Post by WpgJets2008 on Sept 2, 2009 12:41:23 GMT -5
NHL would pay creditors: lawyer
Globe and Mail Wednesday, Sep. 02, 2009 12:56PM EDT
www.theglobeandmail.com/sports/nhl-would-pay-creditors-lawyer/article1273180/
The NHL dropped a surprise as a U.S. bankruptcy court hearing opened Tuesday morning when one of its lawyers said if the league eventually sells the Phoenix Coyotes to someone who moves the team, it will give all the net profits to the team's creditors.
Greg Milmoe told U.S. Bankruptcy Court Judge Redfield T. Baum the decision was made by NHL commissioner Gary Bettman. The league was approached by the Coyotes' committee of unsecured creditors, Milmoe said, about some concerns with the NHL's $140-million (U.S.) offer. The league's decision came after a brief negotiation with the committee.
Once that news was issued, the hearing turned to the NHL's decision to reject would-be buyer Jim Balsillie on character grounds.
Those involved in the case began arriving at the downtown courthouse about 40 minutes before the hearing started at 9 a.m. Pacific time. Bettman arrived with NHL deputy commissioner Bill Daly and spent a little time chatting with reporters as the leagueโs phalanx of lawyers went through the security checkpoint near the front door.
A few minutes later, a steady stream of lawyers for the various parties โ the NHL, the City of Glendale, Coyotes owner Jerry Moyes and Balsillie. Some of them carried boxes of documents and others wheeled papers in on dollies, promising a long day in court for all concerned.
The star of the day, Balsillie, arrived about 15 minutes before the hearing started. It was his first appearance in court since the bankruptcy case erupted in May and he took a seat on the opposite side of the centre aisle from Bettman and Daly.
Chris
Globe and Mail Wednesday, Sep. 02, 2009 12:56PM EDT
www.theglobeandmail.com/sports/nhl-would-pay-creditors-lawyer/article1273180/
The NHL dropped a surprise as a U.S. bankruptcy court hearing opened Tuesday morning when one of its lawyers said if the league eventually sells the Phoenix Coyotes to someone who moves the team, it will give all the net profits to the team's creditors.
Greg Milmoe told U.S. Bankruptcy Court Judge Redfield T. Baum the decision was made by NHL commissioner Gary Bettman. The league was approached by the Coyotes' committee of unsecured creditors, Milmoe said, about some concerns with the NHL's $140-million (U.S.) offer. The league's decision came after a brief negotiation with the committee.
Once that news was issued, the hearing turned to the NHL's decision to reject would-be buyer Jim Balsillie on character grounds.
Those involved in the case began arriving at the downtown courthouse about 40 minutes before the hearing started at 9 a.m. Pacific time. Bettman arrived with NHL deputy commissioner Bill Daly and spent a little time chatting with reporters as the leagueโs phalanx of lawyers went through the security checkpoint near the front door.
A few minutes later, a steady stream of lawyers for the various parties โ the NHL, the City of Glendale, Coyotes owner Jerry Moyes and Balsillie. Some of them carried boxes of documents and others wheeled papers in on dollies, promising a long day in court for all concerned.
The star of the day, Balsillie, arrived about 15 minutes before the hearing started. It was his first appearance in court since the bankruptcy case erupted in May and he took a seat on the opposite side of the centre aisle from Bettman and Daly.
Chris