Monday, August 11, 2014

Charles Wang Being Sued For 10 Million Dollars By Andrew Barroway

Update: After reading portions of the actual complaint, it appears as though Barroway is suing to have his agreement with Wang upheld.  However, if it isn't upheld then he at least wants to get the 10 million dollar breakup fee.  

The Islanders told Newsday that the suit has no merit which shouldn't come as a surprise.

According to multiple reports, Islanders owner Charles Wang is being sued by Andrew Barroway for 10 million dollars.  The suit is based on the fact that Wang had an agreement in place with Barroways company NY Ice to sell them the Islanders for 420 million dollars.  After months on working on the deal, Wang decided to increase his sale price another 128 million dollars totaling 548 million.  It is believed that this change of heart by Wang was directly influenced by the 2 billion dollar sale price of the NBA's LA Clippers.  Barroway refused to increase his offer beyond the price they agreed to.

According to reports, the deal called for Barroways company NY Ice to acquire 100% of the Islanders and Wang's corporations CBW Inc, CBW LP, and CBW LLC would've gotten 25% of Barroways company NY Ice.

Barroway's court papers say that instead of choosing to honor his agreement and commitment with NY Ice as well as his word Wang chose greed.  If you are familiar with Wang's past business practices this shouldn't be a huge surprise.

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