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SpeedFlex27

CFL News Conference in Montreal This Morning

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2 hours ago, blue_gold_84 said:

I know you despise him but this is some next level pettiness from you.

Apparently Speedy is having trouble keeping up with the Commissioner’s activities. I myself have not seen a Commissioner work so diligently in trying to promote the CFL  and putting out fires here and there, never mind dealing with the very difficult task of negotiating the sale of 2 franchises. 
Here’s to new adventures this year, in what I suspect will become known as 2.02.0

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Just going by first impressions and the balance sheets I get from Google....I doubt we make it through this decade without the league running the Als again.

These guys are way undercapitalized unless they have some other business that isn't being reported today.  Cash flow into their steel business has dropped $77 million in the last 5 years.  I doubt they have the ability to absorb any losses for the Als.

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1 hour ago, Mr Dee said:

Apparently Speedy is having trouble keeping up with the Commissioner’s activities. I myself have not seen a Commissioner work so diligently in trying to promote the CFL  and putting out fires here and there, never mind dealing with the very difficult task of negotiating the sale of 2 franchises. 
Here’s to new adventures this year, in what I suspect will become known as 2.02.0

I just asked a question, Dee. I can't help it if the guy shows up at every news conference wearing scarves. Didn't think it would upset blue_gold_ 84 so much. Enquiring minds need to know. 🙂

Edited by SpeedFlex27

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1 hour ago, JuranBoldenRules said:

Just going by first impressions and the balance sheets I get from Google....I doubt we make it through this decade without the league running the Als again.

These guys are way undercapitalized unless they have some other business that isn't being reported today.  Cash flow into their steel business has dropped $77 million in the last 5 years.  I doubt they have the ability to absorb any losses for the Als.

Hope you're wrong. I'd hate to see the bankruptcy can kicked down the road a few years.

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2 hours ago, JuranBoldenRules said:

Just going by first impressions and the balance sheets I get from Google....I doubt we make it through this decade without the league running the Als again.

These guys are way undercapitalized unless they have some other business that isn't being reported today.  Cash flow into their steel business has dropped $77 million in the last 5 years.  I doubt they have the ability to absorb any losses for the Als.

Great

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1 hour ago, SpeedFlex27 said:

I just asked a question, Dee. I can't help it if the guy shows up at every news conference wearing scarves. Didn't think it would upset blue_gold_ 84 so much. Enquiring minds need to know. 🙂

Image result for confused gif"

Who's the one who lost his mind over another man's attire? Asking for a friend.

Stay petty, ISO.

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55 minutes ago, blue_gold_84 said:

Image result for confused gif"

Who's the one who lost his mind over another man's attire? Asking for a friend.

Stay petty, ISO.

Hey, I just asked a question. Whether you don't like it or thinks it's petty is of no concern to me especially since you want to argue about it. I won't be commenting further. 

Edited by SpeedFlex27

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On 2020-01-06 at 7:17 PM, JuranBoldenRules said:

Just going by first impressions and the balance sheets I get from Google....I doubt we make it through this decade without the league running the Als again.

These guys are way undercapitalized unless they have some other business that isn't being reported today.  Cash flow into their steel business has dropped $77 million in the last 5 years.  I doubt they have the ability to absorb any losses for the Als.

I thought I read the company was privately held and the financials were not available? 

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34 minutes ago, bearpants said:

I thought I read the company was privately held and the financials were not available? 

There's a "Crawford Steel" which trades on the NYSE and appears to be the parent company of the Canadian from their website and created by Spiegel.  Anything traded as a security needs to file financials, and the cash flow does not look good.  Lots of assets, not a lot of cash coming in.

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17 minutes ago, JuranBoldenRules said:

There's a "Crawford Steel" which trades on the NYSE and appears to be the parent company of the Canadian from their website and created by Spiegel.  Anything traded as a security needs to file financials, and the cash flow does not look good.  Lots of assets, not a lot of cash coming in.

Most [people fail with just a simple home based business like baking cookies & selling them. maybe they make enough money to afford a few nice things around the house. How the hell did Spiegel start up a steel company?? How do you start up a steel company from scratch?? That is amazing.

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On 2020-01-08 at 12:28 PM, SpeedFlex27 said:

Most [people fail with just a simple home based business like baking cookies & selling them. maybe they make enough money to afford a few nice things around the house. How the hell did Spiegel start up a steel company?? How do you start up a steel company from scratch?? That is amazing.

From the history they put on the website it sounds like he started a scrap yard that was profitable and then kept buying more scrap yards until he was in a position to purchase a company that repurposed the scrap too.

The main thing is cash.  Would be interesting to hear what the league insisted on being put up as a bond or surety to purchase the Alouettes.  Wetenhall talked about losing $12 million on one season for operations so I don't think I'd want anyone owning a CFL team who had less than $50 million cash or access to liquid capital of that value.  That's enough to operate the team for four years at a loss.  In the presser they were talking about needing to be profitable in year 2-3.  Good f-ing luck in that market.  They haven't run a profitable team ever, even in the glory days of the Big O in the 70s.

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26 minutes ago, JuranBoldenRules said:

From the history they put on the website it sounds like he started a scrap yard that was profitable and then kept buying more scrap yards until he was in a position to purchase a company that repurposed the scrap too.

The main thing is cash.  Would be interesting to hear what the league insisted on being put up as a bond or surety to purchase the Alouettes.  Wetenhall talked about losing $12 million on one season for operations so I don't think I'd want anyone owning a CFL team who had less than $50 million cash or access to liquid capital of that value.  That's enough to operate the team for four years at a loss.  In the presser they were talking about needing to be profitable in year 2-3.  Good f-ing luck in that market.  They haven't run a profitable team ever, even in the glory days of the Big O in the 70s.

That's most likely due to poor management. When your selling out stadiums, you should be turning a profit.

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52 minutes ago, Bigblue204 said:

That's most likely due to poor management. When your selling out stadiums, you should be turning a profit.

Sure if they owned/managed the stadium and had access to the cash flows available (concessions, parking, ticket sales).  They don't and they won't anytime soon unless they want to build their own stadium.  Even if you look at quite successful franchises, Riders, Bombers, to a lesser extent Ottawa and Hamilton, the football operation is at best break-even and then they are looking at league revenues and other events to squirrel away a few bucks, plus the opportunity to host a Grey Cup once a decade as basically a reserve fund.  This is basically the pro sports model right now even in the leagues where revenues are in billions.

IMO Montreal for the CFL is a market where by necessity you need an owner who is basically operating the team for charity.  They aren't going to make money and will more than likely lose money consistently as the cost to operate a CFL team increases.  They don't have the asset of a facility to host events other than football games.  They don't have a facility suitable to host a Grey Cup.

Edited by JuranBoldenRules

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On 2020-01-08 at 12:07 PM, JuranBoldenRules said:

There's a "Crawford Steel" which trades on the NYSE and appears to be the parent company of the Canadian from their website and created by Spiegel.  Anything traded as a security needs to file financials, and the cash flow does not look good.  Lots of assets, not a lot of cash coming in.

Is that the same company?... I can't remember the source now (possibly the 3Down article) but it said the company is not publicly traded and financials are not available...

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22 hours ago, JuranBoldenRules said:

From the history they put on the website it sounds like he started a scrap yard that was profitable and then kept buying more scrap yards until he was in a position to purchase a company that repurposed the scrap too.

The main thing is cash.  Would be interesting to hear what the league insisted on being put up as a bond or surety to purchase the Alouettes.  Wetenhall talked about losing $12 million on one season for operations so I don't think I'd want anyone owning a CFL team who had less than $50 million cash or access to liquid capital of that value.  That's enough to operate the team for four years at a loss.  In the presser they were talking about needing to be profitable in year 2-3.  Good f-ing luck in that market.  They haven't run a profitable team ever, even in the glory days of the Big O in the 70s.

The Als play in a one hundred year old 22,000 seat stadium. The amenities suck. I don't know how the team can generate income from a facility like that based upon average attendance of 17,000. How many private boxes does Molsonhave? From what I see on television there isn't much there other than steel bleacher type seats. They need a new stadium.

Edited by SpeedFlex27

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On 2020-01-08 at 12:07 PM, JuranBoldenRules said:

There's a "Crawford Steel" which trades on the NYSE and appears to be the parent company of the Canadian from their website and created by Spiegel.  Anything traded as a security needs to file financials, and the cash flow does not look good.  Lots of assets, not a lot of cash coming in.

From Crawford Steel's website:

Quote

Crawford/Allied Crawford Steel is a privately held company founded by Sidney Spiegel in 1944.

http://crawfordsteel.com/steel-distributors/

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On ‎2020‎-‎01‎-‎09 at 12:33 PM, JuranBoldenRules said:

From the history they put on the website it sounds like he started a scrap yard that was profitable and then kept buying more scrap yards until he was in a position to purchase a company that repurposed the scrap too.

The main thing is cash.  Would be interesting to hear what the league insisted on being put up as a bond or surety to purchase the Alouettes.  Wetenhall talked about losing $12 million on one season for operations so I don't think I'd want anyone owning a CFL team who had less than $50 million cash or access to liquid capital of that value.  That's enough to operate the team for four years at a loss.  In the presser they were talking about needing to be profitable in year 2-3.  Good f-ing luck in that market.  They haven't run a profitable team ever, even in the glory days of the Big O in the 70s.

Sometimes it's just about getting into a line of business no one else really wants to do. Owning scrap yards can be very lucrative but it is something that most prospective business owners are not really lining up for.

I had a buddy who started out with a port a potty business in Vancouver. Eventually he bought out a bunch of competitors who decided they would move on to other business ventures because the glamourous world of port a potties were not to their liking. After a few years the guy is king of turd hill in BC and is making a modest fortune. Not glamourous...but a very lucrative business model.

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3 hours ago, GCn20 said:

I had a buddy who started out with a port a potty business in Vancouver. Eventually he bought out a bunch of competitors who decided they would move on to other business ventures because the glamourous world of port a potties were not to their liking. After a few years the guy is king of turd hill in BC and is making a modest fortune. Not glamourous...but a very lucrative business model.

sounds like some real shitty work...     ....    ...

....

I'll show myself out...

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