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.
Kevin Shattenkirk‘s name has been floating around the NHL’s trade rumor mill for sometime now, and according to reports from TSN’s Bob McKenzie and the St. Louis Post-Dispatch the Blues came very close to dealing him six weeks ago only to have the trade fall apart when the new team and Shattenkirk were unable to reach an agreement on a new contract.
It is not the first time that has happened over the past year.
According to reports from TSN’s Bob McKenzie and Jeremy Rutherford of the St. Louis Post-Dispatch, the Blues recently had a Shattenkirk trade in place with an Eastern Conference team that was believed to be the Tampa Bay Lightning. But when Shattenkirk turned down a long-term contract extension with the team that would have paid him $42 million over seven years, the trade fell apart.
Sportsnet’s Elliotte Friedman mentioned on Thursday night that the Arizona Coyotes also had permission earlier this season to speak to Shattenkirk about a new contract but were unable to reach a deal. A similar situation unfolded in the offseason when the Edmonton Oilers also tried to acquire the veteran defenseman.
The Lightning would make a ton of sense as a trade partner for the Blues here because they have been in desperate need of another big-time defenseman to add to their blue line along with Victor Hedman and Anton Stralman. They also have several restricted free agents (and a pretty tight cap situation) to deal with this summer that could have been part of a return in a Shattenkirk trade.
If the reported contract terms are correct, it’s a pretty good sign that Shattenkirk thinks he can get a massive payday on the open market this summer as a free agent. And he is probably not wrong. Since the start of the 2011-12 season Shattenkirk has been one of the most productive defensemen in the NHL, currently sitting 10th among all blue-liners in points (241) and posting dominant possession numbers.
A $6 million per year cap hit would put him in the same salary range as Mike Green, Johnny Boychuk, and Erik Johnson.
He outperforms all of them.
Even though Shattenkirk is one of their top players, and the Blues seem on track to make the playoffs, the team still seems determined to move him before the deadline rather than risk losing him for nothing over the summer.
Another night, another hat trick, and another dominant offensive showing from the Chicago Blackhawks.
On Thursday night it was Patrick Kane becoming the second Blackhawks forward in as many games to record a hat trick — following the three goal (and five point) effort Jonathan Toews had on Tuesday night — to help lead the Blackhawks to a 6-3 blowout win over the Arizona Coyotes.
Along with Kane’s three goals, Toews picked up two more assists to continue his recent scoring surge that has seen him pick up 23 points in his past 15 games. Keep in mind he only had 21 points in the 37 games prior to that.
Even more than Toews is the fact the entire Blackhawks team is clicking right now offensively.
Their win on Thursday is their eighth in the past nine games and every one of those wins has been a display of total offensive dominance, scoring 40 goals during that stretch. That is more than four goals per game. Everybody is contributing to it at this point as seven players (Toews, Kane, Richard Panik, Artemi Panarin, Nick Schmaltz, Artem Anisimov and Duncan Keith) all have at least eight points during this run.
It’s a stretch that has helped the Blackhawks gain some ground on the Minnesota Wild in the Central Division race, as they now sit three points back of the top spot.
Just about the only bad news for the Blackhawks on Thursday night was defenseman Niklas Hjalmarsson leaving the game with what coach Joel Quenneville described as an upper body injury.
The Blackhawks knew he wasn’t 100 percent going into the game and dressed a seventh defenseman, Michal Rozsival, as a precaution in case Hjalmarsson could not finish. After skating just four shifts in the first period — a first period that saw the two teams combine for six goals — he exited the game and did not return. Rozsival ended up playing a pretty significant role in the game scoring his first goal of the season just two minutes into the second period for what ultimately prove to be the game-winner.
Remember those few weeks earlier this season when Henrik Lundqvist was struggling, he was losing playing time to Antti Raanta, and everybody in the NHL was freaking out about the Rangers’ goaltending situation?
At this point it seems like an eternity ago.
Lundqvist has been on an absolute roll over the past month and has helped the Rangers finally gain some ground in the Metropolitan Division.
After his 32 save performance — in the Rangers’ 2-1 shootout win in Toronto on Thursday night, the Rangers are now in the third spot in the Metropolitan Division, moving ahead of the Columbus Blue Jackets who for the time being move down to the top Wild Card spot. The Rangers are now just two points back of the Pittsburgh Penguins for a spot that would get them home ice in the first round.
Leading the way lately during this recent surge has been Lundqvist as he plays his best hockey of the season. In his past 13 starts the Rangers own a 10-2-1 record, while Lundqvist is carrying a .938 save percentage.
Even though the Rangers took huge steps over the summer to improve their forward depth — and it has absolutely paid off — it is still a team that is weak on the blue line and is only going to go as far as Lundqvist can carry it in the playoffs.
But with the way he is playing right now, and with the way the Rangers can roll four solid lines and score (3.28 goals per game, fourth best in the NHL) this could be a potentially scary team come playoff time.
Overall this season the New York Islanders have really struggled away from the Barclays Center, a point of concern when you consider how many road games they have down the stretch as they try to overcome their miserable start to climb back into the playoffs.
Their current nine-game road trip is off to a promising start with wins in the first two games, including a 3-0 shutout win over the Montreal Canadiens on Thursday night to improve their record to 12-4-2 under new coach Doug Weight.
The Islanders received goals from Anthony Beauvillier, Anders Lee and John Tavares in the win, while Thomas Greiss stopped all 24 shots he faced to record his third shutout of the season.
With the win the Islanders hold sole possession of the second wild card spot in the East for the time being, two points ahead of Florida and Boston (the Bruins are in action right now) and continue their stunning second half turnaround.
But while things are going great for the Islanders right now, the struggles in Montreal continue.
With their loss on Thursday they failed to put any extra distance between themselves and the rest of the Atlantic Division that has suddenly closed the gap on them. They remain just two points up on Ottawa and only four points ahead of Toronto. The loss also continues what has been a particularly brutal stretch over the past couple of months that has seen the team win just seven of its past 20 games.
It’s probably too early to start fully panicking in Montreal, but given the way the end of last season went this can’t be a promising development for Canadiens fans.