GRWW-AIFL deal falls apart

[Sykotyk]

http://biz.yahoo.com/prnews/060705/law067.html?.v=58

Unbelievable.

Sykotyk

[The Man, The Myth]

Upon conducting due diligence, a judgment in favor of a former team owner was uncovered that was not disclosed to Greens Worldwide, and despite repeated requests for additional due diligence items, AIFL was not forthcoming with the documents requested and required by Greens Worldwide management.

What does this say about the stability of this league?

[PIONEERSFAN101]

As Jerry Hewitt might say: This league is in flames.

Bye bye, AIFL!

[BarbaraPatterson]

Upon conducting due diligence, a judgment in favor of a former team owner was uncovered that was not disclosed to Greens Worldwide
Can someone answer a basic question for me..
Who?
What?
Where?
When?
Why?

Who wants to bet another $50 that on Thursday GRWW stock goes up?

[Jamie]

I suspect, that at the time of the original negotiation, there was no due dilligence or full disclosure about the fact that at least half of the teams were planning to leave the league after the season. Richmond just jumped the ship by going before the playoffs.

Next year, likeley both of the two AIFL champion teams will be playin in some other league.

[TBONZ75]

No Way! You Know Not! The Aifl Withholding The Truth And Being Less Than Cooperative With Requested Documents That Tell The Whole Truth I Never Heard Of Such, & I Thought Andrew Was A Top Notch Owner With Great Morals. Grww Was Andrews Last Ditch Effort To Milk Some More Money From This Fledgeling League, I Was Holding Out Hope That This League Would Make It But I Really Do Not See That Happening Now And Any Other Possible Ownerships To Buy This League Will Just Back Away Also When They See The Trail Of Destruction The Aifl Has Left Behind!

[Geoff]

That's seriously annoying. Leanr the rules of capitalization. You capitalize every word which is unnessecary and then don't capitalize the whole of an acronym (Grww as opposed to GRWW). Please, this stuff makes it harder to read.

[Bandito]

and despite repeated requests for additional due diligence items, AIFL was not forthcoming with the documents requested

We could have told them that. Sounds an awful lot like what went on last year with the pay and such.

[TBONZ75]

That's seriously annoying. Leanr the rules of capitalization. You capitalize every word which is unnessecary and then don't capitalize the whole of an acronym (Grww as opposed to GRWW). Please, this stuff makes it harder to read.

Whats hard to read is you not knowing how to spell "leanr" you learn how to spell and i will learn when to capitalize!

[BarbaraPatterson]

Whats hard to read is you not knowing how to spell "leanr" you learn how to spell and i will learn when to capitalize!

I agree with Geoff on this one, if you capitalize letters not supposed to be, and dont capitalize GRWW, you lose any credibility with what your saying, regardless as to how true it is.

[Geoff]

When I typed leanr I was working on 2 and half hours of sleep. Capping every word totally negates the purpose of capitalization.

[TBONZ75]

I agree with Geoff on this one, if you capitalize letters not supposed to be, and dont capitalize GRWW, you lose any credibility with what your saying, regardless as to how true it is.

My fault, sorry you and Geoff are so superior and have never mispelled or capitalized anything. I bow to the 'ol grammar masters!

[nksports]

Back to message.

Who does due diligence in indoor football anyway (outside AFL and UIF)?

As for GWWW, they trade at .68 a share, so it wasn't like a strong company was actually looking at the AIFL.

[BarbaraPatterson]

Back to message.

Who does due diligence in indoor football anyway (outside AFL and UIF)?

As for GWWW, they trade at .68 a share, so it wasn't like a strong company was actually looking at the AIFL.
Due dilligence consists of researching for pending lawsuits, judgments, financial stability, a full asset/liability listing, even collecting resumes for main employees and researching backgrounds of management staff.

Before you spend $1,100,000 you do make sure you know exactly what your buying.

You would be a fool to not do due dilligence before buying a company. This has nothing to do with football, this has everything to do with buying a company.

[SilverSurfer]

That's seriously annoying. Leanr the rules of capitalization. You capitalize every word which is unnessecary and then don't capitalize the whole of an acronym (Grww as opposed to GRWW). Please, this stuff makes it harder to read.

I was lost trying to figure out 'unnessecary'.

And I thought Jim Terry was buying the league anyway?

[nksports]

While my feeble and somewhat sarcastic attempts at humor were missed, my point was the whole problem with the AIFL and their even poorer-run cousins at the NIFL is no one is doing due diligence at seemingly basic levels.

[TBONZ75]

While my feeble and somewhat sarcastic attempts at humor were missed, my point was the whole problem with the AIFL and their even poorer-run cousins at the NIFL is no one is doing due diligence at seemingly basic levels.

I agree, but would we even have minor league football to enjoy if every owner did their due diligence? Arent all teams outside the major leagues losing money? However i do also believe that if they would just do a small amount (doesn't have to be a thorough one) of background investigations before they allow someone to purchase a team it would weed out alot of people that are dragging the sport down such as Jim Terry. Hey didn't I hear that ol' JT has started a league? Let's all jump to that league (JK)!

[Bandito]

JT started the EIEIO league.

If you owned a team that was losing money and someone came to you and said "I want to buy your team." How much background work would you do? NONE! You would say, "Sign here please."

The leagues are the ones responsible for investigating the owners and prospective owners. So far the NIFL and the AIFL have done a poor job of that.

[exit322]

Arent all teams outside the major leagues losing money?

No, I'd say there are teams in every league that will have a profit for 2006.

[WastedHaines]

None of this is suprising. Andrew is a joke. He robs Peter to pay Paul and then doesn't pay his employees.

[BarbaraPatterson]

JT started the EIEIO league.

If you owned a team that was losing money and someone came to you and said "I want to buy your team." How much background work would you do? NONE! You would say, "Sign here please."

As the seller of a business (team) losing money, you are legally obglicated to truthfully disclose profit/losses of a team prior to saying "sign here".

JT started the EIEIO league.
The leagues are the ones responsible for investigating the owners and prospective owners. So far the NIFL and the AIFL have done a poor job of that.
This is the problem the AIFL now has with the owner of the Ghostriders, and what caused the GRWW deal to fall apart.

[Pounder]

As the seller of a business (team) losing money, you are legally obglicated to truthfully disclose profit/losses of a team prior to saying "sign here".

If accounting were a science, that would be a cut-and-dried matter.

Accounting is most definitely an art, even post-Enron.

[nksports]

Who wants to bet another $50 that on Thursday GRWW stock goes up?

The stock seems to be going down, but it's hard to say if it's AIFL related or just a dog stock.

[BarbaraPatterson]

The stock seems to be going down, but it's hard to say if it's AIFL related or just a dog stock.
I was very surprised to see that. Personally I do think its AIFL related. I would think that investors would look and see that GRWW owns NAFL (corrected from NIFL) and think the two be a good match. I still think the two would be able to help each other move to the next level.

GRWW put out another SEC statement yesterday stating the deal is dead but its possible the deal is still able to be done if the AIFL provides the needed documents and goes back to the negotiating table. GRWW talked to several team owners (as any buyer would do) and received most of the information, they just want AIFL to disclose what it needs to move forward.

You may or may not like AH, but there is little doubt that lots of work goes into setting up a league like this and I would hate to see it all done only to have it go bankrupt.

[Billy5]

[QUOTE=BarbaraPatterson]I was very surprised to see that. Personally I do think its AIFL related. I would think that investors would look and see that GRWW owns NIFL and think the two be a good match.

GRWW owns the NIFL?

[BarbaraPatterson]

[QUOTE=BarbaraPatterson]I was very surprised to see that. Personally I do think its AIFL related. I would think that investors would look and see that GRWW owns NIFL and think the two be a good match.

GRWW owns the NIFL?

Sorry, I stand corrected, its NAFL, not NIFL http://biz.yahoo.com/e/060404/grww.ob8-k.html Its late here... ;)