※ 引述《ZazaPachulia (皮卡丘)》之銘言： : Co-owner split hits big snag 共同經營者意外踢到了大鐵板 : Belkin upset with money lost during delay in selling Hawks share Belkin對於販賣部分老鷹經營權的延遲期間所損失的錢感到相當沮喪 : By TIM TUCKER 作者：提姆‧塔克 : The Atlanta Journal-Constitution 亞特蘭大議事報 : Published on: 02/23/06 發布日期：'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說每延遲一天將老鷹及NHL鶇(唸東)鳥的股份脫手他就損失四萬元。 : 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. 不過Belkin的合夥人說這位被疏離的股東並未被要求出資填補球隊自從八月以來的"實 際經營損失"，那最多可以幫他省下九百萬美元。 : 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. 像這樣關於全美盛行的運動事業，一般人鮮少能夠知悉其內部的財務情形，但這群發 現要拆夥跟要合夥一樣困難的老鷹-鶇鳥球隊股東在最近的法庭文件中將之全都披露出來。 : When the feuding owners made a deal to divorce last summer, : they thought they had covered all the bases. 去年夏天，當這群長期不和的合夥人決議要分道揚鑣，他們認為自己已經搞定了所有 的小細節。 : 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. 他們同意Belkin將他的股份賣給B.Levenson、E.Peskowitz和M.Gearon Jr.為主的其他 合夥人，而價錢將由投資銀行評估出來的三個價錢中的決定。他們同意讓Belkin選擇第一 位估價師，並同意不管哪一方反對第一個估價結果，將握有選擇第二位估價師的權力。 : 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. 而且他們同意讓NBA當局選擇第三位估價師，如果有必要，他們會把包括介於三個估價 提案間的最終價格寫下來放在帽子裡，用抽籤來決定。 : 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. 不過這本多達13頁的收購同意書忽略了一個基本條件：他們未敘明如果雙方都反對第 一個估價的話，誰握有選擇第二個估價師的權利。 : 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，根據法律文件，事情演變成雙方各說各話 - Belkin拒絕了第一個估價提案，因 為他覺得那價錢低得離譜，而其他的合夥人也拒絕該提案，因為那價錢高得誇張，但雙方 卻同時聲稱他們有選擇第二位估價師的權力。 : So the owners will be back in court Friday, asking a Maryland : judge to referee a buyout process in disarray. 所以雙方都將在星期五重回法庭，要求一位馬里蘭的法官調解這個混亂的收購過程。 : "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." 同意收購Belkin股份的合夥人陳述"簡單地說，買賣雙方由於盤算、對付或解決該僵局 的協議觸礁而表現得跟笨蛋一樣。所以，除非法庭提供一個條款來打破僵局，這份合約將 會因為缺少那個必要條款而未能履行。" : 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: 禮拜五在馬里蘭州岩石鎮舉辦的聽證會，買賣雙方都將詢問蒙哥馬利郡巡迴審判法庭 法官E.Johnson，選擇第二位估價師的權力到底歸屬於誰： : ‧ 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將以他是第一個拒絕第一個估價提案的人為由來要求法官判定他握有選擇第 二位估價師的權力，因為他自CitiGroup私人銀行拿到厚達70頁的報告書後的一分鐘即提出 異議。 : ‧ 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. ‧其他的合夥人則會以要求"一個公平、公正的過程"來請求法官判定他們握有選擇第 二位估價師的權力，因為Belkin選擇了第一個估價師，而且他們也在規定的五個工作天內 即提出反對第一個估價提案的意見。 : 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. 很可能法官會婉拒提供這個關鍵條款，既然那樣，那整個合約可能會失效，而買賣雙 方可能會面臨必須重新談判或花上好幾個月時間等待完整的審判過程結果的情況。 : 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. 由於合約失效，除了可能涉及數百萬美元的損益，也將是亞特蘭大運動史上時間拖得 最久的肥皂劇。 : 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. 根據法律文件，Belkin在拒絕CitiGroup的估價提案後以一百五十萬美元的代價聘請 J.P.Morgan證券公司做出第二個估價提案。法律文件未敘明任一提案的總值，但Belkin的 簡報中表明第二個估價案的價格比第一個高上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. 另一個Belkin的文件表示如果他手上大約30%的股份每延遲一天脫手，他每天光是利息 最多就要損失四萬美金。儘管他未說明用以計算的利率，但從每一天光是利息就損失將近 四萬元可以推測，根據法律文件總計他大約投資了一千一百七十萬美元。 : (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.) 時代華納當初將老鷹、鶇鳥及飛利浦球場的經營權賣給亞特蘭大精神團隊時曾公開其 總價值約為兩億五千萬美元，不過那大部分都是長期貸款，包括由老鷹隊的收入當背書的 球場興建貸款。 : 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的簡要陳述："有6個月的時間，這些被告們已經能好整以暇享受一塊蛋糕。自 從'05年八月他們迫使我放棄NBA球隊老闆的身分後，他們很享受不用支付費用就能握有球 隊及球場的完整掌控權。" : 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. 不過另一位合夥人Gearon的宣誓書表示Belkin對於必須共同負擔由於收購案導致的實 質營業損失是不痛不癢。 : 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. 根據Gearon的宣誓書，合夥人們在11月有一千五百萬美元的 : 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. : 資料來源 : http://www.ajc.com/hawks/content/sports/hawks/stories/0223belkin.html --

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