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Holy ****. This saga deserves to be in the main forum, not the sports forum.
What a cluster****. How do you manage that??
The actual court document containing the finances of the team is included in the link.
Holy ****.
What a cluster****. How do you manage that??
Judge rejects both bids for Coyotes
Bankruptcy court judge Redfield T. Baum has rejected both bids for the Phoenix Coyotes.
“In hockey parlance, the court is passing the puck to the NHL, who can decide to take another shot at the sale net or it can pass off the puck,” Judge Baum wrote.
Judge Baum threw out a bid by Jim Balsillie saying it could not succeed because he cannot properly satisfy the NHL’s rights regarding relocation.
“In the final analysis, the court cannot find or conclude that the interests of the NHL can be adequately protected if the Coyotes are moved to Hamilton without first having a final decision regarding the claimed rights of the NHL and the claims of the debtors and [Balsillie],” the judge ruled.
Baum
He added that bankruptcy law requires that the court “shall prohibit” any sale where various interests cannot be adequately protected.
NHL deputy commissioner Bill Daly issued a statement saying the league is “pleased that the bankruptcy court has confirmed the league's rights to select its owners and the location of its franchises.”
“We are reviewing the opinion and considering how we can best address the court's concerns regarding our offer to purchase the Coyotes,” Daly said. “It remains our goal to secure the long-term stability of the Coyotes in Glendale.”
The ruling came on the eve of the start of the NHL season and after nearly five months of bitter legal wrangling with Balsillie and Coyotes majority owner Jerry Moyes on one side and the NHL and the City of Glendale, where the team plays, on the other.
Balsillie said he would not appeal.
“From the beginning, my attempt to relocate the Coyotes to Hamilton has been about Canadian hockey fans and Canadian hockey,” he said in a statement. “It was a chance to realize a dream. All I wanted was a fair chance to bring a seventh NHL team to Canada, to serve the best unserved hockey fans in the world. I believe I got that chance.”
Moyes took the team into Chapter 11 on May 5 with a plan to sell to Balsillie, contingent on moving the franchise to Hamilton.
Balsillie's bid, which rose to $242-million (all currency U.S.) when $50-million was added in an effort to persuade Glendale to drop its opposition, was denied with prejudice, meaning the proposal is dead.
The judge said the NHL’s bid is problematic because it allows the league to select which creditors will be paid in full. The NHL has selected to pay all the creditors except Moyes, who claims he is owed more than $100-million and Wayne Gretzky, who claims a debt of $9.3-million.
Judge Baum left the door open to the NHL to modify its bid to resolve the issues. He said the league “can probably cure the defects in its bid if it elects to make the required amendments”.
Bankruptcy court judge Redfield T. Baum has rejected both bids for the Phoenix Coyotes.
“In hockey parlance, the court is passing the puck to the NHL, who can decide to take another shot at the sale net or it can pass off the puck,” Judge Baum wrote.
Judge Baum threw out a bid by Jim Balsillie saying it could not succeed because he cannot properly satisfy the NHL’s rights regarding relocation.
“In the final analysis, the court cannot find or conclude that the interests of the NHL can be adequately protected if the Coyotes are moved to Hamilton without first having a final decision regarding the claimed rights of the NHL and the claims of the debtors and [Balsillie],” the judge ruled.
Baum
He added that bankruptcy law requires that the court “shall prohibit” any sale where various interests cannot be adequately protected.
NHL deputy commissioner Bill Daly issued a statement saying the league is “pleased that the bankruptcy court has confirmed the league's rights to select its owners and the location of its franchises.”
“We are reviewing the opinion and considering how we can best address the court's concerns regarding our offer to purchase the Coyotes,” Daly said. “It remains our goal to secure the long-term stability of the Coyotes in Glendale.”
The ruling came on the eve of the start of the NHL season and after nearly five months of bitter legal wrangling with Balsillie and Coyotes majority owner Jerry Moyes on one side and the NHL and the City of Glendale, where the team plays, on the other.
Balsillie said he would not appeal.
“From the beginning, my attempt to relocate the Coyotes to Hamilton has been about Canadian hockey fans and Canadian hockey,” he said in a statement. “It was a chance to realize a dream. All I wanted was a fair chance to bring a seventh NHL team to Canada, to serve the best unserved hockey fans in the world. I believe I got that chance.”
Moyes took the team into Chapter 11 on May 5 with a plan to sell to Balsillie, contingent on moving the franchise to Hamilton.
Balsillie's bid, which rose to $242-million (all currency U.S.) when $50-million was added in an effort to persuade Glendale to drop its opposition, was denied with prejudice, meaning the proposal is dead.
The judge said the NHL’s bid is problematic because it allows the league to select which creditors will be paid in full. The NHL has selected to pay all the creditors except Moyes, who claims he is owed more than $100-million and Wayne Gretzky, who claims a debt of $9.3-million.
Judge Baum left the door open to the NHL to modify its bid to resolve the issues. He said the league “can probably cure the defects in its bid if it elects to make the required amendments”.
Holy ****.
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