※ 引述《ZazaPachulia (皮卡丘)》之铭言： : Co-owner split hits big snag 共同经营者意外踢到了大铁板 : Belkin upset with money lost during delay in selling Hawks share Belkin对於贩卖部分老鹰经营权的延迟期间所损失的钱感到相当沮丧 : By TIM TUCKER 作者：提姆‧塔克 : The Atlanta Journal-Constitution 亚特兰大议事报 : Published on: 02/23/06 发布日期：'06年2月23日 -- : Steve Belkin says he is losing up to $40,000 per day in interest : because of the delay in completing the sale of his stake in the : Hawks and Thrashers. S.Belkin说每延迟一天将老鹰及NHL鸫(念东)鸟的股份脱手他就损失四万元。 : But Belkin's partners say the estranged part-owner has not had : to help fund the teams' "substantial operating losses" since : August, saving him as much as $9 million in capital calls. 不过Belkin的合夥人说这位被疏离的股东并未被要求出资填补球队自从八月以来的"实 际经营损失"，那最多可以帮他省下九百万美元。 : Such rare glimpses into the economics of big-time sports are : contained in recent court filings by the Hawks-Thrashers owners, : who are finding it as difficult to break up as it was to co-exist. 像这样关於全美盛行的运动事业，一般人鲜少能够知悉其内部的财务情形，但这群发 现要拆夥跟要合夥一样困难的老鹰-鸫鸟球队股东在最近的法庭文件中将之全都披露出来。 : When the feuding owners made a deal to divorce last summer, : they thought they had covered all the bases. 去年夏天，当这群长期不和的合夥人决议要分道扬镳，他们认为自己已经搞定了所有 的小细节。 : They agreed Belkin would sell his stake to his partners — : principally Bruce Levenson, Ed Peskowitz and Michael Gearon : Jr. — for a price to be determined by up to three appraisals : by investment banks. They agreed Belkin would choose the first : appraiser. They agreed that either party objecting to the : results of the first appraisal would choose the second appraiser. 他们同意Belkin将他的股份卖给B.Levenson、E.Peskowitz和M.Gearon Jr.为主的其他 合夥人，而价钱将由投资银行评估出来的三个价钱中的决定。他们同意让Belkin选择第一 位估价师，并同意不管哪一方反对第一个估价结果，将握有选择第二位估价师的权力。 : And they agreed the NBA would choose the third appraiser, if : necessary, by drawing a name from a hat, with the final price : being the middle of the three appraisals. 而且他们同意让NBA当局选择第三位估价师，如果有必要，他们会把包括介於三个估价 提案间的最终价格写下来放在帽子里，用抽签来决定。 : But the 13-page buyout agreement missed one base: It did not : specify who would choose the second appraiser if both parties : objected to the first appraisal. 不过这本多达13页的收购同意书忽略了一个基本条件：他们未叙明如果双方都反对第 一个估价的话，谁握有选择第二个估价师的权利。 : And that, according to court documents, is what happened — : Belkin objecting to the appraisal because it was "grossly : undervalued," the other owners objecting because it was "grossly : excessive" and both sides then claiming the right to choose the : second appraiser. 而且，根据法律文件，事情演变成双方各说各话 - Belkin拒绝了第一个估价提案，因 为他觉得那价钱低得离谱，而其他的合夥人也拒绝该提案，因为那价钱高得夸张，但双方 却同时声称他们有选择第二位估价师的权力。 : So the owners will be back in court Friday, asking a Maryland : judge to referee a buyout process in disarray. 所以双方都将在星期五重回法庭，要求一位马里兰的法官调解这个混乱的收购过程。 : "The parties, in short, are at loggerheads as a result of the : failure of their agreement to contemplate, address or resolve : the impasse they now face," states a motion filed by the owners : who agreed to buy out Belkin. "Thus, unless this court supplies : a term to break the deadlock, the contract will fail for want : of an essential term." 同意收购Belkin股份的合夥人陈述"简单地说，买卖双方由於盘算、对付或解决该僵局 的协议触礁而表现得跟笨蛋一样。所以，除非法庭提供一个条款来打破僵局，这份合约将 会因为缺少那个必要条款而未能履行。" : At Friday's hearing in Rockville, Md., each side will ask : Montgomery County Circuit Court Judge Eric Johnson for the : right to select the second appraiser: 礼拜五在马里兰州岩石镇举办的听证会，买卖双方都将询问蒙哥马利郡巡回审判法庭 法官E.Johnson，选择第二位估价师的权力到底归属於谁： : ‧ Belkin will ask the judge to rule that he earned the right : by being the first party to object to the first appraisal. He : filed his objection one minute after the 70-page report was : submitted to him by CitiGroup Private Bank. ‧Belkin将以他是第一个拒绝第一个估价提案的人为由来要求法官判定他握有选择第 二位估价师的权力，因为他自CitiGroup私人银行拿到厚达70页的报告书後的一分钟即提出 异议。 : ‧ The other owners will ask the judge to rule that "a fair, : balanced process" demands that they choose the second appraiser : since Belkin chose the first and they, too, objected to the : first appraisal within the allotted five business days. ‧其他的合夥人则会以要求"一个公平、公正的过程"来请求法官判定他们握有选择第 二位估价师的权力，因为Belkin选择了第一个估价师，而且他们也在规定的五个工作天内 即提出反对第一个估价提案的意见。 : It's possible that the judge will decline to supply the key : term. In that case, the entire contract could be rendered : inoperative, and the parties could be faced with negotiating : a new deal or waiting many months for a full trial. 很可能法官会婉拒提供这个关键条款，既然那样，那整个合约可能会失效，而买卖双 方可能会面临必须重新谈判或花上好几个月时间等待完整的审判过程结果的情况。 : Potentially tens of millions of dollars, as well as the next : chapter in perhaps the longest-running soap opera in Atlanta : sports history, rides on the outcome. 由於合约失效，除了可能涉及数百万美元的损益，也将是亚特兰大运动史上时间拖得 最久的肥皂剧。 : According to court documents, Belkin retained J. P. Morgan : Securities, at a cost of $1.5 million, to conduct a second : appraisal after objecting to the CitiGroup valuation. Court : documents do not reveal the amount of either appraisal, but : a Belkin brief says the second came in 40 percent higher than : the first. 根据法律文件，Belkin在拒绝CitiGroup的估价提案後以一百五十万美元的代价聘请 J.P.Morgan证券公司做出第二个估价提案。法律文件未叙明任一提案的总值，但Belkin的 简报中表明第二个估价案的价格比第一个高上40%。 : Another Belkin filing says the delay in completing the sale : of his approximately 30 percent stake is "costing [him] up : to $40,000 in interest alone each day." Although the interest : rate used for that calculation is not provided, $40,000 per : day in interest would suggest a sales price many times Belkin's : investment, which, according to court documents, was about $11.7 : million. 另一个Belkin的文件表示如果他手上大约30%的股份每延迟一天脱手，他每天光是利息 最多就要损失四万美金。尽管他未说明用以计算的利率，但从每一天光是利息就损失将近 四万元可以推测，根据法律文件总计他大约投资了一千一百七十万美元。 : (Time Warner publicly put the total value of the deal at $250 : million when it sold the Hawks, Thrashers and Philips Arena : rights to the Atlanta Spirit group, but most of that was in : long-term liabilities, including arena bond payments backed : by Hawks revenue.) 时代华纳当初将老鹰、鸫鸟及飞利浦球场的经营权卖给亚特兰大精神团队时曾公开其 总价值约为两亿五千万美元，不过那大部分都是长期贷款，包括由老鹰队的收入当背书的 球场兴建贷款。 : A Belkin brief states: "For six months, the defendants have : been able to have their cake and eat it too. Since inducing : [Belkin's] resignation as NBA Governor in August, 2005, the : defendants have enjoyed complete control of the teams and the : arena rights without having to pay for it." Belkin的简要陈述："有6个月的时间，这些被告们已经能好整以暇享受一块蛋糕。自 从'05年八月他们迫使我放弃NBA球队老板的身分後，他们很享受不用支付费用就能握有球 队及球场的完整掌控权。" : But in an affidavit Gearon says Belkin "was relieved of [his] : obligation to pay [his] share of the substantial operating : losses of Atlanta Spirit" by the buyout deal. 不过另一位合夥人Gearon的宣誓书表示Belkin对於必须共同负担由於收购案导致的实 质营业损失是不痛不痒。 : According to Gearon's affidavit, the owners had a $15 million : capital call in November to which Belkin was not required to : contribute. The affidavit says the owners expect to issue : another capital call for $7 million "in the next few weeks, : " to which Belkin also will not have to contribute if the buyout : agreement remains in effect. Belkin's share of the two capital : calls would have come to $9.15 million, according to Gearon's affidavit. 根据Gearon的宣誓书，合夥人们在11月有一千五百万美元的 : The latest legal maneuvering began with a lawsuit filed by : Belkin in November. The suit was filed in Maryland because : the buyout agreement stipulates disputes are to be litigated : there. Levenson and Peskowitz own a business information company : based in Rockville, Md. : According to an affidavit by Ray Baltz, an attorney who : represents Atlanta Spirit, the possibility of both sides : objecting to the same appraisal did not surface in last : summer's negotiations. : "At no time during the course of the entire settlement : negotiations . . . did any of the parties or their counsel : or any representative of the NBA raise with me the question : of 'what happens if both parties object to the [first appraiser's] : valuation?'?" Baltz's affidavit says. : "The [contract] is simply silent on the subject." : Friday's hearing is to address only the issue of who picks : the second appraiser. Other issues raised in Belkin's lawsuit : will be considered later, including his contention that he : should be allowed to buy out his partners for an amount equal : to their total contributed capital if they don't finish the : purchase of his stake within an allotted time. : 资料来源 : http://www.ajc.com/hawks/content/sports/hawks/stories/0223belkin.html --

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