Balsillie Out Of Coyotes Bidding, NHL Bid Must Be Amended
Posted: Wed Sep 30, 2009 9:18 pm
http://www.tsn.ca/nhl/story/?id=293208
http://twitter.com/brahmresnik
In a nutshell, Balsillie will not be getting the Coyotes. If the NHL amends their bid to the judges liking, they get ownership.
Oye vey, can this thing end already?
After months of back-and-forth disputes over who would ultimately obtain control of the Phoenix Coyotes franchise, Judge Redfield T. Baum turned down both bids by the National Hockey League and Canadian billionaire Jim Balsillie on Wednesday.
"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 on Wednesday.
Judge Baum threw out the bid by Balsillie, saying it could not work because he could not 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)," he ruled.
He then ruled that the NHL's bid would not work because it allows the league to specifically select the creditors will be paid. The NHL said it would pay all their creditors in full - with the exception of former head coach Wayne Gretzky and majority owner Jerry Moyes.
http://twitter.com/brahmresnik
BREAKING #Coyotes BK: Judge agrees w/NHL right to admit owners, control where teams play and right to relo fee.
BREAKING #Coyotes BK: Judge gives NHL another chance with its bid. Balsillie bid is flat-out denied.
In a nutshell, Balsillie will not be getting the Coyotes. If the NHL amends their bid to the judges liking, they get ownership.
Oye vey, can this thing end already?