Haslams having money issues

#2
#2
Well, it sounds like it's a phantom issue. According to the article, the company's debt is because the owners (i.e. the Haslams) paid themselves 1.7 billion from it. Either way, it's probably more something Browns fans should worry about than UT fans. I think the elder Haslams are more the ones who give money to the school regularly and I doubt they are in any kind of debt.
 
#4
#4
bullseye said:
Browns Owner Jimmy Haslam's Company Reportedly Has $4 Billion in Debt | Bleacher Report
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Hiding all that money from the feds to avoid taxes and now lawsuit after lawsuit will do that. Also, taking out loans for expansion will also do that. A company can be in debt up to its eyeballs and still be profitable -- hell, most big corps. operate on debt these days. It's just the way business is done today. It also wouldn't surprise me to learn that the Haslam family drained the profit and operates Pilot on debt -- also common practice for large 'family' businesses and since a corp can just file for bankruptcy there's every financial incentive to do it despite it being a shady practice. (Not defending Pilot or Jimmy but that IS the way it works).

That said, UT benefits from Haslam family money not corporate money.
 
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#5
#5
Honestly, without seeing the whole financial statements you can't get worked up about $4 Billion in Debt. They could also have $10 Billion in Assets and have plenty of cash flow and income. Seeing one side of the balance sheet will never give you a full view of a company...
 
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#6
#6
As a rival fan, allow me to ignore all of the underlying facts and simply say to my Vol friends:

images
 
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#7
#7
Probably a big reason why they just sold the Smokies baseball team as well.
 
#8
#8
UTProf said:
Hiding all that money from the feds to avoid taxes and now lawsuit after lawsuit will do that. Also, taking out loans for expansion will also do that. A company can be in debt up to its eyeballs and still be profitable -- hell, most big corps. operate on debt these days. It's just the way business is done today. It also wouldn't surprise me to learn that the Haslam family drained the profit and operates Pilot on debt -- also common practice for large 'family' businesses and since a corp can just file for bankruptcy there's every financial incentive to do it despite it being a shady practice. (Not defending Pilot or Jimmy but that IS the way it works).

That said, UT benefits from Haslam family money not corporate money.
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You are very correct. Since borrowing money is so artificially cheap due to the Fed, lots of large corporations are borrowing money at cheap rates. They can then use many things, including making money off of the money they borrowed in foreign exchanges. That is how the rich stay rich. More power to them, that's what I would do if I was that rich.
 
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#9
#9
bamawriter said:
As a rival fan, allow me to ignore all of the underlying facts and simply say to my Vol friends:

images
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I've heard a lot of rival fans celebrate the demise of the Haslams but honestly I don't think it matters much. We have a lot of big time donors foks don't know the names of and the Haslams are famous for the old Jefferson-Pilot broadcasts, being a local and now national company that has presence everyday people encounter (that's the advantage of owning gas stations), and a spending spree that was VERY recent and coincided with Bill's entrance into politics.

However, what has been forgotten in terms of UT is that a good portion of the Haslam spending has been on campus and had nothing to do with football.

Personally, I don't like people who think it's funny to rip off the 'unsophisticated' so in my eyes Jimmy and Co. won't be missed.
 
#10
#10
bamawriter said:
As a rival fan, allow me to ignore all of the underlying facts and simply say to my Vol friends:

images
Click to expand...

Sorry we didn't choose to like our team bc they won national championships in recent years. The team you're a "fan" of will always have money bc you'll probably hop off the bama bandwagon as soon as they go downhill too.
 
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#11
#11
UTProf said:
Hiding all that money from the feds to avoid taxes and now lawsuit after lawsuit will do that. Also, taking out loans for expansion will also do that. A company can be in debt up to its eyeballs and still be profitable -- hell, most big corps. operate on debt these days. It's just the way business is done today. It also wouldn't surprise me to learn that the Haslam family drained the profit and operates Pilot on debt -- also common practice for large 'family' businesses and since a corp can just file for bankruptcy there's every financial incentive to do it despite it being a shady practice. (Not defending Pilot or Jimmy but that IS the way it works).

That said, UT benefits from Haslam family money not corporate money.
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what in the hell was this? Made my head hurt.
 
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#16
#16
Who cares how much they owe. The real question is how much are their assets worth and how much cash flow they have to service that debt.

The bottom line, it probably makes no difference to UT's athletic department.
 
#18
#18
Neither a borrower nor a lender be;
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.

William Shakespeare, "Hamlet", Act 1 scene 3
 
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#22
#22
rkw38 said:
Neither a borrower nor a lender be;
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.

William Shakespeare, "Hamlet", Act 1 scene 3
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Credit caused the great depression! It caused the recession. Needs to be illegal!
 
#23
#23
Burger said:
Credit caused the great depression! It caused the recession. Needs to be illegal!
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Credit is like a lot of other things. There's a time and a place for it and only meant for the responsible. Should not be illegal though. However, deadbeat borrowers and Wall Street scammers be damned.
 
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