Coyotes' Bankruptcy Judge Gives Parties an Outline of HIs Concerns

Posted on June 23, 2009 by Grace Healy

i obtained a copy of last week's decision in the Coyotes' bankruptcy case, which has been reported as denying the sale of the franchise so that it can be promptly moved to Hamilton, Ontario.  Here is a quick take:

  • it gives the lawyers a road map of the bankruptcy judge's concerns so they know what to address from now on;
  • the best interests of the creditors -- not the combatants' ego -- are what count in bankruptcy;
  • the NHL better come up with a good reason if it's not going to approve a sale to PSE Sports (Jim Balsillie); and
  • the franchise is bleeding money in Arizona -- and it looks like this has been the case at least since it moved to its new arena.

The league argues that it is concerned that debtor might be using bankruptcy to circumvent its rules -- not a big shock to anyone who ever represented a creditor.

PACER, the federal court system for obtaining documents, is not my favorite service.

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