MASN dispute update

[Frobby]

44 minutes ago, spiritof66 said:

No. I have a paper copy. I'll try to remember where I got it, and I'll post the link if I can find it. 

No need.  See my posts above, which have a link to an unredacted copy.  

[Going Underground]

Judge denies Nationals’ request to order Orioles-controlled MASN to pay $23 million into escrow – Baltimore Sun
https://www.baltimoresun.com/sports/orioles/bs-sp-orioles-nationals-masn-20220427-ldv2dl2usje77mmlwatd5ymy3a-story.html

[Frobby]

That’s an important win for MASN, though essentially a temporary victory.  They’ll still have to pay the $23 mm and more if they lose their appeal.   They just don’t have to escrow it now.  

[TonySoprano]

Quote

“MASN is an entity that is completely controlled and managed by the Orioles,” Stephen Neuwirth of Quinn Emanuel Urquhart & Sullivan, the D.C. baseball team’s outside counsel, said at the New York State Supreme Court session. “The Nationals have no say whatsoever. … Since 2018, MASN has stopped all profit distributions to the parties, which is very important money for cash flow purposes to the Nationals.”

Quote

“In light of the choppy waters in the RSN industry and because of the litigation, we directed as managing partner MASN not to make discretionary cash flow distributions,” said Sosnowski, who represents both the Orioles and MASN. “Beginning in 2018, we did that. That enabled MASN to pay the judgment amount of the escrow. And we haven’t directed MASN (to) make a discretionary cash flow distribution since, because we are prudently managing the asset because we could pay the judgment. The Nationals have actually sought a discretionary cash flow distribution in addition to seeking MASN to pay (more) money into the escrow account” to cover the interest.

Quote

“What is happening here, we believe, is that the Nationals are not too happy that the Court of Appeals took the case,” Sosnowski said this week, suggesting the team was insisting MASN put tens of millions of dollars more into escrow for that reason.

“The question for this Court, I submit, is whether the Court should exercise its discretion to leave the escrow the way it is or to tie up about $20 million or more of MASN’s cash in escrow while the Court of Appeals hears the case. That’s going to destabilize, potentially, the asset.”

Quote

“There is every reason to expect that in the event that the Court of Appeals rules for the Nationals, steps will be taken to try to delay or avoid the payment of what by that time will be approximately $30 million in post-judgment interest,” Neuwirth said.

“We don’t know what could happen in the next year to Major League Baseball, to the Orioles, what might be done to tie up their assets. And there have been public reports about a potential sale of the Orioles. We just don’t know.” Ironically it is the Nats that have publicly said they would consider selling the team.

https://theathletic.com/3281680/2022/04/29/nationals-orioles-masn-profit-sharing

[Beetlejuice]

On 4/26/2022 at 2:30 PM, Frobby said:

When the original lawsuit was filed, the version on the court website was heavily redacted.   The version I linked to you was filed about 5 years later.   I guess someone decided the information was no longer sensitive.  

I sent the link to Barry Svrluga, the Post reporter who wrote the story, and asked what the basis was to conclude that the Nats broadcast rights reverted to the Nats if the Orioles were sold.  He said the was told this by “two people with direct knowledge of the arrangement” but said he was going to “triple check” with them.   Maybe he’ll get back to me once he does, though I’m not necessarily expecting him to.  

I take it he’s not responded?

[Frobby]

14 minutes ago, Beetlejuice said:

I take it he’s not responded?

Crickets.  

[Beetlejuice]

Quote

Another article from the Post.

They can’t even reconcile their own reporting.

[Beetlejuice]

On 5/22/2022 at 5:17 PM, Frobby said:

Crickets.  

They published a correction.  If this place allowed PMs I’d tell you more

[SteveA]

5 minutes ago, Beetlejuice said:

They published a correction.  If this place allowed PMs I’d tell you more

You can.

Click on Frobby's name on his post, that will bring up his profile page.

There will be a button that says "Message" and you can send him a private message.

[Frobby]

33 minutes ago, Beetlejuice said:

They published a correction.  If this place allowed PMs I’d tell you more

Did they?   I’ll have to look for that. 
Edit: here it is:

CORRECTION

A previous version of this column misrepresented what would happen to the Washington Nationals’ media rights should the Baltimore Orioles be sold. The Nationals’ rights would not automatically transfer to the Washington club.

https://www.washingtonpost.com/sports/2022/04/24/masn-nationals-owners/

I’m a little surprised he didn’t write to tell me about the correction.

 

[Frobby]

Here’s what the Svrluga article said before:

“People around baseball suspect that the Angelos family is preparing to sell the Orioles. If the latter happens, you know what becomes of the Nationals’broadcast rights? They transfer back to the Nationals.”

Here’s what it says now:

“ People around baseball suspect the Angelos family is preparing to sell the Orioles. A sale of one or both clubs has lots of people within baseball optimistic that a settlement could be reached and the Nationals would – for the first time – own their own media rights.”

That’s very different.   

[eddie83]

7 minutes ago, Frobby said:

Here’s what the Svrluga article said before:

“People around baseball suspect that the Angelos family is preparing to sell the Orioles. If the latter happens, you know what becomes of the Nationals’broadcast rights? They transfer back to the Nationals.”

Here’s what it says now:

“ People around baseball suspect the Angelos family is preparing to sell the Orioles. A sale of one or both clubs has lots of people within baseball optimistic that a settlement could be reached and the Nationals would – for the first time – own their own media rights.”

That’s very different.   

I guess the direct knowledge wasn’t so direct. 

[Beetlejuice]

20 hours ago, Frobby said:

Did they?   I’ll have to look for that. 
Edit: here it is:

CORRECTION

A previous version of this column misrepresented what would happen to the Washington Nationals’ media rights should the Baltimore Orioles be sold. The Nationals’ rights would not automatically transfer to the Washington club.

https://www.washingtonpost.com/sports/2022/04/24/masn-nationals-owners/

I’m a little surprised he didn’t write to tell me about the correction.

 

That’s because I went over his head.  That’s what he gets for ignoring multiple, reasonable inquiries.

[Frobby]

4 minutes ago, Beetlejuice said:

That’s because I went over his head.  That’s what he gets for ignoring multiple, reasonable inquiries.

I’ve PM’d you.  Hopefully you can find it. 

[Beetlejuice]

I just saw this.  Haven’t looked at the source articles yet, so if anyone has some time