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Thread: Forfeiting PSL?

  1. #21
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    PSL owner should file a class action lawsuit against woody johnson for fraud

  2. #22
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    before you walk away...

    Check with your lawyer! Concievably you are still responsible under the contract for the value not paid or recovered from a disposal sale, court costs and legal fees for attorneys.
    Buyer beware - you could have known of this outcome. The money you thought you could save may be illusory.
    I feel sorry you bought psls but I was a season ticket holder since 1966 and gave up my non -psl seats after I lost too much money trying to sell my seats last year.

  3. #23
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    I think the Jets aren't going after people yet since they have been able to re-sell the defaulted seats. I think the losses right now are on the game tickets rather than the PSL payments. Like I said before the majority of defaults are most likely going to be the fans who are on the 5/15 year plans. I could see in the future the Jets putting fans on collection..

  4. #24
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    Quote Originally Posted by eaglenj View Post
    What is about to happen with PSLs over the next 10 months will be unprecedented in the league so there is no way to tell what will happen. PSLs have always worked because they have been sold to loyal fan bases, in areas where there arent 25 other things to do on a fall or winter sunday.

    We are the second football option in our own backyard, let alone compared to the yankees, knicks, etc....the jets simply are not and never will be a consistently HOT ticket. NY has more sports teams then any area in the country, and there are always tickets available on the secondary market, even for premium games....the PSL model does not work for a team like the Jets.
    I have said this since day one. When the west side stadium didn't happen it didn't change the Jets. If the Jets played in Manhattan they would be a hot ticket even with the Giants winning SB's.

  5. #25
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    Quote Originally Posted by JETFAN1 View Post
    I have said this since day one. When the west side stadium didn't happen it didn't change the Jets. If the Jets played in Manhattan they would be a hot ticket even with the Giants winning SB's.
    The Jets are still a hot ticket.

    Place was packed on Sunday.

    SAR I

  6. #26
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    The PR of going after "customers" is a concern, but they could just sell the debt to collections agencies for pennies on the dollar, and then try to resell your PSLs.

    The cruz of the issue is you entered into a 15 or 30 year financially and legally binding committment, and should have known that youre on the hook to buy all your tickets whether the team is 15-1 or 1-15. Do people even read what they are signing these days?

  7. #27
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    Quote Originally Posted by Brooklyn Jet View Post
    The PR of going after "customers" is a concern, but they could just sell the debt to collections agencies for pennies on the dollar, and then try to resell your PSLs.

    The cruz of the issue is you entered into a 15 or 30 year financially and legally binding committment, and should have known that youre on the hook to buy all your tickets whether the team is 15-1 or 1-15. Do people even read what they are signing these days?
    Actually, the only people who entered into a 15-30 year commitment were the people who needed 15 year financing to pay for their PSL.

    - the people in the UD are free to not buy tickets today.
    - the people who paid cash for their PSL have no further obligation - only the option to buy more.
    - the people who financed for 5 years are almost done with their obligation to the Jets. In fact, people in low cost PSL seats have very little "risk" at this point. We could "sell" our seats to someone for the "balance due" in a heartbeat. Or, I could pay off the balance and be done with it. By Spring, we will have our PSL's paid off either way.

    When the Jets allowed people to borrow $10-40+K plus "on credit" in a tough economy, they created a monster that will come back to bite everyone in the a##. The Jets won't generate the cash from PSL sales they needed to finance the stadium. Defaulting fans will be hit with a large potential debt. Non defaulting fans will be left with an asset of lesser value.

    About the only bright side - the Jets can't raise ticket prices for a while. Indeed, I expect renewing STH's will get "incentives" like free parking for a while to mask price decreases.
    Last edited by Digetydog; 10-30-2012 at 01:18 PM.

  8. #28
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    I can see it now. Woody will have no choice but to make a big splash in order to bring people back and have someone to spark the interest.

    Mike Vick will be released after this season. Noway Philly takes on the rest of his deal and they can release him this offseason as he is set to make 15 mil next year.


    NEW YORK JET FANS - WELCOME MICHAEL VICK TO YOUR NEW YORK JETS IN 2013.

    I would hate this move but its gonna happen. Sanchez will be an expensive backup next year and released the year after. Unless we find a way to trade him

  9. #29
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    Quote Originally Posted by jet-sec125 View Post
    My PSL was 4k per seat, I have 2 seats. I owe about 6k with the financing plan. I am thinking about just defaulting if I can not sell them on the open market as they are worthless.

    We were misled as we were told that the only way to get tickets to games was via a PSL.

    In the long run I will come out ahead as you can buy tickets to any home game below face value.

    My 6k can be used to purchase 2 tix for the next 40 home games at an average price of $75 per ticket.

    Anyone else agree with this strategy.
    Great idea. I just think you need to get legal on their a$$es. Hire an attorney and start a class action law suit. Being missled is a form of fraud, isn't it?

  10. #30
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    Quote Originally Posted by JETFAN1 View Post
    I think the Jets aren't going after people yet since they have been able to re-sell the defaulted seats. I think the losses right now are on the game tickets rather than the PSL payments. Like I said before the majority of defaults are most likely going to be the fans who are on the 5/15 year plans. I could see in the future the Jets putting fans on collection..
    Unsecured debt is a hell of a drug.

  11. #31
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    Quote Originally Posted by SAR I View Post
    I don't feel bad for people who signed a 30 year commitment as if it meant we weren't going to have 10-15 crap seasons along the way.

    On the financial side, of course it's hard to see people bite off more than they can chew and get hurt. But those who want to bail because we're not making the playoffs again different story.

    Since relocating to Club parking lots, my BMW is under no threat of seagull feces or human urine.

    SAR I
    What about seagull urine and human feces?

  12. #32
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    Quote Originally Posted by BrowningNagle View Post
    It will be interesting when people start walking away from PSLs...

    1. Jets will be forced to sue a large group of its fans....PR nightmare

    2. Fans will be in default as the language in the PSL is clear that fan is to pay regardless

    3. I do like the Stubhub/secondary mkt argument as verbally and publically the Jets promoted Season tix as the only way to see the team...but secondary markets have always existed....just not to this extent.

    4. Damages - before the Jets can allege damages they will be forced to mitigate which means they have to attempt to sell all the dumped tix before court. Get ready for full court press of deals after the season

    Either way I see 2 things happening for sure - lots of ticket holder will walk away and it will be a disaster.
    Can you quantify "lots of ticket holders will walk away and it will be a disaster"?

    I seriously doubt this will be the case. Sure, people that shouldn't of financed PSL's in the first place and are in financial difficulty will be the first ones that attempt to walk. People like myself (which I believe are the majority) have a long term outlook and realize down years happen, especially in a salary cap sport like the NFL. Did i really think the JETS would be a winning organization every year? Nope. Do i have enough disposable income to spend on PSLs/season tickets? Yes. If you answered these two questions differently, then you probably shouldn't own PSL's...

  13. #33
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    Quote Originally Posted by SAR I View Post
    I don't feel bad for people who signed a 30 year commitment as if it meant we weren't going to have 10-15 crap seasons along the way.

    On the financial side, of course it's hard to see people bite off more than they can chew and get hurt. But those who want to bail because we're not making the playoffs again different story.

    Since relocating to Club parking lots, my BMW is under no threat of seagull feces or human urine.

    SAR I
    +1

  14. #34
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    Quote Originally Posted by BrowningNagle View Post
    The agreement is clear - it is a slam dunk breach of contract walking away....but you have the expense of suing your customers as well as the PR disaster of suing thousands of fans...plus the mitigation of damages so they will have to try to sell them all before court
    They can still sue for the total outstanding balance, even if the Jets resell the PSL. I read the contract and it's very clear.

  15. #35
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    Quote Originally Posted by Brooklyn Jet View Post
    The PR of going after "customers" is a concern, but they could just sell the debt to collections agencies for pennies on the dollar, and then try to resell your PSLs.

    The cruz of the issue is you entered into a 15 or 30 year financially and legally binding committment, and should have known that youre on the hook to buy all your tickets whether the team is 15-1 or 1-15. Do people even read what they are signing these days?
    BINGO - this is exactly what the Jets will do.

  16. #36
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    You should sue them for lack of delivery of a quality product....

  17. #37
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    Quote Originally Posted by jet-sec125 View Post
    My PSL was 4k per seat, I have 2 seats. I owe about 6k with the financing plan. I am thinking about just defaulting if I can not sell them on the open market as they are worthless.

    We were misled as we were told that the only way to get tickets to games was via a PSL.

    In the long run I will come out ahead as you can buy tickets to any home game below face value.

    My 6k can be used to purchase 2 tix for the next 40 home games at an average price of $75 per ticket.

    Anyone else agree with this strategy.
    You have a number of options to pursue, but what did you think you were getting into when you bought the PSLs? You've been on this board since 2005 and have over a thousand posts.....did you not see the thread with 15k+ posts talking about whether PSLs were worth it?

    Whether PSLs are worth it or not is a separate discussion. However, people seem to be more inclined to bail because the team is 1-4 in their last 5 games. Sorry, I don't feel particularly bad for you (of course, I don't feel particularly bad for the Jets either if/when you stiff them). You knew what you were getting into when you signed the agreement. Stub Hub existed before PSLs came about and you had plenty of opportunity to tour the stadium to determine whether you liked it. Apparently you did, at least enough to make the purchase.

    I'm guessing that you, and 100s like you, wouldn't be complaining if the Jets were 6-2 going into the bye. But, if you were a STH before, you should be well aware of the fickle nature of Jet fans. The demand for tickets is always dependant on the Jets fortune. I'm not sure why you thought that would change. And if you bought PSLs only because you thought they were worth something, then you bought them for the wrong reason.

    You definitely have options. You can fulfill your obligation or walk away from them. But, don't be surprised (or outraged) if their are ramifications from doing so. As others have suggested, the Jets may very well sue you or pass your account to a debt collection agency and your credit could certainly be affected. Or, you may have to expend time and energy defending a lawsuit that you have a good chance of losing.

  18. #38
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    Quote Originally Posted by LockeJET View Post
    I can see it now. Woody will have no choice but to make a big splash in order to bring people back and have someone to spark the interest.

    Mike Vick will be released after this season. Noway Philly takes on the rest of his deal and they can release him this offseason as he is set to make 15 mil next year.


    NEW YORK JET FANS - WELCOME MICHAEL VICK TO YOUR NEW YORK JETS IN 2013.

    I would hate this move but its gonna happen. Sanchez will be an expensive backup next year and released the year after. Unless we find a way to trade him
    If they bring this piece of **** in, I'm gone from the jets...

  19. #39
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    Quote Originally Posted by afesposit View Post
    If they bring this piece of **** in, I'm gone from the jets...
    Me too ... **** mike Vick and his dog killing ass

  20. #40
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    I'll tell you what I've learned from these PSL threads....

    Be very careful about what you sign up for.

    As SAR said, you've got to expect some down years so are the down years.

    Is it worth the money or should you just pay for the inflated cost for the games and years you want to see the team vs watch them on TV. Also, are you going to be tempted to sell when the value is down or at its peak (if you have a strong run) if you are thinking of recouping the cost by selling them at some point?

    I personally am more likely to pass on them now than I would be a couple of years ago after some of these threads. I'd probably go secondary market for the games I want but I'm sure others would disagree.

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