Lightning owner Len Barrie says NHL is "satisfied" with his letter of credit

Lightning co-owner Len Barrie said Thursday the NHL is "satisfied" with his letter of credit.

"The league is satisfied and things are progressing nicely," Barrie said from New York, where he met almost two hours with commissioner Gary Bettman at the league offices.

Deputy commissioner Bill Daly confirmed the sentiment.

"We had the meeting," he said in an e-mail. "We're satisfied with where things stand, and things are moving forward."

Barrie, by Friday, had to come up with either $10 million in cash or an irrevocable letter of credit from a financial institution and payable to the NHL to cover his portion of the team's projected losses for the fiscal year beginning July 1 while also providing a funding cushion. There was no word on the name of the institution involved.

Barrie's next deadline is Aug. 1, when he apparently must come up with $3 million to repay a cash call he missed last season that co-owner Oren Koules apparently covered. Additionally, Bettman is wading through briefs and papers filed by both Barrie and Koules as they vie for ownership control.

For the time being, though, things presumably are status quo in the Lightning front office. Koules is still CEO and governor and, with general manager Brian Lawton, controls most of the day-to-day activity surrounding the team. Barrie still has managerial rights in that he must sign off on all "major" player transactions.

Comments

[PD]

Patrick on the bet , you are on too.
We can tidy it up before the puck drops.

[PD]

Patrick:"If we could get him at under 4 mil, I'd be all over it".

My guess, 30 other teams would as well.

I think Tanguay gets 4x 4..16 mill.

[Patrick]

I love the thought of Tanguay skating with Vinny. Tanguay has flourished in the past with very talented centers, I think both he and Vinny could help each other get back to form. And that would allow Marty to continue to build chemistry with Stammer. But I don't think Tanguay is close to worth 5 mil. So I don't think it's going to happen. If we could get him at under 4 mil, I'd be all over it.

[Max Hunter]

I just read the TBO article. Once in a while it's nice to see TBO scoop DC. :D

He's done it a couple times as of recently - and he should be damn proud of it. Kudos to Eric, because I know you're listening.

[Don in St. Pete]

Hola Bolt Fans! It looks like DC's counterpart at the Trb has gotten some decent info. Go to www.tbo.com and click on sports/lightning. It seems a deal is close with Smaby and could be done by the weekend and that the Bolts are seriously persuing Alex Tanguay.

[RICK L]

Yes DC how bout a new article,or something b4 this turns into a gang up on PD ! Don,i can't imagine what neg, PD could say about smitty, he was splendid last season, on the other hand if it were a neg. on mezsaros i might have to agree with him, that guy has shown me nothing on the ice other than playing with a serious gash !

[Don in St. Pete]

Boltflasher and Herb, thanks for the link and the pick me up. Hockey news has slowed to a crawl but you have to believe Lawton is hard at work trying to swing a deal with one of the cash strapped teams for a top 6 forward. ! week left for them to sign Smaby before arbitration, let's get `er done. I see San Jose, Edmonton, Ottawa, New York and Montreal as our most likely trade suitors but a lot can happen in the next 6 weeks. Minnesota couls also be a possibility. It's fun to use the capgeek.com sight and make a trade that meets the needs of both teams while still remaining under the salary cap limits. Interesting stuff. Isn't if funny how PD harps on Smitty and our signing of Niity and then conveniently says that the groin and Hip Flexor surgeries on Toskala were no big deal and that he'll be back to 100%? Go figure.

[Boltflasher]

NHL.com article on top 10 teams on the rise...Bolts #6...

http://www.nhl.com/ice/news.htm?id=450999&navid=DL|NHL|Home

[Herb]

by Edward Fraser, The Hockey News Funny how "The Hockey News" has the Bolts as a "winner" in free agency whereas they have the Maple Fleas as "loser". They also point out that Colton Orr and Mike Komisarik(sp) were considered bad contracts. Let's wait until the season plays out to see who is right or wrong huh PD?

[cnw]

Is Damian on vacation? I believe it's time for some new news. What's the status on a defense coach? Don wants to know about the rehab of Ranger and Mezz. Where's Leo and Marki?

Let's hear some more good news!

[Don in St. Pete]

Randt, I agree on your take on the ownership situation. Lawton and crew did a fine job at the draft and in free agency thus far. With the lion's share of the work done a few minor tweaks and RFA signings remain, but Bolt fans should be optimistic.
In many NHL cities across the US and Canada, players start arriving in town in late July and skating with some of their teammates. Any word on whether any of the Bolts are in town working out yet? I'd also like to here an update on the rehab of Ranger and Mezsaros.

[Randy C]

Karma,

I'm with you on if it's ok for the commish, it's ok for me. These guys made a lot of mistakes last year and this blog has beaten to death what they were. This year they have executed a plan to improve our team both now and in the future. They deserve credit and a little more benefit of the doubt than certain agitators want to allow. I would hope that we fans stand behind our Bolts a little more than we did before the draft and finally realize we are headed in the right direction. Let's quit assuming the worst all the time and see where this team goes. When I spoke to Oren, he specifically stated that most of this, he said she said reporting was not accurate. There are so any positives happening, I've decided to wait and see on all this stuff (Barrie's situation) believing mostly good will come out of it.

[karma]

Thanks cnw.
Don't know if it's revocable or not. However, my curiosity is surrounding the beneficiary of the LOC? Wondering this as I would imagine the scenario where the Dubai investor puts up a Letter of Credit as part of a non-refundable/refundable deposit as part of the Bear Mountain venture. Barrie could then assign his rights as the beneficiary under that LOC to whoever the League requires...

However, it's all really not that important. Barrie has satisfied the Commish' with his ability to perform as an owner and delivered his installment in the form of the LOC. Oren has $3 million coming to him in a couple of weeks. The "odd couple" which is Oren-Len, will find a way to iron out their differences. And, we had two first round picks for the first time in franchise history!!!

Now, if only the season was starting! Winning cures all, even ownership spats. I am really hoping that we stay healthy and build some chemistry for this season.

[cnw]

Karma, I've been trying to apologize for two days. I certainly did not include you in my comments in the second paragraph. Nor was I trying to insult your intelligence by replying to your post. If you read my prior posts, you will see that I view the LOC that the NHL is holding as a positive thing for the Bolts. However, I've been unable to post. Perhaps SPT thinks I'm an imposter, I am not. Anyway, sorry.

But does any one know if the LOC is an irrevocable LOC or just a main LOC?

[PD]

Totally agree LR

[karma]

Rod,
We're cool. Thanks for the response. I understand where you're coming from...

Now, back to hockey talk! Since the schedule is out, has anyone thought of making a canadian road swing in November or March when we head to Toronto/Montreal/Ottawa? Maybe if we can get a big enough group we can use some of our connections with the team to get tickets, rooms at the team hotel, etc. Just a thought, but one I start thinking about every year about this time...

[Lightning Rod]

LOL. Grade school stuff.

[PD]

Lightning Rod we are all so gratefull that you have taken on the role of class monitor.
Unfortunately, You are fos on the LOC..Karma nailed it.

[Lightning Rod]

Karma
Hey man, sorry if my last post came at you a little strong; but at times you can't tell who is who around here, at this time of year. I have no wish to drive you from this blog, as I welcome and will read the blogs of any TB fan and any fan of hockey in general for that matter.

It's the head games, impostor foils, and other twisted self-centered agitation stuff that has no place here. I know I can't stop them, but I and others can choose not to play their games by not responding to their posts. My past experience is that after a flare-up of this, it calms down for a little bit; and then some of the main agitators come back with NICE NICE rational sounding posts trying to get someone to response to them once again. Shortly thereafter it's off to the games again. As far back as I can remember, it's happened the same way every year, except PD, the shrink, and others had another blog names 4 or 5 years ago.

My post was done mostly to clarify the LOC issue, as not everyone knows how they are set-up and work. My statements on Dubai were made to try and provide some balance, to some of the real negative things that you rightly pointed out. However looking back,I came on too strong at your posting. Again. sorry for that; and I look forward to your future posts.

[olin]

...thank's for the Capgeek website Don, I put it into my fav's. Surprisingly, Plenty of Fish advertises there on the top of the page. Great site if your single and in the market.

[hyjyljyj]

“I’m about 85% now,” [Smith] said. “I’m not there yet, but I’m close."

Ruh-roh.

Oops.

[olin]

...enjoy'd reading your Smitty linc Mike. I wonder how many of and what percentage these Hockey guy's have summer dig's on a lake "Somewhere up North" on a lake, down a back wood's dirt road whether it be in Minnesota, Alberta, or Finland. I bet a very big percentage. It would be where I would take my sommer's. Sure hope Smitty will be good to go.

[Don in St. Pete]

www.capgeek.com has Jason Ward signing with Philly.

[karma]

As a post-script...why not search "Dubai recession 2009"? It will only take you a minute to determine that I might actually be right...

[karma]

Rod,
I don't know if I'm really one of the people you want to chase off this board as I'm on the same team as you -- and definitely NOT a PD clone, supporter, etc. I find him to be nothing more than an irritant.

However, while it's easy enough to google dubai and oil, why not take a minute and check out "dubai economic crisis"? I don't make stuff up. Dubai may be part of UAE, but that's like Minnesota being part of the US (without the obvious geographic differences), and having about as much oil as texas. Dubai's economy is in the tank. Take some time and read about it...I have personal experience working with businesses in this region and people are scattering.

That being said...I never said that Barrie's Dubai partners weren't legit. I only said that I'd believe that the Bear Mountain deal comes to fruition when I actually see it. Does it matter in the long run vis-a-vis his ownership interest? Maybe. Maybe not. If you've done any business in that part of the world, you would understand that things operate a bit differently, and nothing, NOTHING, is final until the money actually exchanges hands. You don't have to believe me, but I've seen many clients get burned by spending the anticipated proceeds form a Dubai, Qatar, etc. investment before the $$$ actually passes through. I'm sure that the league has checked into the LOC, but neither you nor I know what bank it's drawn on/guaranteed by. I can only hope that proper due diligence has been done and that the LOC is worth the paper it is drawn on.

As I've said before, this is MY team. I've been a season ticket holder for many, many years. I am personal friend with alums. But, I also know a great deal, first hand, about middle east business transactions, and I can guarantee, that until the money is in the bank for the Bear Mountain investment, it's only a very hopeful wish. And, I'm hopefully wishing...

So, if you disagree with me, fine. But don't tell me that I don't know what I'm talking about, when in actuality, I do.

[Herb]

Great link Goldenbolt, thanks, I enjoyed reading it. Smitty is my favorite Bolts and I am hoping that he will be ready.

[RICK L]

What gives ........smitty says he 85% and the other day lawtongue says he's a 100% ?

[goldenbolt]

Found this on another site related to the status of Smitty.

http://slam.canoe.ca/Slam/Hockey/NHL/TampaBay/2009/07/18/10180221.html

This is dated today.....

[olin]

....Still more Sommer Silly Season talk, but is something to talk about I suppose.

[Don in St. Pete]

Rod, You're right on the LOC and on PD. I have much experience, though it's been a few years now with the Irrevocable Letters of Credit, having done many large and adventurous Computer deals over the years. 1 phone call is all it took to uncover a bogus LOC so we can all breathe easy in the short term. How it all plays out in the long term will be a debate for another day. I agree that all discussions on this blog should be about the Bolts and so will refrain from engaging PD or the Imposter on non-Bolt related issues.

[2WayCenter]

Lightning Rod - Thanks for posting your expertise on the LOC.

[Lightning Rod]

ere are some facts that people can actually check on; versus poster's who make statements that have little or no backing.

1.Dubai is part of the United Arab Emirates, and is it's largest city. Even as part of the UAE, Dubai has it's own oil reserves (20 yrs. worth at least); and the whole UAE has the 5th largest proven oil reserves in the WORLD. Just look it up on the web (UAE and Dubai oil reserves).

2. An irrevocable LOC means that all (100%) of the money is in the financial institution issuing the LOC; and it has nothing to do with the contract situation on Barrie's Bear Mountain Resort, as that has not closed nor has money changed hands. Even if that contract is now hard, with an escrowed deposit going to Barrie whether or not the deal closes, no FI would fund a LOC on it, due to possible litigation and other factors. This $10M LOC is a 100% irrevocable guarantee, that Barrie has committed, to the Lightning and the NHL, which he can't change, borrow against, move, or touch, as directly indicated by the word irrevocable. If Barrie was going to default, it would have before he pledged the $10M LOC, as who would do an irrevocable LOC for $10M and then default on the next lessor payment and/or contractual obligation. Barrie maybe many things, but he is not financially stupid, as some here have tried to imply.

Hey Don, part of PD's stick is that he obviously knows and researches hockey; but that knowledge is what he uses to his advantage, with good guys like you and Coach Bill, who are inclined to give people the benefit of the doubt. I have seen these same antics and impostor foils associated with PD for years. As I said in my previous post here, there is no question that all of this agitation revolves around PD, and the sick myopic world that he wants to be the center of. The game is the world according to PD; and, as a Lightning fan, why should I or other TB fans really give a rat's behind, about what he, or the foils that revolve around him, post or have to say. Don, do you really think that he actually cares about what you think and post here?

[Don in St. Pete]

PD, I agree on the sHABs. I predict they will be struggling to stay within shouting distance of the 8th spot. Also, perhaps too many changes, see 08-09' Bolts. I think Tampa Bay and Toronto are the most improved so far, with Washington doing a good job replacing Kozlov and Federov with Knuble and Morrison. I don't see anyone else in the east as having improved, but as I said there is still time.

[PD]

Flasher , tips on your 1123 post.
Canadiens?? I don't think so..they have gone smurf and still don't have a goalie.

[Boltflasher]

Don, not a lot of thought put into that ESPN article. MTl still better than TOR...but way too early to predict anything...meaningless...

[PD]

Tell it to ESPN Don.

Totally agree with you though that rosters are in flux until the real puck drops.

I think a few GM's are going to panic over their committed salaries .

Some great deals to be had yet.

[Herb]

Chris Berman and the rest of the ESPN cronies are pathetic.

[Herb]

Just remember Don, ESPN gave up on the NHL so there is NO credibility there at all. ESPN BLOWS and I would much rather have TSN instead. We all know that ESPN would never let that happen.

[Don in St. Pete]

PD, I think that guy is somewhat delusional. I've never heard of him before and won't put much credence into his predictions. There's still a lot of time left before the puck drops for real and a lot of changes could still occur. There are a lot of questions, such as how well players come back from injury, still to be considered.

[coachdave]

The espn linked article doesn't take into consideration any of the roster moves made by the lightning- so is one to assume that said roster moves will have no effect on the team's performance?? That seems rather presumtuous- how is it that signing Ohlund, Walker, and Nittimaki doesn't rate us a little higher than say the panthers? I think that Tocchet and his boys are going to surprise a few so called experts, that what I think.

[PD]

Well well well,
as the events continue to unfold they seem to be getting a little bit clearer no?

Heh Don , on that playoff bet thing, here's how ESPN has handicapped the 09 season based on draft and free agency
http://sports.espn.go.com/nhl/columns/story?columnist=frei_terry&id=4323473

I see the Leafs one higher, but will take it.

[ajax]

So strange that all of the imposters have the same exact opinion of Mr. Flipflop PD...c'mon gang...how much more proof do you need.....doesn't anyone just laugh when someone posts under one of the wallbangers names and says "way to go PD, you are so smart"
I could enter under my daughters laptop or my work pc or my mom's laptop.....and I could write....way to go Ajax you are so brilliant...thank fully most of us are a little bit more sane than the insane one.....Ignore the fool!!!!!!!!!!!!!!!

[Herb]

Rick L, I was thinking the same thing about what an idiotic statement that was that Dubai's economy was "in the tank". If you have plenty of oil, you have no problems. Oil is indeed black gold and these days worth more than gold, or at least is seems like it.

[D]

The only way I care whether the Bolts finish ahead of the Leafs is if it's for the last playoff spot or home ice. What is it with the Leafs and this board? Are there no Leaf boards in Toronto? How are the Leafs even relevant?

I suspect the Bolts aren't the only team with financial turbulence, just the only team that's so public. Regardless of who owns the team, Tampa Bay has proven itself as a hockey market. Nearly 5,000 for a prospects game in July is just one more verification. So, I don't care who owns it. Moving this team in a good economy would be a huge business mistake. Moving it in this economy would be suicidal.

[hyjyljyj]

"I see Coach Bill and Ajax the self-important, hypocritical turd are starangely silent about this development. It's obvious Barrie will be dropping out and that Vinny will be traded before the season. Morons!!"

Thanx ignutz...nothing beats first-hand experience from an expert in being self-important, a turd, and/or a moron

[Randy C]

Imposter,

It is spelled Koulaid! You would have probably shown up late for the draft, with a white flag and surrendered our picks to Burkie. Would you have hidden behind someone elses name there too? I'm sure you would have.

[karma]

cnw -- i sure hope that the nasty little kid comment isn't a reference to me! As an attorney with many years under my belt, I fully recognize the negotiability of an LOC.

Rick L, Dubai has not oil. It's a playground for the ruling classes from oil producing countries and has been built entirely on credit. It's hurting tremendously with the price of oil dropping. My personal skepticism is a result of having been involved with international transactions which have roots in Dubai. I don't believe it until I see it.

Guys (and gals), I want nothing more than success for this team, as it is MY team as well. The one thing Palace brought was a financially stable ownership group, even if they didn't spend as freely as we would have liked. There's not much we can do about OK's internal financial struggles, but let's hope they can sort it out. Not sure any of us as fans are prepared for another "Kokosai Green" or an Art Williams. Lastly, if you think we have trouble, look at Phoenix and Gretzky...You know we're really in deep if that creep Jim Ballsillie (sp?) starts showing up in town.

[Randy C]

Winnbig,

Glad to see you can overlook 2 weeks of glorious improvement and positive news in an instant. There will be no disjointed camp. Brian Lawton was a player agent, in the business as a #1 overall draft pick, that worked closely with every GM in the business, not to mention a few players also. Didn't do to bad on the draft either, according to all who cared to notice, and secured several UFA's that all who care to notice. But no, lets throw out all the positives and facts for something we don't have all the facts about.

Ya jumped far to soon Winnbib!

[Winnbig]

Who cares who was right and who was wrong? It doesn't change this situation at all.

We don't need this distraction. We are going to have another disjointed camp, our pre-season game flea market is a joke and will not allow for consistent flow for pairings, lines or special teams because of the high number in a short period.

Our coaching staff is still incomplete, we are losing the stability in hockey ops in Claude Loselle (sp?).

We are banking our hopes on too many players rebounding from big injuries.

If Len The Fraud Barrie misses the $3million payment that will put pressure on Koules who is not exactly flush with cash. What happens when that happens?

I wish the whole nightmare would end.

Why doesn't Koules wake up and turn the business over to someone that has done it well before? Steal from another team or bring back a Detroit guy.

But no we are cowboys, we will end up hiring a business guy from another industry and like Lawton he will at a minimum have an awful first year, because of the on the job learning and there will be so much meddling.

and uhm RickL Dubai is in the tank

[ZERO]

What exactly are we giving PD credit for? It has been speculated for some time that Barrie couldn't sell, and wasn't contributing. Duemig (aka gasbag, don) reported that awhile ago. And confirmed when Romano wrote the article poo-pooing Koules, and praising Barrie, as an owner.