Kings Stick By Power Balance Despite Looming Bankruptcy
by Tom Ziller on Nov 21, 2011 1:49 PM PST
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PrintThe Sacramento Kings organization released a statement on Monday supporting Power Balance despite its apparent fall into bankruptcy. Power Balance, which makes bracelets that supposedly give their wearers the superpowers of Power and Balance, and which has the naming rights on what was previously known as ARCO Arena, filed for bankruptcy protection last week, according to reports. The company has reportedly reached a $57 million settlement to resolve a class action suit filed by Power Balance bracelet purchasers who felt they were not made adequately Powerful or Balanced.
In a statement, the Kings expressed solidarity with Power Balance.
"We maintain close communications with Power Balance and are aware of their decision to file for voluntary protection available to them through the courts," the statement read. "They have been good partners since day one and are, understandably, taking steps to put the company in a position to continue innovation in the performance technology sector. They have assured us of their commitment to the Sacramento Kings and the surrounding community and we expect to continue our productive partnership through this process and into the future."
This seems to be a difficult-to-believe reading of the news, but alas. What is the team supposed to do, kick one of the few entities giving it money right now while said entity is down? Maloof Sports and Entertainment doesn't really have any choice but to hope for the best at this point, so long as another company doesn't offer to pick up the arena naming tab immediately.
Whatever the case, this does not help the current incarnation of the Kings. We need a new arena with sustainable revenue streams. Soon, please.
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And in related news
The Maloofs are still running the Palms,sold their beer distributorship because it was a good deal, and really, really want to stay in Sacramento.
It comes down to reality
And it's fine with me 'cause I've let it slide
by SavageBeast on Nov 21, 2011 1:52 PM PST reply actions 10 recs
Greetings From Vegas & LA
The Maloofs have left me speechless. How does one fuck up both a NBA team and a casino at the same time? The casino deal of course, Palms Place busted them, they got into the condo business at the top of the market.
No, they sold the distributorship because they needed the cash, this is obvious. (Yes, I know you were being sarcastic, but everything goes back to Palms Place)
But taking the Daily Double of all Daily Doubles, both second generation family owned businesses (Papa had the Fiestas and the Houston Rockets), and trashing both, it’s either witchcraft or state of the art incompetence. Let’s not forget that WFB is not entirely out of the woods yet either.
I can’t trash them too much….made a lot of dough playing video poker there over the years and they were good about it, and George is a good guy. But….Power Balance?
Let me pimp my man Marco Prestia here…Marco owns Madhouse Coffee (@coffeemadhouse) at DI/Durango..cool hip place,open 24/7, great coffee and sandwiched….anyway, he had bought a ton of the stupid bracelets, and had to dump them at half off like 6-8 months ago. Power Bracelets are like Mood Rings were 30 years ago…they had their 15 minutes, it’s over. But if this is the best you can do for a corporate sponsor…I mean, I never took the family too seriously, they ran the Palms like a mom and pop business, and even though that’s not the right way to run it, there were a lot of plusses to that as a player, but even this…bad luck is one thing, sheer incompetence is another.
This is DBB, and this is what we do.
by V. on Nov 22, 2011 5:11 PM PST up reply actions
Just curious
But taking the Daily Double of all Daily Doubles, both second generation family owned businesses (Papa had the Fiestas and the Houston Rockets),
Didn’t Papa die in 1980? If that is the case, how did he buy the Fiesta Casino 14 years after he died?
by wallywagon11 on Nov 22, 2011 6:27 PM PST up reply actions
You're Right
Mama had a big part in running Fiesta Rancho and at times the Palms in the early years of the casino.
I got a little ahead of myself, and got lost in trying to figure out where they went so crazy wrong with everything.
This is DBB, and this is what we do.
by V. on Nov 23, 2011 3:19 AM PST up reply actions
I think the Maloofs are completely ignoring their greatest potential revenue stream...
Ron Burkle
"First we get jobs, then we get the khakis, then we get the chicks."
by Wonderchild on Nov 21, 2011 2:56 PM PST reply actions 3 recs
Bracelets?
Gee, what a surprise, the bracelets weren’t powerful enough or balanced. Maybe they should have purchased voodoo dolls instead.
Maybe the Maloofs are just sympathetic of Power Balance's money troubles
I like that, and I like Kings basketball.
Also, just a case of
“As long as they give us money, we like them”
I like that, and I like Kings basketball.
Not for nothing,
but the dude in the photo wouldn’t need that back brace had he been sporting a couple of Power Balance Bracelets.
SACTOWN ROYALTY - Try our thick creamy shakes!
by section214 on Nov 21, 2011 3:38 PM PST reply actions 10 recs
Why isn't this green yet?
SJSU. Proud Mediocrity Since 1857.
by SierraSpartan on Nov 21, 2011 5:11 PM PST up reply actions
Done and done
Wait....Why is everybody clapping? Everyone around me is clapping.... I guess I should be clapping too... GO LAKERS!!! I hate living in So Cal
by 27freethrows on Nov 21, 2011 5:12 PM PST up reply actions
Wait you mean people really expected a measurable improvement in balance?
Or did some lawyers get together, smelling a class action suit? I mean, weren’t they like five or ten bucks apiece?
Oops. Guess they were like 25 bucks.
I guess people wanted their money back. Bet they’re on sale now though!
Don't know how this could happen!
It’s so obvious that u must purchase two Braclets and wear one on each wrist for maximum Balance and the added Power your arms receive with added weight of .5 ounces of pure rubber has to build up your arms to Popeye proportions! Come On Man.
by Sincere P. on Nov 21, 2011 3:58 PM PST via mobile reply actions 1 recs
Well I just looked into it and they say they're still coming out with a "Powermouthguard"
So you gotta have one of those too. Then you’ll be ballin’.
So the Maloofs sold the naming rights to a company who had already admitted legally that their product was a fraud. This is freakin’ amazing.
Not really. After all, it is the Maloofs we're discussing here, yes?
SJSU. Proud Mediocrity Since 1857.
by SierraSpartan on Nov 21, 2011 5:12 PM PST up reply actions 5 recs
TZ. When do the StR Unrealistic Expectations Headbands come out?
It’s designed to increase expectations in the user’s mind, and expand them to unrealistic proportions. If you can imagine it, you can expect it. Unrealistic Expectation Headbands… only from StR.
Then, we funnel our ill gotten gains into getting our name above PBP/Arco. Then, we hope no one sues.
This.
by elfboy_ on Nov 21, 2011 7:51 PM PST reply actions 6 recs
the performance technology sector
Power Balance is facing stiff competition in the sector from competitors Sparkly Unicorn Co. and YouthFountain, Inc.
Tyreke Evans at 100% = Purple Jesus
by Biscuit on Nov 21, 2011 9:25 PM PST reply actions 4 recs
The statement should read
We are contractually bound to keep the Power Balance name as we have already cashed their check. We will continue to support Power Balance in their times of trouble until we find another sucker sponsor for our barn in Natomas.
At this point the Maloofs would name the building Jerry Sandusky Pavilion as long as he forks over the cash.
"If the 49ers success offends you, so be it."
by Mityt on Nov 22, 2011 3:38 AM PST reply actions 4 recs
I think it should read
It’s cheaper to back this bankrupt company than hiring someone to take down the signs off the building.
"First we get jobs, then we get the khakis, then we get the chicks."
Why doesn't this surprise me (hangs head)?
Purveyor of Bull Plop
I seriously doubt the Maloofs are still getting paid while the company is in bankruptcy. Power Balance probably paid ahead for a certain time frame. Also, I’m sure they got a serious discount on the naming rights, and the Maloofs could probably get someone else to pony up a minimal amount of money to do the same.
Sactown Royalty Arena anyone?
Maloof - Power Balance deal goes beyond Sac arena naming rights
If it were solely a simple naming rights deal AND the Maloofs had not been paid in full yet, it’d be up to the bankruptcy court or court-appointed trustee to figure out which debts need to be paid, and paid first. The Maloofs would get in line with the plaintiffs and other PB debt holders. There would be no need for a PR response to curry favor with PB.
On the other hand, if the naming rights deal also included future business arrangements in Anaheim- well that’d be a reason for them to stand by PB with PR.
It’d be great if we actually had an inquisitive reporter covering the Maloofs to unravel their business arrangements.
Well
if the Maloofs had not been paid in full yet, it’d be up to the bankruptcy court or court-appointed trustee to figure out which debts need to be paid, and paid first.
That may be in fact what is going on, a waiting game for now. I’d think they are legally bound to stand by PB until there is a true opening (lack of payment for instance) to escape the arrangement.
"Victory goes to the player who makes the next-to-last mistake."
- Chessmaster Savielly Grigorievitch Tartakower
by lietothegirls on Nov 22, 2011 9:55 AM PST up reply actions
The court/trustee doesn't read PR statements
nor would PR affect how they decide to settle debts. There is no legal obligation to say nice things about people who owe you money. If so, you’d see a lot more debt holders saying a lot nicer stuff about bankrupt entities.
Let’s put it like this- if Cache Creek, Folsom Lake Ford or any other local Kings partners declared bankruptcy, I don’t think you’d see a PR release saying they still stand by them.
by fire_voisin on Nov 22, 2011 10:42 AM PST up reply actions
By "stand by" I meant the contract itself
"Victory goes to the player who makes the next-to-last mistake."
- Chessmaster Savielly Grigorievitch Tartakower
by lietothegirls on Nov 22, 2011 4:46 PM PST up reply actions
Power Balance bracelets are worthless?!
Good heavens. Now I suppose somebody’s going to tell me that Roni Deutch doesn’t really help people with their tax problems…
by outrider on Nov 22, 2011 10:44 AM PST reply actions 1 recs
At least
Zoom Imaging is still providing great copier service (despite the freaky kid.)
Sorry freaky kid.
It comes down to reality
And it's fine with me 'cause I've let it slide
And dont Forget Newman Lasik still is a pretty good Lasik Surgeon unlike those other cheap guys
Founder of team Omté Caspeen
I hope you're right
I’m going to see them in early January.
"If you can’t make a profit, you should sell your team." - Michael Jordan (Owner, Charlotte Bobcats)
Tom Zook is still a multimillionaire, right?
Right?!
"What the fuck did I do?" - McNulty
by vfettke on Nov 22, 2011 6:03 PM PST up reply actions 3 recs
Yeah
But he’s still on vacation
It comes down to reality
And it's fine with me 'cause I've let it slide
Are you speaking as a casino mogul or a California taxpayer?
We need a new arena with sustainable revenue streams. Soon, please.
Why subsidize billionaires? (Or thousandaires, as the case may be…)
"A bizarre and extremely rare hybrid Blazer/Laker fan, Timbo has always struggled to contain the Beast Within, like Dr. Jekyll, Bruce Banner, or Ted Kennedy." — Miled Animal
Not sure where anyone said anything about subsidizing anyone
What he said is an arena that can sustain itself.
Or were you just trolling?
It comes down to reality
And it's fine with me 'cause I've let it slide
Self-explanatory
A bizarre and extremely rare hybrid Blazer/Laker fan
"If you can’t make a profit, you should sell your team." - Michael Jordan (Owner, Charlotte Bobcats)
You obviously don't know Timbo.
No mistakes in the tango, Donna. Not like life. Simple. That's what makes the tango so great. If you make a mistake, and get all tangled up, you just tango on.....
"This is about new owners vs. old owners. And the new owners want what the old owners have." --- Otis29
It doesn't matter.
Timbo isn’t trolling. Disagreement with someone from a different fanbase doesn’t necessarily qualify Timbo as a troll. If Timbo wanted to be a high octane one of a kind pain in the ass, you would know it, That’s what I meant by “u don’t know Timbo”.
No mistakes in the tango, Donna. Not like life. Simple. That's what makes the tango so great. If you make a mistake, and get all tangled up, you just tango on.....
"This is about new owners vs. old owners. And the new owners want what the old owners have." --- Otis29
Umm okay
Still not sure I get the point of his comment. In fact, I would say that it not only doesn’t make any sense, but is intentionally inflammatory on a board he doesn’t regularly visit. Which is pretty high on my definition of trolling.
But I can move on with my life.
It comes down to reality
And it's fine with me 'cause I've let it slide
What's so hard to understand?
Don’t subsidize billionaires. How is that different from a few people on this site who are Kings fans? What difference does it make what fanbase Timbo is a part of? And how does saying that make him a troll? If saying you don’t want to subsidize billionaires makes you a troll, than, well, I suppose that makes me and a few others around here trolls too.
After all, it’s not Timbo’s problem whether the Kings stay or leave Sacramento.
No mistakes in the tango, Donna. Not like life. Simple. That's what makes the tango so great. If you make a mistake, and get all tangled up, you just tango on.....
"This is about new owners vs. old owners. And the new owners want what the old owners have." --- Otis29
Well let's see
The quote he was linking to was:
We need a new arena with sustainable revenue streams. Soon, please.
Please go right ahead and explain to me how that is saying we need to subsidize billionaires. I’m all ears. If you and this guy are buds, so be it. I couldn’t care less, but stop telling me what I good guy he is. You come to the STR site and say that building a self-sustaining arena is pandering to billionaires, and I call crap.
It comes down to reality
And it's fine with me 'cause I've let it slide
It is pandering to billionaires.
They are the one’s who most benefit directly in the final analysis. So I call crap on you for saying there is a difference between noting that an arena would help a billionaire (it’s not likely to help the Maloofs who aren’t billionaires as we know), and the next owner, if the Kings stay, is almost assuredly in that billionaire group.
I’m confused. Exactly what is wrong about assuming that building an arena isn’t pandering to billionaires? Of course it is. That’s not why folks will get behind an arena. But these are not two of the same things we are discussing. There is no way a billionaire buys the Kings and then intends to build an arena with his (or her I suppose) own money. Hence, pandering to billionaires. Sure there are other reasons why an arena will be built, but acting like part of the deal doesnt’ include a pander to said billionaire is silly IMO.
No, Timbo and I aren’t friends really. I have no beef with him necessarily though. And, I don’t think there is anything wrong with what he said. You may not like his doing so here, but tough shit. That’s life.
No mistakes in the tango, Donna. Not like life. Simple. That's what makes the tango so great. If you make a mistake, and get all tangled up, you just tango on.....
"This is about new owners vs. old owners. And the new owners want what the old owners have." --- Otis29
Not sure what burr is under your saddle
But if building a profitable arena is pandering to billionaires, than I guess building a private jet, corporate office building, or luxury car is pandering as well.
Building an arena—especially one that is at least break-even—provides jobs, concerts, conferences, college basketball, and many, many other events that have absolutely nothing to do with the Kings. The Kings are going to pay rent just like any other tenant. We are not giving them the arena or even most of the profits.
There are thousands of people who will use the arena every month that have nothing to do with basketball. There are thousand of people who will be employed because of the arena. And, yes, there are thousands of basketball fans who will not be devastated by the Kings leaving. Me, my wife, and kids as part of that group.
Are there people here at STR who think that building a multi-purpose arena without relying on taxes is pandering to the Maloofs? Maybe, but my guess is that you’d find a lot more of them on the Sac Bee site. If you agree with that crowd, I guess we’ll just agree to disagree. .
It comes down to reality
And it's fine with me 'cause I've let it slide
by SavageBeast on Nov 23, 2011 4:25 PM PST up reply actions 1 recs
And just as an FYI
If you look at my original response, I didn’t call your pal a troll. I responded to his comment and then asked if he was serious in his statement or just trolling.
It comes down to reality
And it's fine with me 'cause I've let it slide
I don’t have a problem with the arena. I’m not upset with you, or by Timbo’s comment. I don’t see it as a big deal. I read your original comment about is it “trolling or is it serious?” point. Like I said, I don’t see it as trolling. I see it as Timbo being Timbo. No more or less and no right or wrong. And, I don’t see what was said that is that big of a deal. You disagree? Hell, I disagree with him in the frame of his comment. That doesn’t mean I think it’s trolling or a big deal. And it certainly doesn’t mean on top of that that building an arena doesn’t preclude pandering to a billionaire. Sure, others benefit in smaller ways, but the person who benefits most is usually the owner of sports team (in most cases a billionaire). I’m not saying there aren’t benefits to building an arena or Sacramento won’t benefit. When have I given the indication I don’t want an arena built SB? But to say that building an arena in some part doesn’t include pandering to a billionaire, well, hey, we live in a billionaires world and we do their bidding. Those who have the gold rule. It’s as simple as that.
Happy Thanksgiving to LPA, yourself and the rest of your family.
No mistakes in the tango, Donna. Not like life. Simple. That's what makes the tango so great. If you make a mistake, and get all tangled up, you just tango on.....
"This is about new owners vs. old owners. And the new owners want what the old owners have." --- Otis29
You too bro.
One of these days we are going to have to get together.
It comes down to reality
And it's fine with me 'cause I've let it slide
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