reason, just one.
Let's pretend it's you, me, and Joe Jamail.
I owe $25. You have $99 in your wallet, and Joe Jamail has a thousand dollars in his. Are YOU gonna pay the $25 from your money? That's ... mighty generous of you. For Jamail, on the other hand, he wouldn't notice.
Posted on 12/12/13 at 10:09 am to dante
quote:Don't you know, Saban just LOVES giving outsiders like rich boosters "authority" over him and his process of building and maintaining his football program. He has no problem allowing powerful boosters to hold shite over his head, he will kowtow to them and their every whim. He's just that kinda guy.
Obviously there are 2 separate factions at work here....the university and the "boosters". One moves much faster than the other and the 2 do not always see eye-to-eye. Is there a power play going on behind the scene at UT and what authority do the "boosters" have at this point?
"If" the filthy rich Texas oil barrons have dished out $40mm to assume Saban's so-called bad debt then they will expect full access and full disclosure to NS - basically Nick will be nothing more than an endentured servant to the power boosters at UT. Those fat cats will be his "boss" in more ways than one and Nick & Mrs. Terry will love to live their twilight years beholden to those oil stained men.
Posted on 12/12/13 at 10:09 am to bamafan425
I'm not nearly that invested to go look through the public records. My comments were taken from the Weston Law press release.
Posted on 12/12/13 at 10:10 am to Vegas Bengal
Saban has a peak earning potential window that has is slowly closing. At 62 how much longer is he willing to work the hours necessary to be at his level of excellence? So he would need to have some of these financial issues addressed while he has the leverage and earning potential to do something about it. Otherwise the debt will be a cloud hanging over him for as long as it is out there.
So in light of the latest developments I think it is plausible that Saban leaves. If it was just about football then i think he stays. It appears it is about more than football and Texas has WAY more to offer for him and his family.
So in light of the latest developments I think it is plausible that Saban leaves. If it was just about football then i think he stays. It appears it is about more than football and Texas has WAY more to offer for him and his family.
Posted on 12/12/13 at 10:11 am to TJRibMe
I don't see where it claims Saban is the PG.
Posted on 12/12/13 at 10:14 am to Politiceaux
quote:
Why would a successful NFL coach go to college?
quote:
40 million
Do you really need it explained to you?
Posted on 12/12/13 at 10:14 am to RT1941
quote:This is a little short sighted. Most likely, some group simply assumed the note and took over an ownership interest that potentially could allow for a future favorable return to Saban. In turn, the investment group that assumed the debt still has an investment in the asset and potentially have their coach. I can't imagine Saban agreeing to anything where he is "owned" by any group, rather a more favorable outcome to an issue that was a pain in his butt.
Saban just LOVES giving outsiders like rich boosters "authority" over him
Posted on 12/12/13 at 10:16 am to GeeOH
Can someone explain why he would be on the hook for $25 mil? Obviously, although it may not be worth the amount owed, Perkins Rowe is NOT worthless! It's not even 50% under the value.....so I cannot see where Saban's exposure is anywhere near the full 25 mil.
Posted on 12/12/13 at 10:16 am to bamafan425
quote:It doesn't in the press release. I was going off of what tritiger was stating, which could be false.
I don't see where it claims Saban is the PG.
Posted on 12/12/13 at 10:16 am to RT1941
quote:
"If" the filthy rich Texas oil barrons have dished out $40mm to assume Saban's so-called bad debt then they will expect full access and full disclosure to NS - basically Nick will be nothing more than an endentured servant to the power boosters at UT. Those fat cats will be his "boss" in more ways than one and Nick & Mrs. Terry will love to live their twilight years beholden to those oil stained men
i think you are looking at this wrong
if this has happened, then Saban can just coach at Texas and NOT have to deal with these financial matters clouding his family's future. He walsk away from the debt, wins a BCS at a third school and keeps everything he makes from his coaching contract and drifts off into whatever he wants to do when he quits coaching
If the debt was cleared but he stays at BAMA then it will be leaked and he will be humiliated. If the debt was not cleared and he stays at BAMA he has to find a way to resolve all of this financial mess while still trying to maintain BAMA at this high level
Posted on 12/12/13 at 10:17 am to TJRibMe
quote:
It doesn't in the press release. I was going off of what tritiger was stating, which could be false.
Just wondering. That and a few articles are the only things Ive seen. None of which show NS's personal liability.
Posted on 12/12/13 at 10:17 am to GeeOH
The $25MM was related to a Houston apartment complex. The debt associated with Perkins Rowe was $14MM.
Posted on 12/12/13 at 10:19 am to TJRibMe
How in the world would he get on the hook for $25 mil without having the assets and investments to justify it? If he had those, then why do we assume he has no successful investments and only bad debt?
Why is this bad debt an issue in 2013 and it wasn't in 2007 - 2012?
If it was an issue prior to 2013, why do we assume he just neglected it and paid off the interest only?
Why is this bad debt an issue in 2013 and it wasn't in 2007 - 2012?
If it was an issue prior to 2013, why do we assume he just neglected it and paid off the interest only?
Posted on 12/12/13 at 10:20 am to bamafan425
quote:Yeah, I can't imagine he would sign as guarantor on any note. Assuming he has even moderately decent legal counsel, no one would advise that for a college football coach investing in a real estate deal.
None of which show NS's personal liability.
Someone else with more time on their hands can research that. It's been mentioned on here a couple of times, could be valid or it could be nothing.
Posted on 12/12/13 at 10:20 am to GeeOH
When the Dallas corp bought Saban's note on the Houston apt complex from Compass Bank it demanded full payment forcing Spinosa and Saban into bankruptcy. That corp one month ago dissolved.
Did Spinosa and Saban pay their debt? Or did boosters buy the note from the Dallas corp?
Did Spinosa and Saban pay their debt? Or did boosters buy the note from the Dallas corp?
Posted on 12/12/13 at 10:21 am to TJRibMe
quote:
The $25MM was related to a Houston apartment complex. The debt associated with Perkins Rowe was $14MM.
Thanks
Regardless, his true exposure can't be the entire PG amount on either one of those, right?
What I am getting at is that although on paper there is 40 mill in pg's under Saban's name, I bet the amount truly paid to clear him was much less.
This post was edited on 12/12/13 at 10:22 am
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