I was very surprised to read in the paper today that the Executors of Mr. Pollin’s Estate are...

I was very surprised to read in the paper today that the Executors of Mr. Pollin’s Estate are attempting to find a way around the appraisal process Mr. Pollin put into place for my partners and me-and only my partners and me — to pay fair market value for the portion of the WSELP properties we don’t already own. We were even more surprised to see that a memo was circulated to WSELP employees (and keep in mind I already own 44% of WSELP) that didn’t even mention the appraisal process that Mr. Pollin agreed to more than 10 years ago and that the Pollin estate (through their lawyers) have committed to in writing. I’m sure this must have been an oversight on their part.

via Ted Leonsis' blog, Ted's Take

over 2 years ago Kyle Weidie 9 comments 0 recs |

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Ted is the man

I don’t know what the Polins are thinking, but there is no way anyone is going to come over the top with a crazy bid. Ted’s going to get the team, just let the appraisers do their job and sell him the team

by Blatche4MVP on Jan 28, 2010 4:25 PM EST reply actions

yep - sounds like ted will never let it go to the open mkt

and the price could be bid up that he would have to match or lose. this is surely being pushed by Goldman Sachs advising the Pollins, as they are paid on a % of the deal basis (probably 3% or so)

by arijordan on Jan 28, 2010 5:09 PM EST up reply actions

It's Goldman's job to help the Pollin's get top dollar

That’s what they were hired for.

by RamV on Jan 28, 2010 6:29 PM EST up reply actions

Ruh-roh.

by Pryme on Jan 28, 2010 4:28 PM EST reply actions

Pollins in De Nile

by khrabb on Jan 28, 2010 4:40 PM EST reply actions

Let's note the differences

Under Abe Pollin, the Wizards have been notoriously tight-lipped. Trades happen with little to no prior warning, there is little communication or explanation with fans, fans are left to guess at what is going on behind the scenes, etc.

Contrast that to Ted’s post. He explains everything. Everything’s transparent, he makes his point and stands up for himself, but in a nice way, etc. He all but says that when the third appraiser sets the fair market value, that’s what he’s going to pay. It’s pretty refreshing.

by disgrunted on Jan 28, 2010 5:27 PM EST reply actions 1 recs

Great call.

Representing DC with Wizards & Stuff - Truth About It.net and Bullets Forever.

by Kyle Weidie on Jan 28, 2010 5:29 PM EST up reply actions

Ted is smart

to call out the Pollins in public about their shizzy bargaining tactics. He was also smart to have what looks like a binding dispute resolution process. If the Pollins decide to go to court in order to try to derail it, Ted just asks for a court order to force the appraisal process to proceed, in accord with their prior agreement. Then, he needs a little bit of luck to hire an appraiser who will value the team a bit high, so it is real close to whatever hack venal appraiser the Pollins come up with. Then it’s a done deal: buh-bye Pollins, hello respectworthy team.