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Cleveland Browns (2013 Season)

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Bucklion;2350479; said:
http://www.cbssports.com/nfl/blog/e...flying-j-4-billion-in-debt-credit-rating-hurt

Hits just keep on coming for Haslam...doesn't look good.
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Ooooooooh $4 billion in debt. Oh noes.

Pilot Flying J has $23 billion in sales and is a private company. It already had $2 billion on its books. A lot of companies use debt and have ridiculous levels of debt compared to Pilot Flying J. It really comes down to short term and long term debt, their debt coverage ratio, and the creditors. It's about assets vs liabilities, and their banks (not public debt like bonds) thought they could handle it. If sales tank or they get penalized by the government, then start worrying.
 
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jlb1705;2350514; said:
Thanks for the due diligence, Roger Goodell.
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I'm trying to figure out how that worked exactly...was he that desperate for someone, ANYONE, to buy the Browns from Lerner? Did he see STEELERZ ZOMFG and just assume that he would be a fabulous owner on the up and up? Seems like a major ball drop somewhere.
 
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Poe McKnoe;2350516; said:
Ooooooooh $4 billion in debt. Oh noes.

Pilot Flying J has $23 billion in sales and is a private company. It already had $2 billion on its books. A lot of companies use debt and have ridiculous levels of debt compared to Pilot Flying J. It really comes down to short term and long term debt, their debt coverage ratio, and the creditors. It's about assets vs liabilities, and their banks (not public debt like bonds) thought they could handle it. If sales tank or they get penalized by the government, then start worrying.
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I think we all know the problem isn't exclusively limited to the actual number involved. If you read the article, you saw that their credit was significantly downgraded.
 
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Quick update here, though not like its a lot better news....

The CBS article lion linked quoted a Terry Pluto CPD article, that was using a WSJ article as a source...

We'll call it playing telephone, but, a bit lost in translation:


When you mess up, you have to fess up.

That?s what I need to do when it comes to my Monday column about Jimmy Haslam and Pilot Flying J. In that story, I wrote that his company?s credit rating had been ?downgraded.?

That?s wrong. I used the Wall Street Journal story on Haslam as a source, and I really didn?t convey what the newspaper stated.

Here?s the deal: The Wall Street Journal said that the credit ratings for Pilot Flying J have been put on a negative watch for possible downgrade by Moody?s Investor Services and Standard & Poor?s Corp.

That is different and not as severe as a downgrade. In other words, Moody?s and Standard & Poor are concerned about how the company is doing ? primarily because of Haslam?s legal troubles. But they have not yet issued a downgrade.
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Pluto's mea culpa and some other tidbits here:

http://www.cleveland.com/pluto/index.ssf/2013/07/pilot_flying_js_credit_not_dow.html
 
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Someone, anyone, tell Josh not to take off sooner for his jumper's knee.
BEREA, Ohio -- Browns wide receiver Josh Gordon, who needs every rep he can get this preseason before serving his two-game suspension, was pulled out of practice Monday with patellar tendinitis in his knee.

Coach Rob Chudzinski said he's not too concerned about it, but every snap in training camp is vital Gordon, who will be banned from the facility from Sept. 2 through Sept. 16 for his positive codeine test.
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more
http://www.cleveland.com/browns/index.ssf/2013/07/cleveland_browns_receiver_josh_14.html
 
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