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Post by WHA on Aug 24, 2009 22:45:35 GMT -5
Balsillie sets Sept. 14 deadline
Monday, August 24, 2009
Jim Balsillie.THE ASSOCIATED PRESS
PHOENIX -- Canadian billionaire Jim Balsillie has submitted an amended proposed agreement to buy the bankrupt Phoenix Coyotes for US$212.5 million and immediately move them to Hamilton, with or without the NHL's consent.
The document filed Monday in U.S. Bankruptcy Court says Balsillie can walk away from the deal if the contentious issues in the complex case have not been resolved in his favour by Sept. 14. That's four days after the scheduled auction of the team and one day before the Coyotes are to play their first pre-season game.
Balsillie wants Judge Redfield T. Baum to rule his bid valid even though the NHL board of governors voted 26-0 against his application to become the team's owner.
The NHL says it is impossible to move the team for the coming season.
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Post by trebendan on Aug 25, 2009 12:30:52 GMT -5
Question for you, WHA: Do you think Balsillie will try to re-start the WHA?
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Post by mcguire4 on Aug 25, 2009 12:42:12 GMT -5
he can say what he wants, but i dont see him winning this bid.
EVER, under ANY circumstance.
JB is toast.
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Post by WHA on Aug 25, 2009 12:49:48 GMT -5
Our WHA Jets were the best hockey played in this city. I don't see another WHA happening given the Russian and European Leagues. What I do see is JB exposing the NHL's dirty antics which will make the NHL make decisions they would of otherwise not made. The Sept court date will be a historic event one way or another! Go JB go! He has not gone this far without knowing he still had a chance whether it be the Coyotes or an expansion team!
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Post by WpgJets2008 on Aug 26, 2009 12:28:54 GMT -5
I see a much longer term result from all of this.
I don't believe the story ends in September regarding the Coyotes based on the number of lawsuits that could follow.
Nor do I believe Balsillie will stop at chasing 3 teams when many other "hot" spots are in hot water financially.
I would think that JB will keep going unless the bankruptcy ruling is so in the NHL's favour that the precedent would be too much for JB to climb over for the next team he colludes to push into bankruptcy.
And if the NHL doesn't get a clear precedent from Judge Baum then you can be certain the NHL will be examining each and every troubled club to ensure it will not go into bankruptcy without NHL advanced notification and/or NHL proxy via NHL constitution changes.
This Coyotes situation with Balsillie may force the NHL to relocate these weak sisters to viable markets just to avoid similar bankruptcy threats from owners and Balsillie.
Which would also help Winnipeg's cause!
Chris
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Post by leer2006 on Aug 26, 2009 12:56:56 GMT -5
Perhaps some of these other troubled teams should go into bankruptcy now.
Get 4 or 5 othem to do this and have Ballsillie place bids on each. Lets see if the NHL can buy 4-5 teams out of Bankruptcy.(just a crazy idea)
Again this may not matter at all if we already have a team in place for the 10/11 season.
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Post by gee on Aug 26, 2009 14:03:23 GMT -5
look for Big Jim to take the next attempt in another direction. He'll secretly bankroll the establishment of a corporate publicly traded team or possibly help Lightning owner Barrie to make an IPO to take the club public.
it will be later revealled - after the entity is approved as owner - that Jim has options to purchase shares that would make him 51% (or more) owner.
it will likely be a team that is somewhat mobile - like Atlanta - then he will move the team to hamilton without permission and challenge the territorial rights or whatever through the court process or move it just outside the territorial rights zone.
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Post by ~Jiffy~ on Aug 26, 2009 15:51:29 GMT -5
Man, I wish someone had a contact for Bettman, then we could send out a hit on him, threaten him to smarten up and get rid of the failing franchises. (oh I can dream can't i)!!!!  In all seriousness tho, it will be awhile until Bettman and the owners get whats coming... it is coming... they are all going to hit rock bottom sooner or later.. and we can all say we were alive during the "Bettman Period" and hopefully this nonsense never happens again! |
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Post by jaylon1970 on Aug 26, 2009 20:26:30 GMT -5
Man, I wish someone had a contact for Bettman, then we could send out a hit on him, threaten him to smarten up and get rid of the failing franchises. (oh I can dream can't i)!!!! In all seriousness tho, it will be awhile until Bettman and the owners get whats coming... it is coming... they are all going to hit rock bottom sooner or later.. and we can all say we were alive during the "Bettman Period" and hopefully this nonsense never happens again! that sounds counterproductive.... bettman works for the owners...... bettman must follow the interest of BOG (board of governors)... basically you should target your anger towards the nhl owners and the BOG, who really control the NHL....not bettman.. |
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Post by ~Jiffy~ on Aug 27, 2009 9:43:58 GMT -5
Bettman does control them, they follow what he says.. don't kid yourself. IF someone else was incharge it would be very different!
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Post by Hobble on Aug 27, 2009 11:12:21 GMT -5
There is no way the owners can be in favour of spending 140 million on a team just to lose millions more each year, not to mention lose money via revenue sharing... This has the stink of Bettman all over it...
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Post by bromine on Aug 27, 2009 11:32:02 GMT -5
If no local owner is found soon, the NHL will obviously flip it to a relocating owner right after that. The NHL will break even since they will probably sell it for their initial investment + the Coyotes 09-10 operating losses.
This looks pretty good for ROTJ.
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Post by ~Jiffy~ on Aug 28, 2009 8:53:09 GMT -5
Yeah... Bettman is up to something. I am not sure what the hell he is thinking half the time, I really don't.... Its like he almost wants the NHL to go in the hole!
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Post by Dcmac on Sept 7, 2009 3:08:04 GMT -5
We should be cheering for the NHL, the yotes situation has been exposed, the damage is done, now it's time for Bettman to swallow his pride.
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Post by jaylon1970 on Sept 7, 2009 20:24:19 GMT -5
Bettman does control them, they follow what he says.. don't kid yourself. IF someone else was incharge it would be very different! jif......bettman works for the owners....owners have final say....bettman must obey of what the owners say.. |
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Post by ~Jiffy~ on Sept 8, 2009 9:06:59 GMT -5
Funny... he doesn't~
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