Hplarrm Posted June 12, 2014 Posted June 12, 2014 And then see it instantly get cut in half after taxes are due? People are ignoring that little tidbit that he'd probably owe a big chunk of change, as his cost basis was likely very low. Many people fall for the fallacy that the guvmint immediately comes in and confiscates hard earned money from the makers in society. Folks who fall for this line do not seem to understand that one would have to be a fool to pay the full legal rate for any tax levied on income or assets. The feds did attempt a few years ago to put in place an alternative minimum tax because so many Fortune 500 firms and their owners were actually arranging their books so that their tax liability was zero. If Pegula is paying 50% on the $ he "made" from selling this land he and his lawyers would be fools. The folks with the real bucks are pleased to have real people believe their millions and billions are taken from them so they can simply enjoy their billions and millions. Others are pleased to sell the guvmint is evil line because it supports their ideology. They actually got folks to believe in concepts like their is a mandatory "death tax" when actually estate taxes can be virtually totally escaped (unless the transferred assets are in the multiple millions they are simply exempt) and even if large, they are simply transferred to whomever the dead person designates as part of an irrevocable trust. These trust are tax free as long as it is administered by an outside party and under this form a standard but pretty large regular payment can be made and even extraordinary large payments for the health and well-being of the recipient. It really is folks who buy the line that the guvmint (you and me by Thomas Jefferson's definition) is robbing all of us blind. It is part of the guvmint but the part robbinh u and m is in the control of Wall Street and other monied forces.
dezertbill Posted June 12, 2014 Posted June 12, 2014 (edited) Golisano was cheap and kept the Sabres from spending on being a winner. And that joker Larry Quinn Sidekick is also a penny-miser who made excuses as to why the Sabres shouldn't spend. Golisano as an owner is a horrible idea, and if he gets the team expect them to be at the bottom of the salary cap each and every year and compete with Jacksonville as the worst product on the field. I would love to have Pegula as an owner, because he'll put football people in place and he isn't afraid to spend the doe to win! I'm sure he learned from hockey, and having a guy like Tim Murray in place is something he would do on the football side. Leaving Whaley in there is probably the best thing he could do. All Whaley needs is the commitment to spend dollars from ownership, and were on the right track. Edited June 12, 2014 by dezertbill
Buffalo Barbarian Posted June 12, 2014 Posted June 12, 2014 @ByTimGraham Ready to make a move on Bills? Terry Pegula has more cash on hand after $1.75 billion sale of oil acreage http://bills.buffalo...reage/ … Pegula just laying low then next we now he will be announced the next owner of the Buffalo Bills.
nucci Posted June 12, 2014 Posted June 12, 2014 Golisano was cheap and kept the Sabres from spending on being a winner. And that joker Larry Quinn Sidekick is also a penny-miser who made excuses as to why the Sabres shouldn't spend. Golisano as an owner is a horrible idea, and if he gets the team expect them to be at the bottom of the salary cap each and every year and compete with Jacksonville as the worst product on the field. I would love to have Pegula as an owner, because he'll put football people in place and he isn't afraid to spend the doe to win! I'm sure he learned from hockey, and having a guy like Tim Murray in place is something he would do on the football side. Leaving Whaley in there is probably the best thing he could do. All Whaley needs is the commitment to spend dollars from ownership, and were on the right track. Well said. I agree
Captain Caveman Posted June 12, 2014 Posted June 12, 2014 Do some research on forbes' methodology for estimating the net worth of those on their list...not exactly an empirical/reliable estimate. ... Friends who are in the fracking/natural gas industry seem to think Pegula is worth closer to $7 Billion. The timing is peculiar to say the least. Fair enough, I don't know the whole process. I was just stating that if 3.3 Billion was in fact his net worth before, it's probably no different now, barring a major change in the valuation of his assets (which could certainly come about from a sale of property such as this.) Aren't there stipulations against owning both an NHL and NFL team, similar to the problem the Jacobs family might have faced if they wanted the Bills? Not that there aren't ways to get around it, but I thought there were hoops you had to jump through. As others have mentioned, the Sabres are not a problem. If he owned a team in another NFL market it would be a problem. He would, however, need to sell his NFL Player Management company. http://espn.go.com/nhl/story/_/id/7325044/buffalo-sabres-owner-terry-pegula-buys-nfl-player-agent-company
machine gun kelly Posted June 12, 2014 Posted June 12, 2014 I'd love to see it, and great having the same owner for both teams. I don't live in Buffalo anymore, but my heart is still in Buffalo. I'd love to see Pegula build a stadium on the water downtown, and possibly partner with another developer to revitalize the greater area. Why? I would love to see Pegula make a ton of money on this deal from hotels, a mall, shops, and so on. The more money he makes, the more he'll invest in both teams, and get a sweetheart deal from the state on the stadium. In return he signs some type of 30 year lock down lease with huge penalties. The city makes out, we have a state of the art stadium, and greater are developed, and all this crap is behind us. I know I'm deciding which game I'm flying my boys up again for the Bills. It will be the Fish or the Patriots. Can't wait as my boys told me last year they've never seen anything like the home opener I took them to last year.
ThurmasThoman Posted June 12, 2014 Posted June 12, 2014 And then see it instantly get cut in half after taxes are due? People are ignoring that little tidbit that he'd probably owe a big chunk of change, as his cost basis was likely very low. not sure because im not a tax lawyer, but wouldnt it be his net gains that are taxed, at the end of the fiscal year?
Captain Caveman Posted June 12, 2014 Posted June 12, 2014 not sure because im not a tax lawyer, but wouldnt it be his net gains that are taxed, at the end of the fiscal year? It will be net gains, taxed as capital gains (not ordinary income) but with sums this large, I would assume he will have to make quarterly payments.
NyQuil Posted June 12, 2014 Posted June 12, 2014 (edited) I find it very interesting that Pegula has said nothing about his interest in the Bills. I Have to think he is at least considering it and doesn't want to show his hand. The timing of this land deal certainly is interesting. Edited June 12, 2014 by NyQuil
YoloinOhio Posted June 12, 2014 Posted June 12, 2014 Who's ready for a Frack the Patriots t-shirt?! I find it very interesting that Pegula has said nothing about his interest in the Bills. I Have to think he is at least considering it and doesn't want to show his hand. The timing of this land deal certainly is interesting. He hasn't said anything himself... but at the NFL owner's meeting it sounds like others did. This is from 4/1howard @hsimon62 Apr 1 Terry Pegula's name brought up as potential #Bills owner at NFL meetings. http://cbsprt.co/1f0aLuC via @cbssports
beerme1 Posted June 12, 2014 Posted June 12, 2014 Golisano was cheap and kept the Sabres from spending on being a winner. And that joker Larry Quinn Sidekick is also a penny-miser who made excuses as to why the Sabres shouldn't spend. Golisano as an owner is a horrible idea, and if he gets the team expect them to be at the bottom of the salary cap each and every year and compete with Jacksonville as the worst product on the field. I would love to have Pegula as an owner, because he'll put football people in place and he isn't afraid to spend the doe to win! I'm sure he learned from hockey, and having a guy like Tim Murray in place is something he would do on the football side. Leaving Whaley in there is probably the best thing he could do. All Whaley needs is the commitment to spend dollars from ownership, and were on the right track. Well said. I agree Well said? I'm very confused by what he said. Golisano's Sabres were never near the bottom in spending. They we're competitive, won a President's cup, made conference finals and increased season tickets. He wants Pegula to come and get a football man in place. He's not accepting the fact that Pegula came in and allowed Darcy to remain in place which seriously impacted the team. So his history is that he will leave the people in place for a few years before deciding if a change is necessary. He states that he sure Pegula learned form hockey and would get a guy in there like Tim Murray and then says leaving Whaley is the way to go. All that Whaley needs is the commitment to spend. Like Darcy got? I'll give you this though that Whaley seems to be a bright guy with an upside. No offense to either of you but how the hell is any of that well said?
Braedenstearns Posted June 12, 2014 Posted June 12, 2014 Yeah. He's one of the best owners in sports and he's fully dedicated to WNY. Okay great!
thebandit27 Posted June 12, 2014 Posted June 12, 2014 Who's ready for a Frack the Patriots t-shirt?! He hasn't said anything himself... but at the NFL owner's meeting it sounds like others did. This is from 4/1 howard @hsimon62 Apr 1 Terry Pegula's name brought up as potential #Bills owner at NFL meetings. http://cbsprt.co/1f0aLuC via @cbssports That's the Owners' guy--they LOVE him; especially the Jones/Krafts of the world that want to grow the game with owners whose net worth is on the rise.
May Day 10 Posted June 12, 2014 Posted June 12, 2014 Golisano was at the cap every year and they even had to maneuver every dime on call-ups so they didnt go over. Sabres will have to maneuver to get to the cap floor next season. I love Pegula and he is the best case scenario, but all the over the top dramatics on Golisano are misguided.
Canadian Bills Fan Posted June 12, 2014 Posted June 12, 2014 I would go print out like 100 ATM receipts and hit on any chick above 8/10. When they give any type of response, I would jot my number on the receipt as if the only thing I had availble. Tell them to call me. If I only get 10 calls, well, that'd be great. And then they claim they are carrying your baby and start asking for "support" CBF
Canadian Bills Fan Posted June 12, 2014 Posted June 12, 2014 This would almost be as good as the Bills winning the Super Bowl. Almost. CBF
Kirby Jackson Posted June 12, 2014 Posted June 12, 2014 This would almost be as good as the Bills winning the Super Bowl. Almost. CBF I agree!! I remember a couple of months back there was discussion about the worst thing that could happen this year. People were voting for things like "EJ gets hurt and only plays 10 games." The team being bought by the evil troll and subsequently moving out of WNY is 1,000,000,000,000 x worse than anything that can happen on the field. This period is right there with the Super Bowl era as the most important time in franchise history.
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