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The Isles Circus is back in Town |
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Just when you thought all would be fine in Islander Country, the Big Top Tent goes back up in Uniondale. It was too quiet for too long. We should have known the circus would return.
Yesterday afternoon, in between news of war and human tragedy, news of a frivolous law suit against Charles Wang and the NY Islanders made it’s way through the news feeds. In all honesty, for me, it was a welcome sight after being bombarded with horrific images of suffering.
“Oh look! A hedge fund shark is suing a business shark all over the Islanders. YEAH!!”
Michael Willhoft wrote an excellent, detailed piece yesterday on the whole circus side show for IslandersInsight.com. (http://www.islandersinsight.com/2014/08/barroway-files-10-million-lawsuit-islanders-owner-wang/) That is the story I opted to read. I suggest you do too. What I came away with what I had said all along. “Charles Wang really hates the thought of selling the Islanders when they’re one solid D man away from being a contender.”
Certainly the man loves money. He knows how to make it, he knows how to spend it, he knows how to LOSE it and he knows how to donate it. Cash is king. But an NHL team? That’s something rare, beautiful and heartbreaking. It's hard to give up.
The lawsuit filed by Barroway and his partners NY ICE claim Mr. Wang upped the price from $420 million to $548 million because “he believed he had agreed to sell the Islanders for a price too low.”
BWAAHAHAHHAHAHHAH… Wasn’t $420 million a bit high for a financially strapped franchise, even moving into a new building with the possibility of increased revenue, wasn’t that over-valued according to Forbes reports of NHL teams? Was it? Is it? Okay, maybe Charles Wang is delusional about how much his perpetual bottom five team is actually worth. Or maybe he just didn't like Barroway's ideas on the team.
The Newsday story by Zachary R. Dowdy and Steven Marcus in today’s Newsday (http://www.newsday.com/sports/hockey/islanders/islanders-owner-boosted-islander-s-selling-price-in-bad-faith-lawsuit-says-1.9032867) goes on to state that Charles made this move after hearing the LA Clippers were to be sold for $2 billion. Again, I laughed so hard I spit my coffee at my computer.
Now there is a media circus. Repulsive actions and scandalous behavior drove that price up. Mr. Wang will need to do a lot better in gaining media attention if he wants THAT sort of price increase. But I digress.
So Barroway wants $10 million break-up fee. Did CBW get that when the Town of Hempstead broke up with him? Did he sue for any of the $15 million he lost on the Lighthouse project? How many of the environmental impact and traffic studies that he paid for are being used by the county and town?
Charles Wang has already lost a Titanic boatload of money on this franchise. I say write the hedge fund sleaze a check for $5 million and send him on his way. But that’s me. It’s not my money.
The Islanders representative told Newsday “the reports have no merit.” and the NHL calls the lawsuit a private dispute. As usual, we will never know the ENTIRE story behind the Islanders dealings. So.... I’ll just call it another Day in Islanders Country.
If you need bathroom reading, Newsday has also linked the entire lawsuit: http://www.newsday.com/news/breaking/charles-wang-ice-documents-on-nassau-coliseum-deal-1.9031471
New York Islanders Blogger • 
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