Meyer Orbach Rumors | Hoops Rumors

Lawsuit Related To Sale Of Timberwolves Dismissed

July 1st, 2021 at 11:14am CST by Arthur Hill

A judge has dismissed a lawsuit filed by the Timberwolves’ second-largest shareholder, tweets Jon Krawczynski of The Athletic. The decision means the sale of the team and the transition plan to new owners Marc Lore and Alex Rodriguez can proceed as outlined in the sale agreement.

Meyer Orbach filed the suit in late May in U.S. District Court in Minneapolis, claiming owner Glen Taylor’s arrangement with the buyers violates a partnership agreement by excluding “tag along rights.” That provision gives minority investors the option of selling their interests in the team before Taylor can. Orbach owns 17% of the Wolves and the WNBA’s Minnesota Lynx, as well as the G League Iowa Wolves and the T-Wolves Gaming eSports franchise.

The judge sided with Taylor’s argument that because Lore and Rodriguez will start with a 20% share before gradually becoming full owners, there’s no initial agreement for controlling interest of the teams, Krawczynski adds (via Twitter). He ruled that Orbach’s contention that he should receive an immediate payout is null and void.

Lore and Rodriguez agreed to purchase the team for $1.5 billion and will serve as limited partners for two years while Taylor keeps majority control. The deal still needs final approval from the NBA’s Board of Governors.

Northwest Notes: Wolves Sale, Conley, Lillard, MPJ

June 15th, 2021 at 2:45pm CST by Luke Adams

Timberwolves owner Glen Taylor has filed legal documentation responding to a complaint filed recently by minority shareholder Meyer Orbach, writes Chris Hine of The Star Tribune. Orbach, who says he owns approximately 17% of the franchise, argued that his “tag-along rights” were violated, since he didn’t get the opportunity to cash out his stake in the team when the sale agreement with Alex Rodriguez and Marc Lore was finalized.

Taylor contends that Orbach is not entitled to be bought out at this point because Rodriguez and Lore won’t assume majority control of the Timberwolves for two more years. For now, the duo has only agreed to purchase 20% of the club — full majority control will be subject to further investment and further league approval over the next two years.

While the legal battle between Taylor and Orbach may ultimately have little-to-no impact on Timberwolves fans, Dane Moore of Blue Wire Podcasts (Twitter link) points to an Instagram comment that made be of more interest to fans in Minnesota.

As Moore writes, Rodriguez replied to a comment asking him to keep the Timberwolves in Minnesota by replying, “We will!” There has been speculation that the new ownership group might want to relocate the franchise, but A-Rod’s first public statement on the topic suggests that’s not the plan.

Here’s more from around the Northwest:

Jazz point guard Mike Conley, who has yet to play in the second round due to a mild right hamstring strain, is “making progress” but remains day-to-day, head coach Quin Snyder said on Monday, per Eric Walden of The Salt Lake Tribune (Twitter link). While Utah could still conceivably win the series if Conley remains unavailable, the last couple games have showed how much the team misses its starting point guard, writes Tony Jones of The Athletic.
Trail Blazers center Enes Kanter said during a Monday appearance on SiriusXM Radio that he’d be surprised if Damian Lillard decides he wants to leave Portland, as Marc Berman of The New York Post relays. “He wants to win it all in Portland. I’m saying this every time I talk about him, but he’s definitely one of the most loyal and maybe the most loyal player in the league,” Kanter said. “… He doesn’t care about the big market, big-city base, and that he wants to just bring a championship to Portland and the state of Oregon.”
With Michael Porter Jr. up for a rookie scale extension this offseason, Mark Kiszla and Mike Singer of The Denver Post discuss whether the Nuggets should be comfortable putting a maximum-salary offer on the table for the 22-year-old forward.

Northwest Notes: Timberwolves Sale, Micic, Barton, Porter Jr.

May 31st, 2021 at 5:40pm CST by Dana Gauruder

A lawsuit filed by a limited partner regarding the agreement to sell the Timberwolves has revealed that there’s no language in the contract that prevents the team from being moved into a different market, as Jon Krawczynski of The Athletic details. The filing made in district court alleges that team owner Glen Taylor was in breach of contract because limited partner Meyer Orbach, who has a 17% stake in the team, was not given the opportunity to sell his shares before the agreement was completed.

The agreement between Taylor to sell the team to former baseball star Alex Rodriguez and tech entrepreneur Marc Lore was announced earlier this month.

Taylor has repeatedly said he wants the team to stay in Minneapolis. Sources told Krawczynski that Lore and Rodriguez are committed to the Twin Cities market and there haven’t been any discussions about moving the Timberwolves.

According to the The Athletic’s report, Taylor entered a unique arrangement with Lore and Rodriguez, subject to league approval this summer. They’ll initially invest $250MM and will not be majority partners right from the start. The plan is for the duo to purchase shares of the team gradually and gain controlling interest by December 2023.

Taylor would thus retain control over the team for two more seasons unless Lore and Rodriguez can pay him off earlier than that.

We have more from the Northwest Division:

Thunder draft-and-stash prospect Vasilije Micic was named the EuroLeague’s Final Four Most Valuable Player after leading Anadolu Efes Istanbul to the championship for the first time in club history, according to EuroLeague.net. He averaged 25.0 points and 5.5 assists in the Final Four. He previously was named the league’s MVP after averaging 16.3 PPG and 4.8 APG in 38 EuroLeague games. He is a candidate to come stateside for the 2021/22 season.
Nuggets swingman Will Barton won’t play against Portland in Game 5 on Tuesday but he could be available for Game 6 and a potential Game 7, Mike Singer of the Denver Post tweets. Barton, who has been sidelined by a right hamstring strain, practiced in full on Monday.
Nuggets forward Michael Porter Jr. vows to be much more aggressive in Game 5 after a lackluster outing in Game 4, Singer writes. “It’s on us as a team but a lot of it is on me as well,” he said. “If I’m not getting any actions, I’ve got to figure it out in transition, on the glass. I can’t let myself be as small of a factor as I was the last couple of games.”

Shareholder Files Complaint Over Pending Sale Of Timberwolves

May 27th, 2021 at 8:46am CST by Arthur Hill

MAY 27: Taylor has issued the following statement, per Ian Begley of SNY.tv (Twitter link): “I am aware of the story published by ESPN and the litigation that has been filed. As a policy, we do not comment on pending legal matters. I stand by my prior statements and commitment to keeping the Timberwolves and Lynx in Minnesota.”

MAY 26: The Timberwolves‘ second largest shareholder has filed a legal complaint related to the pending sale of the team, according to Adrian Wojnarowski of ESPN.

Meyer Orbach filed the document today in U.S. District Court in Minneapolis, alleging that Glen Taylor‘s agreement with Marc Lore and Alex Rodriguez violates the franchise’s partnership agreement. The complaint charges that Taylor didn’t honor “tag along rights” that would give minority investors the opportunity to sell their interests in the team before Taylor does.

Orbach owns more than 17% of the Wolves and the WNBA’s Minnesota Lynx. He claims the “tag along” provision should be exercised immediately once the sale is finalized.

Lore and Rodriguez reached an agreement on May 13 to buy the Wolves for $1.5 billion, but the purchase won’t be official until the new owners receive approval from the NBA’s Board of Governors.

Orbach’s complaint reveals that Taylor didn’t include a provision in the sale agreement that would prohibit Lore and Rodriguez from moving the franchise away from Minnesota, Wojnarowski adds. Taylor has spoken frequently of his commitment to the area and his desire for the team to remain in place once he no longer owns it.

Instead, the agreement has a clause that would require the new owners to “present to the Advisory Board for discussion” any plan to take the franchise out of the Twin Cities market, Wojnarowski states. However, there is no language in the deal that expressly prohibits a move.

Glen Taylor Discusses Potential Timberwolves Sale

July 22nd, 2020 at 4:04pm CST by Luke Adams

4:04pm: The Raine Group approached the Vikings owners a few months ago to gauge their interest in purchasing the Timberwolves, sources tell Jon Krawczynski of The Athletic (Twitter link). However, according to Krawczynski, while there were some initial discussions, there are no active talks with the Wilf family about the Wolves at this time.

10:12am: After word broke on Tuesday that Timberwolves owner Glen Taylor had retained The Raine Group to explore selling the franchise, Taylor spoke to Jon Krawczynski of The Athletic about the possibility of a sale.

As Taylor explained, he’s willing to get more serious about the idea at this point because he feels as if the organization is in a good place with Gersson Rosas installed as the head of basketball operations and Ryan Saunders as the head coach.

“I think I put a really good team together with the Timberwolves,” Taylor said, referring to those franchise leaders. “I feel really good about that. There’s a good team there. Both the player bunch and the business bunch. So I think I’ve done my responsibility there to have that so it can go on and become better.”

Former Timberwolves star Kevin Garnett is part of one group that has emerged as a serious suitor for the team, as we relayed on Tuesday. Garnett posted a message on Twitter on Tuesday night expressing his “passion” for the Wolves and his deep affection for the city of Minneapolis, noting that he hopes he and Taylor can work out a deal.

According to Adam Schefter of ESPN, the Wilf family – which owns the NFL’s Minnesota Vikings – is also a serious candidate to purchase the NBA franchise. The Wilfs oversaw the construction of U.S. Bank Stadium in Minnesota and are building a state-of-the-art training facility for the Vikings. Zygi Wilf, Mark Wilf, and Leonard Wilf also been active in the community, donating $5MM to COVID-19 relief and another $5MM to social justice causes this year.

Both Garnett and the Wilfs have strong local ties, which should strengthen their potential bids. As Krawczynski details, Taylor has made it clear to possible buyers that they must commit to keeping the Wolves in Minnesota in order to receive serious consideration.

“People have inquired who are interested, and very interested and have the money, but they want to move a team,” Taylor said. “They are not a candidate. We’ve made that very clear. In those terms, nothing has changed.”

Here’s more on a possible sale of the Timberwolves:

According to both Schefter and Krawczynski, New York real estate developer Meyer Orbach is one potential bidder to watch. Orbach is a current Wolves minority stakeholder who has amassed more and more shares of the franchise and is a highly visible member of the ownership group, per Krawczynski.
Sources have told The Athletic that Taylor will be seeking north of $1 billion for the team. It remains to be seen just how far north of $1 billion that price tag could go — the club was valued at $1.375 billion by Forbes earlier this year.
Brian Windhorst, Bobby Marks, and Tim Bontemps of ESPN took a closer look at the possibility of a Wolves sale, citing sources who estimated Taylor could get more than $1.5 billion for the team if he were willing to allow it to be moved. Since he’s not, the price could be closer to the $1.25 billion valuation the Grizzlies received last year when Robert Pera bought out his partners.
It’s possible that a buyer would want to purchase a smaller portion of the team before eventually taking over for Taylor as the controlling owner, like Joe Tsai did in recent years with the Nets. However, there’s a strong chance that Taylor will “hand over the keys to the castle” immediately if a sale is completed, according to Krawczynski. “I own a whole bunch of companies and my life is pretty complex,” Taylor said. “… Just another year or two have gone by. I just think as time goes on, I’m more inclined to say I should probably get my house in order here.”