Jul 16, 2014|
Automatically Generated Transcript (may not be 100% accurate)
Let's turn to our studio guest again he's Roy Cunningham. Mr. Cunningham specialized -- state can trust law and we're talking about the sale of the Buffalo Bills the bills trust. Reuters reports indicate upwards of six. And that's. Grants them access to boost sales. Book that everybody received no. To get this so called book. There must be other criteria. What precautions -- are taken Roy to prevent this book from falling into the wrong hands. Normally when you have one of those impair our various clauses in the nondisclosure agreement that are going to be liquidated damages clauses and painfully fair if you. Disclosed this if we find out you disclosed this we will sue you when you won't pay us X or wire whatever that the images are. And you're probably in the pair attorneys' fees and everything like that I mean it's a pretty. The documents because of what your disclosing. Generally the penalties for winning the thing we -- our fairway hard. If they're actually setting this up to sixty or seventy people though as I said earlier in the morning most likely the information and it's not going to be that particularly. -- what might it may be somewhat useful but it's not going to be the down and dirty everything it's going to be just a theory. You know the top of the Himalayas if you will in terms of these are revenues these are expenses. These are potential liabilities that we we have a week for -- Europe and things like advanced. And this is going to be something like and it's not going to be. Something we hear it's I'm going to be an end all be all everything in terms of disclosure. The sale of this team is it likely Roy a case of the highest bidder wins or the highest bidder with the most liquid asset wins you know. Well there's sort of two thoughts there I mean usually it's going to be the highest bidder eons. In the in terms of the process the way it's gonna work relative to where I think it's gonna work there's -- one early in those. Relative to win this trust agreement has written to -- won once again is what's in the thing and probably never will. Com normally what will happen is -- the financial folks in the legal folks for. The trust will come back to the trustees and say look it in and we have two or three offers. Based on these offers in the -- one and the disclosure is both ways once you -- to stand on the two or three or four sort of serious folks. Those folks are gonna have to you know. Disclose financial information and things back to. The bills say oh by the way I can't write that check for billion dollars or have the financing. Available to pay the billion dollars -- Also isn't sort of an early Tuesday and probably -- -- -- -- -- Fuzzy what the requirements or or or something like forward. And if a third down -- -- -- something that media stars -- requirements and requirements and whatever. I think what happened is the -- Based on there's two or three or four offers that are real at the end in the works everybody under sixty people. What I mean there's people we're gonna have the wherewithal to do this -- I mean these people were gonna you know. Are serious it's gonna get him a smaller group is Margaret from probably and a maybe group of three or 45 or whatever in any event what happened at that point he is. Based toward the presentation packages that there's people put together and who works here's our offer package to the Buffalo Bills we offer one point two billion dollars. It's to be paid however to be paid cash. Cash plus we're gonna do some financing -- whatever. Obviously in the NFL isn't here for publicly traded in these -- three big Packers -- to let that happen again. So it's going to be a private group that's gonna do this. Based on -- what will then happen is you -- hand of the financial advisors -- legal advisors within gonna make a recommendation of the trustee saying look balance out ways these are what these deals are. This is the one we recommend. It could be the highest price it could be. The one that's mostly what you know eight to be a couple of different factors usually. Yeah and at the end of the day it's usually just whatever whoever impediments for its gonna get it. But then again you also have the issue with the NFL is. It's a club of 32 teams and I believe a certain number of -- have to approve the sale so that's the other sort of relate to. So in other -- -- builds trust which would include Mary Wilson. They may like someone's offer. But they have taken that -- -- the NFL are believed so I'm not quite familiar with all the NFL rules I'm pretty sure that the NFL has to approve. A sale -- -- with sixty or even more possible bidders in the running here with so many people or groups involved. Does this mean this is likely take a long time. It's gonna take some months I would think I would think you probably would take police the end of the year maybe it will -- later to simply because. The other part of this is once you have. Whoever the -- news that is or whoever the agency team of the group is this gonna buy this with the individual who's gonna buy this if I'm an individual. And they're going to be to sort of aspects from his point of -- to him he's -- won his financial folks to -- in. Parcel through all the documents and things in -- with -- -- You know to to to do their diligence so we're reviewed the documents and make sure that everything that the bills were present to them Israel. In their often little -- review all contracts and all of the documents relative to the bills. Themselves and you know once you get to that level you know the book of the book at sixty -- -- pages may be and that's what Everest. What you get to that level of diligence you re welcome apart or document to mark -- And their attorneys are gonna walk you through those the financial people sort -- take three or four months just to do. So that's -- what would be that the conference.