Dallas Stars v New Jersey Devils

Devils have until June before they can be forced into bankruptcy

Yesterday, the New York Post published an article stating that the New Jersey Devils missed a September 1st deadline to pay $100 million to lenders. Later in the day, the Devils organization announced that the Post’s story was “patently false.” If that’s the case, it sounds like Forbes has the same false information—because they too are reporting that the franchise was unable to pay creditors on September 1st.

Forbes goes deeper to explain that even if the team failed to make promised payments earlier this month, any bankruptcy proceedings would still be in the distant future (read: after the season). Forbes Executive Editor Mike Ozanian explains the details:

“Despite being unable to pay lenders $100 million that was due September 1, the NHL’s New Jersey Devils do not have to worry about being forced into bankruptcy by creditors for at least nine months because a consent letter stipulates lenders cannot take action against the Devils until after the last game of this season’s Stanley Cup playoffs, which should be around mid-June.”

Jeff Vanderbeek and Brick City LLC currently co-own the Devils with each claiming 47% in the NHL franchise. Brick City LLC has been looking to sell off their interest since February—an interest that Vanderbeek now plans on purchasing in order to refinance the team. Where it could get interesting is the value of the team vs. the amount of the debt. Forbes valued the Devils at $218 million last December—a value that includes money made from non-NHL events. Unfortunately for Vanderbeek, those projections for the coming year can be expected to decrease as forty-one New Jersey Nets home games would vanish if a potential NBA lockout wipes out the 2011-12 season. Even if the teams can salvage part of the season, revenue will be lost with each and every game missed. Mix in the fact that the outstanding debts stand at $250 million and refinancing the team might not be as easy as it sounds.

For the moment, we can give both sides the benefit of the doubt. Yes, the New York Post was correct when they said the Devils could face bankruptcy proceedings for failing to pay on September 1. On the other hand, the Devils don’t believe their facing bankruptcy because they have until June to hammer out the Brick City buyout and refinance the team. Either way, we’re splitting hairs.

No matter how you slice it, it would help everyone involved if the Devils could get off to a good start. They’ve already sold more tickets than they had at this time last season—so there’s potential to start bringing fans into the building. In a gate-driven league, there’s no substitute for sellout crowds packing the arena, paying for parking, buying beer, and picking up merchandise at The Rock.

Let’s be honest: nothing brings in fans and revenue quite like winning.

WATCH LIVE: Wednesday Night Rivalry (Flyers-Islanders; Blackhawks-Sharks)

Ryan White, Matt Martin
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You can check out tonight’s Wednesday Night Rivalry doubleheader on NBCSN, and you can also stream them online.

Here are the handy links for the two contests.

First, the New York Islanders host the Philadelphia Flyers.


After that, the Chicago Blackhawks visit the San Jose Sharks.


Braun out with upper-body injury; Zubrus to make Sharks debut

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The San Jose Sharks will be missing a top-4 defenseman tonight when they host the defending champs from Chicago.

Justin Braun has an upper-body injury. His status is considered day-to-day.

“Brauny has been one of our unsung heroes here through the first quarter of the season,” coach Peter DeBoer told CSN Bay Area. “He’s played some outstanding hockey. So, we’re going to miss him, but it’s a great opportunity for Mueller and Tennyson and one of these guys to establish themselves. It’s a great opportunity for us to reward Dillon for how well he’s played.”

Against the Blackhawks, Brenden Dillon will take Braun’s spot on the top pairing alongside Marc-Edouard Vlasic; Paul Martin and Brent Burns will stay together on the second pairing; and 20-year-old Mirco Mueller will skate with Matt Tennyson.

Mueller has played just four games for the Sharks this season. In his last game, Thursday in Philadelphia, he received only 9:13 of ice time.

Also tonight, new Shark forward Dainius Zubrus is expected to debut on the fourth line.

Related: Sharks sign Zubrus, because DeBoer

Johansen calls trade rumblings ‘weird,’ says relationship with Torts is ‘great’

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One day after reports surfaced of Ryan Johansen being at the center of trade talks, all parties involved from Columbus did what they’re supposed to do — downplay the situation.

You can read the denials in full over at the Dispatch, but here’s the gist:

— Johansen said the rumors were “weird” and that he’s “never seen it before.” He also said there were no issues between him and head coach John Tortorella, calling the relationship “great.”

— GM Jarmo Kekalainen wouldn’t address the report, nor would Johansen’s agent, Kurt Overhardt.

— Johansen added he hasn’t spoken to any of Columbus’ management about the trade rumblings.

So there’s that. What’s next?

At this stage of the game, it’s hard not to think about another Overhardt client, Kyle Turris.

Turris, you’ll recall, spent four (mostly) stormy years with the Coyotes before his trade out to Ottawa was orchestrated. Turris eventually told GM Don Maloney “this is not going to work out” with the club, and he was gone.

So, consider the similarities now:

— Turris was 22 at the time of the trade, with four years and 137 games under his belt.

— Johansen is 23, with five years and 291 games.

— Both had contentious contract holdouts with their respective clubs.

— Both are Overhardt guys.

— The Turris trade happened after the Coyotes went from Wayne Gretzky to Dave Tippett as head coach.

— Johansen is already on his third head coach (Scott Arniel, Todd Richards, Tortorella).

For now, these are all coincidences (or a forced narrative, depending what you think of the author).

And, of course, the one big — big — difference between the two is that, at the time of his trade, Turris wasn’t as good or established a player as Johansen currently is. Therefore, logic suggests any Johansen trade would be a lot more blockbuster-y and, therefore, probably more complex.

And as we know, complex deals aren’t easy to pull off.

Flyers’ Gagner to miss another week after Malone hit

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The nasty blow Sam Gagner took in Monday’s game against Carolina will keep him on the shelf for a little bit.

On Wednesday, Flyers GM Ron Hextall said the club expected Gagner to be out around a week with injuries suffered on the hit, delivered by ‘Canes forward Brad Malone (per the Inquirer).

Gagner suffered a fairly significant facial laceration, which forced him from the game entirely. He didn’t practice on Tuesday and, in a corresponding move, the Flyers called up Colin McDonald from the AHL to fill Gagner’s spot on the roster.

This is the second facial injury Gagner’s suffered in recent years. He’d previously had his jaw broken by an errant Zack Kassian high stick, while he was with the Oilers and Kassian the Canucks.

Prior to getting hurt, Gagner had two goals and five points in 18 games, averaging just under 12 minutes per night.