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Post by bettmanblows on May 5, 2009 19:39:01 GMT -5
O.K not to make things more confusing cause there are already 2 threads on the Balsillie thing..but the Coyotees have officially filed for bancruptcy..Wow..simply wow Phoenix Coyotes file Chapter 11May 5, 2009 8:15 PM ET advertisement newsThe Phoenix Coyotes hockey team Tuesday filed for Chapter 11 bankruptcy protection and could be sold to a new ownership group that wants to move the team from Glendale to Canada. The team has faced financial difficulties and has been looking for new investors and owner to help or take over for current owner Jerry Moyes. The Coyotes recently received a loan from the National Hockey League and the NHL could take over the team if it goes belly up. Jim Balsillie, CEO of Blackberry maker Research In Motion, has put forth a $212.5 million offer to buy the Coyotes, according to various reports, which also say Balsillie would move the team to Ontario, Canada, and out of the Phoenix market. The Coyotes moved to the Phoenix market from Winnipeg in 1996. The city of Glendale is examining what impact a bankruptcy, NHL takeover or sale to Balsillie would have on the Coyotes’ 30-year lease at the city-owned Jobing.com Arena. The Coyotes’ lease included a $750 million penalty for breaking the lease but it is not clear how those terms would apply under a bankruptcy, new ownership or NHL takeover. Copyright 2009 bizjournals.com news.moneycentral.msn.com/provider/providerarticle.aspx?feed=ACBJ&date=20090505&id=9871964
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Post by paulvanw on May 5, 2009 20:05:44 GMT -5
Here is the news release - June 30, 2009 is highlighted as a deadline. The official news release... May 05, 2009 06:58 PM Eastern Daylight Time Phoenix Coyotes File for Bankruptcy Court-Approved Sale DEWEY, Ariz.--(BUSINESS WIRE)--Dewey Ranch Hockey, LLC and its affiliates Arena Management Group, LLC, Coyotes Holdings, LLC and Coyotes Hockey, LLC (collectively “Coyotes”), owner of the National Hockey League (NHL) team the Phoenix Coyotes filed for Chapter 11 reorganization to implement a court-approved sale of the team under the federal bankruptcy code. The filing included a proposed sale of the franchise to PSE Sports & Entertainment, LP, a Delaware limited partnership (“PSE”), which would move the franchise to southern Ontario, Canada. “Extensive efforts have been undertaken to sell the team, or attract additional investors, who would keep the team in Glendale,” said Coyotes' Chief Executive Officer and Managing Member Jerry Moyes. “Creating a process under the supervision of a judge assures that anyone wishing to purchase the team will have the opportunity to bid. Likewise, the City of Glendale, which has been very cooperative with efforts to keep the team in Glendale, will be able to provide potential buyers assurances of the City’s willingness to offer incentives to keep the team as a tenant in the Jobing.com arena, the lease for which is subject to rejection in bankruptcy,” Moyes stated. “ The process assures that the identities of the new owner and the team’s location will be known by June 30, 2009, thus enabling the NHL to include the team in its 2009-10 schedule.”It is anticipated that the judge will hold a hearing within several days to establish a sales procedure, which will include authorizing continuance of the selling activity in an effort to attract higher bids. The PSE price is $212.5 million, which provides funds sufficient to pay secured creditors in full (approximately $80 million to SOF Investments, L.P. and $35 million to the NHL) and $97.5 million to unsecured creditors, whereas the owners of the Coyotes would receive nothing for their equity investment, including $206.5 million in preferred and common equity that will not be recovered by Moyes under the current offer. “As Managing Member of the Coyotes, I have a duty to seek a transaction that will return the most in sale proceeds to the secured and unsecured creditors,” Moyes said. “No other proposal to acquire the team provided nearly as much payment to the creditors as that offered by PSE, with the understanding that the procedure is in place for other parties to offer more, particularly if the City of Glendale provides financial incentives to keep the team in Glendale. Overbids must exceed the PSE proposal by $5 million and must be fully funded at closing without a financing contingency.” www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20090505006774&newsLang=en
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Post by dannymcmanny on May 5, 2009 22:04:44 GMT -5
Would “No other proposal to acquire the team provided nearly as much payment to the creditors as that offered by PSE" mean that maybe they talked to people in Winnipeg, but we couldn't offer nearly as much cash?
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Post by djk on May 12, 2009 13:58:33 GMT -5
DREGER: BACK AND FORTH JOUSTING BETWEEN NHL-MOYES CONTINUES tsn.ca/nhl/story/?id=278453Posted by Darren Dreger, May 12, 2009. The back and forth legal jousting between the National Hockey League and Phoenix Coyotes owner Jerry Moyes continued on Tuesday. The NHL filed an objection this morning with the U.S Bankruptcy Court following Moyes' attempt to force the league to disclose other interest or offers to buy the struggling Coyotes franchise. In court documents obtained by TSN, the NHL charges the motion submitted on Monday by Moyes' legal team is ''premature'' and should be ''denied.'' ''Pending the determination of who is in rightful control of the Debtors, there is no justification for the efforts of the Debtors' former principal, Jerry Moyes, to harass the league with such discovery that may prove wholly unnecessary. Premature disclosure of confidential discussions will jeopardize value for the league and all of its member teams, including the Phoenix Coyotes, as well as the team's creditors." On Monday, Moyes filed the motion amid continued NHL speculation there are other groups interested in buying the Coyotes. ''The National Hockey League purports to have entered into discussions with, among others, Jerry Reinsdorf regarding his interest in potentially purchasing the Phoenix Coyotes club. Moreover, the National Hockey League has publicly announced it has been involved in discussions with groups, entities, or individuals other than Mr. Reinsdorf regarding the potential sale of the Phoenix Coyotes. The purpose of the production is to examine the content of those discussions and the potential offer outstanding by Mr. Reinsdorf related to these purported interests.'' At this point, the judge in this bankruptcy case has not granted the motion, but could do so at some point today. If the Moyes motion is granted, the NHL will have to produce the content of discussions with Reinsdorf, and perhaps any other interested purchase groups.
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Post by WpgJets2008 on May 12, 2009 14:37:33 GMT -5
I wonder how Jerry Reinsdorf feels about having his name now associated with the NHL in general and this alsolute mess in particular.
This may scare away some potential suitors for existing failed teams seeing what this fellow's name has been dragged through.
Chris
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Post by WHA on May 12, 2009 14:44:48 GMT -5
What are the chances a Winnipeg group will be among those names! Go Moyes Go!
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Post by chadrex on May 12, 2009 14:56:25 GMT -5
Bettman's days are numbered this is getting ridiculous
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Post by mcguire4 on May 12, 2009 16:08:38 GMT -5
Bettman's days are numbered this is getting ridiculous we have been saying that for years now. must be a lot of numbers.
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