John Angelos chews out Dan Connolly

[foxfield]

52 minutes ago, spiritof66 said:

I don't know what John wants, but I don't think it matters what he wants. How is Peter Angelos's estate going to pay the federal estate taxes due on the value of, let's say 67 percent of the value of the Orioles? Those taxes will be in the neighborhood of $500 million. Whether or not John and his mother have been robbing peter to pay themselves, there's not cash like that sitting around, no other source of substantial income that we know about (the law firm used to generate income for Peter but doesn't any longer. There's MASN, but its future income to the Orioles (and hence its value) are uncertain.

I can't understand why anyone thinks MLB would approve John, or even more so John and Lou, as the new majority owners: they carry with them the legacy of Peter Angelos's  obstreperous and unsuccessful ownership, even before Peter dies, John and Lou are fighting over who will be entitled to what from his estate, there will be no majority owner of the team unless Lou gets eliminated (more lawsuits) or is bought out by John (more financial strain on John), they have continued suing MLB in a lawsuit that drives the Commissioner nuts, their politics (John's anyway) are completely at odds with that of most MLB owners, they carried tanking to such an extreme that MLB had to change the rules, they will have to operate on the cheap forever to keep the team going after the payment of estate taxes (if that's even possible), they have no outside source of income, they will be unable to survive a revenue downturn, and ownership by John or both brothers will run the risk of MLB's nightmare: a bankruptcy of the tea, in which MLB loses its right to veto new ownership. 

I believe that in 2020 the Angeloses made a deal with MLB that permits Georgia to run things until Peter dies rather than force a sale now (and much greater tax obligations) and obligates the Angeloses to sell upon Peter's death. As I'll explain when I get some time to lay it out, I can't find another way to explain what's happened between MLB and the Angeloses.

This is spot on.  

The point you make is true, there is no way the Angelos family can sustain the estate tax hit.  The question really is whether that hit can be pushed from Peter's death to Georgia's.  Again, I do not know what the estate plan for the Angelos family is, but one way a good plan could have managed this would have at least pushed the big tax hit to the death of Georgia.  

I don't know that we know enough to know the Angelos plan?

Edited January 25, 2023 by foxfield
clarity

[OsFanSinceThe80s]

On 1/24/2023 at 12:32 PM, HakunaSakata said:

The plot thickens...

 

I'm just getting caught up on this today. The day can't come soon enough where this family doesn't has it's grips on the Orioles franchise. Not sure if there are any good sides in this story. 

Best thing they can do for the fans is putting the team up for sale now. 

[O's84]

15 hours ago, RVAOsFan said:

How sad is it that as a life long Washington Redskins / Football Team / Commanders fan my bar for bad ownership is so low I often forget that the Orioles could have much better ownership?  At least the Orioles have brought in a competent FO and seem to be letting them do SOME things right.

Snyder is one of the few owners who could pull that one off.

[X-O]

On 1/24/2023 at 2:11 PM, eddie83 said:

This reads John used this to benefit his lifestyle. $1.7M to buy a home Saratoga Springs, NY, and another $2.5M was sent to John months later. Both in 2021. 
 

$26.75M transferred to a checking account of his wife. Occurred after a lawsuit vs the firm. To shield assets. 
 

John basically took daddy’s account and did what he wanted. 

When Peter was running things, he kept John on a short leash and he hated it.  As soon as Peter was incapacitated, the shackles were removed and look what happened.  

When Peter was running things, his goal was always to try to get the club to break even, although the club would usually lose a couple of million every year.   Not sure how things are now, but might be why John is willing to open the books to everyone.  They don’t make as much from MASN as most people think.

You all should trust a lot of what Lou is claiming in his lawsuit…

[eddie83]

2 hours ago, X-O said:

When Peter was running things, he kept John on a short leash and he hated it.  As soon as Peter was incapacitated, the shackles were removed and look what happened.  

When Peter was running things, his goal was always to try to get the club to break even, although the club would usually lose a couple of million every year.   Not sure how things are now, but might be why John is willing to open the books to everyone.  They don’t make as much from MASN as most people think.

You all should trust a lot of what Lou is claiming in his lawsuit…

I don’t trust either one of them. Lou to me seems to want to force a resolution by throwing more stuff out there. I’m just curious as to the legitimacy of John basically spending his daddy’s money. It’s a soap opera at this point and neither side is one to root for. 
 

My only concern is the ownership being at a place to genuinely invest in the team. 

[Going Underground]

3 hours ago, X-O said:

When Peter was running things, he kept John on a short leash and he hated it.  As soon as Peter was incapacitated, the shackles were removed and look what happened.  

When Peter was running things, his goal was always to try to get the club to break even, although the club would usually lose a couple of million every year.   Not sure how things are now, but might be why John is willing to open the books to everyone.  They don’t make as much from MASN as most people think.

You all should trust a lot of what Lou is claiming in his lawsuit…

He was President and CEO of MASN since 2006. The MASN books are not the same as the Orioles books.That is one of the reasons the Orioles don't want to give more  money to the Nationals.They would have to give more money to the Orioles as well and it would be subject to profit sharing which the RSN does not. It  benefits the Angelos family to keep the revenue sharing distribution low for both teams.

 

Book John Angelos for jps://www.apbspeakers.com/speaker/john-angelos/

Edited January 26, 2023 by Going Underground

[X-O]

35 minutes ago, Going Underground said:

He was President and CEO of MASN since 2006. The MASN books are not the same as the Orioles books.That is one of the reasons the Orioles don't want to give more  money to the Nationals.They would have to give more money to the Orioles as well and it would be subject to profit sharing which the RSN does not. It  benefits the Angelos family to keep the revenue sharing distribution low for both teams.

 

Book John Angelos for jps://www.apbspeakers.com/speaker/john-angelos/

Of course the books are different.  They are two separate companies.   But Peter was putting the $$ they made from MASN back into the club.

[LTO's]

4 hours ago, X-O said:

You all should trust a lot of what Lou is claiming in his lawsuit

Like what?

[Moose Milligan]

Anyone know if John came through on that promise to have the beat writers over for some hot cocoa and to look at the Orioles financials?

[joelala]

8 minutes ago, Moose Milligan said:

Anyone know if John came through on that promise to have the beat writers over for some hot cocoa and to look at the Orioles financials?

His mom wouldn’t let him. 

[Going Underground]

7 minutes ago, Moose Milligan said:

Anyone know if John came through on that promise to have the beat writers over for some hot cocoa and to look at the Orioles financials?

Dan Connolly has not tweeted or wrote anything about John Angelos since January 20th. That was a retweet about his 105.7 interview. Maybe he is held up at John's Nashville home and has to listen to his wife's country tunes and other artists. Psychological torture like the military sometimes uses.

[eddie83]

4 minutes ago, Going Underground said:

Dan Connolly has not tweeted or wrote anything about John Angelos since January 20th. That was a retweet about his 105.7 interview. Maybe he is held up at John's Nashville home and has to listen to his wife's country tunes and other artists. Psychological torture like the military sometimes uses.

Still a couple of days left in the week. 

[RVAOsFan]

 

[foxfield]

I'm sure Dan's invite has been held up in the mail.  John wouldn't fail to keep his public promise and invitation.  Honest oversight...it's coming, right after he funds the "liftoff"

[eddie83]

 

 

John is busy in court. Looks like Lou lost Game 1. Just not sure if it’s a 3/5/7 game series.