Your Wednesday Thrashers-To-Winnipeg Latest: JB Smith Has Problems

((HT: AJC/Schultz))

According to Jeff Schultz over at the AJC, venture capitalist JB Smith has some problems that are more pressing than chasing after the Hawks, the Thrashers, and Philips Arena...

Other than waiting in line at the negotiating table...

From Schultz:

Two companies, iSekurity and Equity 11, have put out a news release, disassociating themselves with Smith. In fact, the headline on website reads, “JB Smith Not Associated With Equity 11 and iSekurity.”

Reuters has a copy of the news release itself...

Equity 11, Ltd. and iSekurity, an identity theft security and restoration firm comprised of former United States Federal Agents, announced today that media reports about JB Smith's association with Equity 11 and iSekurity are untrue.

"The shareholders of Equity 11 and iSekurity removed JB Smith from all positions he held with our companies in June 2010," said Jim Juliano, Equity 11's and iSekurity's Chairman. "In addition, the Oakland County Circuit Court entered a $1.9 million judgment against JB Smith, banned him from all positions with Equity 11 and iSekurity and ordered him to relinquish any ownership in these companies. JB Smith has not made any payments on this judgment. Several other creditors are also seeking payment from JB Smith." The Court took this action in Oakland County Circuit Court Case No. 10-1100121-CB."

So, then if Smith doesn't have the US$2-million to end the association ((or dis-association as the case may be)) with his ex-mates at Equity 11, who in the Sam Hill thinks he can pick up a mid-nine figure property on the whole- without being properly vetted by the leagues interested in what happens to their franchises...???

There's talk that Smith will be at the "Save Our Thrashers" rally Saturday. It'll be interesting what response he gets if he shows...

So, where would the new Winnipeggers be if their get their team...???
TSN's James Duthie and Darren Dreger discuss...
((HT: TSN/JHendrix70))

DEVELOPING: Another Player For Thrashers, Hawks, Philips...??? ((UPDATED AND UPDATED AGAIN))

This comes from FOSG John Kincade via his Twitter account...

Looks like Craig Custance of the Hockey News might be on to something...

He's set to interview "venture capitalist" JB Smith on his desire to make a bid for all three Spirit properties- Hawks, Thrash, and Philips Arena...

Quoting Kincade:

J.B. Smith has been attempting to put together a deal to purchase the Thrashers, Hawks and Philips Arena since early March

That comment flies in the face of Bruce Levenson's public plea for a local owner to step forward that he made last week on television- unless, of course, Levenson's whole dynamic has been one gigantic swerve...

Once again, from Kincade...

Equity 11 is his firm and he has put together many deals that dwarf the expected purchase price of all 3 entities

Equity 11's portfolio involves something called "ReignSports..." obviously, this would be that company foray into completing the "coming soon" element of Reign and turn it into something tangible...

More when we know more...

We know more...
Smith used to be Managing Partner of Equity 11... he's not there any more...

1650 UPDATE: Smith is a graduate of Penn State and is in his late 30's... He tried to grab a piece of the Steelers back in 2009 as was talked about in the Pittsburgh Post-Gazette

Remember, Ice Edge Holdings and Matthew Hulsizer are both venture capital outfits, and all they did was kick the tires before not picking up the Coyotes in the end...

1730 UPDATE: Smith appears to be utilizing either a former or current Sports Illustrated writer Jay Clemons as a media contact. According to Mr. Clemons a release of Mr. Smith's bio will be released sometime this afternoon.

This has become quite the cloak-and-dagger kind of game here. We will continue following this story and update it when we can.

The main kick in the Custance article is questioning the financing available for Smith- since his Steelers bid failed- or failed to work out...

But... as Smith told Custance...

"Under the right circumstances we're extremely interested in keeping the Thrashers in Atlanta."

More when we know more...
Again...

1830 UPDATE: Tim Tucker for the Atlanta Journal-Constitution has it up that Spirit and current-but not for much longer owner of the San Diego Padres, John Moores, are in an exclusive window for negotiations on a sale of the Hawks and Philips Arena.

This, obviously, is a hedge on True North being the buyer for the Thrashers. The other two properties are in play, and thus, Moores is talking on those.

This move doesn't give a whole lot of hope and/or credence to the JB Smith bid at present. The only item keeping Smith in play is that he has to wait on the Moores negotiations before he can make a play for all three- if, and that's a big if, True North falls apart in their bid for the hockey franchise. Moores would have to walk away from the table AND True North would have to wander away simultaneously.

The HQ doesn't like those odds for Smith...

As for the Thrash, Team President Don Waddell told Tucker and Chris Vivlamore...

“My job is to continue to actively pursue buyers,” Waddell said. “At this time, there are no further developments.”