Bloomberg: Carlyle Group/David Rubenstein In Talks To Purchase Orioles

[Warehouse]

18 hours ago, Going Underground said:

Depends if Peter is the sole owner or if his wife is a joint tenant of the asset. Joint tenancy would only be a 50% bump up .

Peter probably owns ~65% stake with John/Lou combining for another 4-5%.  

Peter’s basis is probably less than $60MM — way less than $173MM because only ~$85MM was put up in cash with the rest financed.  

Peter originally put up $43MM to take a 51% stake as the general partner.  He then bought the 9% stake of DeWitt, Mercer Reynolds, and Robert Castellini for about $4.1MM in 1995.  

The Angelos family has upped its total share to ~69-70% by buying LP shares of Steve Geppi (largest chunk at ~4.5%), Jim McKay, Roger Blunt, Edward Brush, and John Castor.  We know John/Lou now have a stake so I’m guessing these incremental purchases were split between Peter and the sons.

All of Peter’s Orioles shares were transferred into the Peter G. Angelos Revokable Trust in late 2020.  Georgia, John, and Lou are co-trustees.  

Upon Peter’s death, the Orioles shares are to be distributed from the PA Trust to Marital Trust B for the benefit of Georgia during her life. Upon her death, any unsold Orioles shares are to be split equally between John and Lou.

[Roll Tide]

 

[Moose Milligan]

Sounds like a winner. Step it up, Dave, we need a new owner. 

[ScGO's]

Does the new lease seem advantageous for preparing a sale of the team? Can this hypothetically get done before the season? Or are there any more road blocks? (Besides John Angelos ego)

[Rbiggs2525]

3 hours ago, Roll Tide said:

 

Really conflicted on this one. The more I read about him the more concerns I have. I didn’t know about the council of foreign relations until yesterday. It’s hard to find on the internet now but Jeffrey Epstein was a member up until 2009. He also made a donation 2019 to them. Guess who the chairman there is?

 

I know it will be a conspiracy thought but I think it’s important to look into future owner.

[ThisIsBirdland]

3 minutes ago, Rbiggs2525 said:

Really conflicted on this one. The more I read about him the more concerns I have. I didn’t know about the council of foreign relations until yesterday. It’s hard to find on the internet now but Jeffrey Epstein was a member up until 2009. He also made a donation 2019 to them. Guess who the chairman there is?

 

I know it will be a conspiracy thought but I think it’s important to look into future owner.

The Council of Foreign Relations is a pretty significant American think tank. Rubenstein's position is indicative of how enmeshed he is in society's elite establishment/upper class. Some people I'm sure have a problem with that, I don't, but to each their own. The list of prominent people involved in the CFR over the years is extensive; Jeffrey Epstein having a membership in the CFR and making contributions isn't indicative of anything with regards to the current Chairman in my opinion. 

[OsFanSinceThe80s]

2 hours ago, Moose Milligan said:

Sounds like a winner. Step it up, Dave, we need a new owner. 

True, but almost any prospective buyer would seem like an improvement over the Angelos family.

[Moose Milligan]

8 minutes ago, OsFanSinceThe80s said:

True, but almost any prospective buyer would seem like an improvement over the Angelos family.

 

Shhhh, don't tell Pickles.  He's worried that Rubenstein could die in 10 years and we'd have to go through this all over again.

[LookinUp]

1 hour ago, ScGO's said:

Does the new lease seem advantageous for preparing a sale of the team? Can this hypothetically get done before the season? Or are there any more road blocks? (Besides John Angelos ego)

There was some talk in various threads about the huge hold-ups to a sale being:

1. Peter passing away
2. The MASN O's/Nats deal
3. The stadium lease

Two of the three were basically solved, or at least found a steady state for #2, in the last few weeks. I feel like there was a 4th issue that was also solved, but I can't remember. Either way, at this point it seems like JA has this tee'd up and ready for a sale when the time comes.

[LookinUp]

Just now, Moose Milligan said:

Shhhh, don't tell Pickles.  He's worried that Rubenstein could die in 10 years and we'd have to go through this all over again.

Ha. If there's one thing I've learned reading this message board over the years is people hate process. It freaks them out. It can be a rebuild. Labor strife. Ownership changes. Free agent negotiations. Trade negotiations. Stadium lease negotiations.

Basically anything that involves a negotiation is often met with people getting angry at the greedy people involved on either side. It's like there's no awareness whatsoever that negotiations are part of a process which is usually motivated by some kind of deadline. 95% of the public stuff that is released before the deadlines are part of the process, and usually meaningless. 

I'm not saying negotiations don't go south. I'm just saying that people freak out over the wrong headlines. 

[Frobby]

18 minutes ago, ThisIsBirdland said:

The Council of Foreign Relations is a pretty significant American think tank. Rubenstein's position is indicative of how enmeshed he is in society's elite establishment/upper class. Some people I'm sure have a problem with that, I don't, but to each their own. The list of prominent people involved in the CFR over the years is extensive; Jeffrey Epstein having a membership in the CFR and making contributions isn't indicative of anything with regards to the current Chairman in my opinion. 

I agree 100%.   If you are going to tar an entire organization because they once had one bad apple who did bad things completely unrelated to his work at the organization, you’re going to eliminate any organization of more than 100 people that’s been in existence for more than a decade.   

I have a friend who spent a couple of years at the Council of Foreign Relations.  Before that, she was a staffer for a US Senator, the General Counsel of the US Trade representative, a Commissioner at the World Trade Organization, and a professor of International Law at Georgetown.  But I guess I’d better write her off since Jeffrey Epstein was once at CFR.
 

[Moose Milligan]

33 minutes ago, ThisIsBirdland said:

The Council of Foreign Relations is a pretty significant American think tank. Rubenstein's position is indicative of how enmeshed he is in society's elite establishment/upper class. Some people I'm sure have a problem with that, I don't, but to each their own. The list of prominent people involved in the CFR over the years is extensive; Jeffrey Epstein having a membership in the CFR and making contributions isn't indicative of anything with regards to the current Chairman in my opinion. 

As someone who's firmly entrenched in society's elite establishment/upper class, it doesn't bother me at all, too.

[ThisIsBirdland]

Just now, Moose Milligan said:

As someone who's firmly entrenched in society's elite establishment/upper class, it doesn't bother me at all, too.

You are America's elite establishment/upper class.

[Moose Milligan]

1 minute ago, ThisIsBirdland said:

You are America's elite establishment/upper class.

[Moose Milligan]

I'd say the odds of Rubenstein purchasing control of the team is pretty slim, unfortunately.  It's a long process, there's a lot of hurdles, etc.

The one thing that is in his favor is that he seems to be an affable kind of guy, there are probably a lot of people that he could call on if he somehow needed financial assistance (he doesn't).  It doesn't seem like he's got a lot of enemies.