Dallas Stars sale won't close until late June (at the earliest)

[LadyStanley]

http://www.dallasnews.com/sports/da...rs-won_t-have-a-new-owner-until-late-june.ece

While Vancouver businessman Tom Gaglardi is in an exclusive negotiating window and could have a signed purchase agreement with an offer that exceeds $250 million within two weeks, the process of an organized bankruptcy hearing would force a window of 30-60 days to allow other bidders to try to exceed Gaglardi’s offer, the sources said.
That means while an official hearing might last only three days, Gaglardi would not be able to become the owner and authorize moves until late June. That window also goes for anyone who might try to outbid Gaglardi before the team goes to a prepackaged bankruptcy hearing or during the hearing, the sources said.
A bankruptcy hearing will be necessary to clear the team of potential lawsuits from current creditors. Because not all creditors are paid when a sale is completed, teams often are moved through prepackaged bankruptcy hearings. The Chicago Cubs did it in 2009, and the Rangers did it in 2010.

So forget about the last "two week" deadline. Sigh.

Click to read more...

 

[Kritter471]

The last "two weeks" deadline has not changed - that was in reference to the purchase agreement being finalized, not the team officially changing hands.

This is not new news. It was mentioned about a week ago when the bogus Forbes rumor re: no-cash bid was refuted and is in the thread about said rumor/sale updates.

 

[LadyStanley]

http://starsblog.dallasnews.com/archives/2011/05/rolling-newsletter---whats-up-with-alter.html

...no updates at this time as Tom Gaglardi's people continue to try to complete the mounds of paperwork necessary to get a signed purchase agreement. This is supposed to be a key week, but I have been told that the 30-day exclusive negotiating window can be extended.

http://www.defendingbigd.com/2011/5...-quiet-as-30-day-exclusivity-period-nears-end
DBD looks at status/possible moves