Phoenix bankruptcy/ownership Part XVI: Barbarian at the Gate

[Bear of Bad News]

point of reference

Aren't the Jets and the Coyotes the same franchise? Because if they are, Bettman's off the hook for that relocation as he is Quebec and Hartford.

Care to elaborate upon your cryptic remark?

 

[billy blaze]

i think Jim Balsillie has alot of money

Balsillie offers to buy city of Glendale out of arena lease


your up Gary

http://network.nationalpost.com/np/...-buy-city-of-glendale-out-of-arena-lease.aspx

 

[kyle747]

Please provide a list of people willing to buy the Jets or Nordiques and keep them in Canada before posting such drivel.

umm, no year long search was conducted

of course there was no fronting of NHL money or 'revenue sharing' (leeching) like there is for the failing southern teams either

 

[billy blaze]

Balsillie bid now 242.5 million

http://www.vancouversun.com/business/Balsillie+Coyotes/1970037/story.html

 

[gorsk11]

Balsillie bid now 242.5 million

http://www.vancouversun.com/business/Balsillie+Coyotes/1970037/story.html

50 Million for the city of Glendale from Basille. Extends his deadline to 9/21.
I will say it again. Isn't Basille hurting himself again? Before with the his deadlines.

And now he is admitting damages to the CoG. And offering up $50 Million. Much more than he initially argued. Now we have at least an idea of the low-end damages will be for Glendale. Judge will take this as the lowest figure for damages to CofG.

Leek, Billy, GSCk2, RR, Mouser and others....interested on what you think of this move. Does this help him, hurt him? What does this do for/against CofG?

 

[Proboscis]

Wow, this is getting good.

 

[billy blaze]

50 Million for the city of Glendale from Basille. Extends his deadline to 9/21.
I will say it again. Isn't Basille hurting himself again? Before with the his deadlines.

And now he is admitting damages to the CoG. And offering up $50 Million. Much more than he initially argued. Now we have at least an idea of the low-end damages will be for Glendale. Judge will take this as the lowest figure for damages to CofG.

Leek, Billy, GSCk2, RR, Mouser and others....interested on what you think of this move. Does this help him, hurt him? What does this do for/against CofG?

i'm not Glendale attorney but if this is at high end of what they thought they would get in a capped situation, NHL will have to match, it's now a gambling situation for all parties, what will my lowest be against what will my highest be

I have sat in court for many trials dealing with car accidents and having heard all the evidence thought that the plaintiff (accident victim) shouldn't get a dime, however often coming in to court in the morning the attorneys would announce that a settlement had been reached, when talking with the attorneys on the insurance companies side they would invariably say it was better to come to a settlement ( often six figure) than to let the Judge or jury decide damages.

 

[Rob]

Not surprised that he sweetened the pot.

 

[billy blaze]

PSE new purchase agreement

http://docs.bmcgroup.com/phoenixcoyotes/docs/azb_2-09-bk-9488_919_0.pdf

http://docs.bmcgroup.com/phoenixcoyotes/docs/azb_2-09-bk-9488_919_1.pdf

http://docs.bmcgroup.com/phoenixcoyotes/docs/azb_2-09-bk-9488_919_2.pdf

http://docs.bmcgroup.com/phoenixcoyotes/docs/azb_2-09-bk-9488_919_2.pdf

 

[HockeyScholar]

So how does this new bid effect the viability of Balsillie's bid? Does this spell the end of "Balsillie's bid doesn't satisfy all creditors" argument?

 

[Macke*]

The plot thickens.

 

[vyktor]

So how does this new bid effect the viability of Balsillie's bid? Does this spell the end of "Balsillie's bid doesn't satisfy all creditors" argument?

well it depends on how ice edge's dealings with the COG go as in their case COG isn't a creditor.

 

[SJeasy]

i'm not Glendale attorney but if this is at high end of what they thought they would get in a capped situation, NHL will have to match, it's now a gambling situation for all parties, what will my lowest be against what will my highest be

I have sat in court for many trials dealing with car accidents and having heard all the evidence thought that the plaintiff (accident victim) shouldn't get a dime, however often coming in to court in the morning the attorneys would announce that a settlement had been reached, when talking with the attorneys on the insurance companies side they would invariably say it was better to come to a settlement ( often six figure) than to let the Judge or jury decide damages.

I would suspect that Balsillie has a preliminary view of the negotiations between COG and Ice Edge. The timing is such that I can only see it as a preemptive strike on the vote which should take place tomorrow.

 

[HockeyScholar]

well it depends on how ice edge's dealings with the COG go as in their case COG isn't a creditor.

Interesting. Would the City of Glendale be interested in taking the 50 million and having the team in Arizona for one more year, and then move, or getting nothing from the NHL bid with the possibility (and probability) of the NHL selling the team to be moved without payment to the COG?

Basically my question is: Is this new Balsillie bid the best the COG can get? How will their position change with the news of the new bid?

 

[jkrdevil]

So how does this new bid effect the viability of Balsillie's bid? Does this spell the end of "Balsillie's bid doesn't satisfy all creditors" argument?

Well as far as the NHL's argument goes it doesn't change anything, he is still has been rejected 26-0. Their argument is that they have a right to choose who can join the NHL.

Now the higher offer may help to entice Baum to accept his bid but the NHL will still appeal. An appellate court won't look at all about the value of their bid, their job is to review if the established law was applied properly.

It might help him in the short run, but in the long run it might not change the thing if one thinks the NHL has the higher ground legally (which they might given the precedents).

 

[billy blaze]

well it depends on how ice edge's dealings with the COG go as in their case COG isn't a creditor.

as per schedule endorsed by the court Ice Edge Holdings as of now is not a qualified bidder, Judge Baum reserves right to change that however they did not meet all the criteria, however neither did Balsillie ( NHL approval)

 

[jkrdevil]

Interesting. Would the City of Glendale be interested in taking the 50 million and having the team in Arizona for one more year, and then move, or getting nothing from the NHL bid with the possibility (and probability) of the NHL selling the team to be moved without payment to the COG?

Basically my question is: Is this new Balsillie bid the best the COG can get? How will their position change with the news of the new bid?

My guess is their position won't change as they probably think once the spotlight cools off after next week they could probably get a deal done with the NHL.

Compared to what they are arguing the damages for the team leaving will be $50 million is very little. And with that they are assured of the team leaving, with the NHL they still have a real chance of the team staying.

 

[HockeyScholar]

Well as far as the NHL's argument goes it doesn't change anything, he is still has been rejected 26-0. Their argument is that they have a right to choose who can join the NHL.

There is confusion surrounding this issue. Was Balsillie rejected 26-0, or was Reinsdorf(sp?) selected over Balsillie 26-0. If it was the second, this doesn't even matter anymore because the COG has no interest in Reinsdorf and he has dropped out.

 

[billy blaze]

Well as far as the NHL's argument goes it doesn't change anything, he is still has been rejected 26-0. Their argument is that they have a right to choose who can join the NHL.

Now the higher offer may help to entice Baum to accept his bid but the NHL will still appeal. An appellate court won't look at all about the value of their bid, their job is to review if the established law was applied properly.

It might help him in the short run, but in the long run it might not change the thing if one thinks the NHL has the higher ground legally (which they might given the precedents).

however creditors possibly could then go after NHL for stifling the bid through their rejection based on the fair and reasonable question

 

[billy blaze]

My guess is their position won't change as they probably think once the spotlight cools off after next week they could probably get a deal done with the NHL.

Compared to what they are arguing the damages for the team leaving will be $50 million is very little. And with that they are assured of the team leaving, with the NHL they still have a real chance of the team staying.

how does this cool off, if nothing it gets more contentious

 

[jkrdevil]

however creditors possibly could then go after NHL for stifling the bid through their rejection based on the fair and reasonable question

Well, if Balsillie's bid is thrown out by the courts (at whatever level) then the team would probably go to the NHL under its bid. Their bid already has the approval of the creditors. So I doubt that would happen.

 

[billy blaze]

Well, if Balsillie's bid is thrown out by the courts (at whatever level) then the team would probably go to the NHL under its bid. Their bid already has the approval of the creditors. So I doubt that would happen.

and you think Balsillie would just walk away?

 

[HockeyScholar]

Well, if Balsillie's bid is thrown out by the courts (at whatever level) then the team would probably go to the NHL under its bid. Their bid already has the approval of the creditors. So I doubt that would happen.

Wasn't his bid supposed to be thrown out months ago? The longer this goes on, the better it is for Balsillie.

 

[jkrdevil]

how does this cool off, if nothing it gets more contentious

Moyes, Balsillie (and likely Goldwater as I'm willing to bet JB's team was funneling money to them) are out of the picture running interference. You won't have confidential information being purposely leaked in court documents. Also the general media spotlight is off. That cools things off.

and you think Balsillie would just walk away?

He would be legally prevented from buying the team. So yes he would have no choice but to walk away.

 

[billy blaze]

Moyes, Balsillie (and likely Goldwater as I'm willing to bet JB's team was funneling money to them) are out of the picture running interference. You won't have confidential information being purposely leaked in court documents. Also the general media spotlight is off. That cools things off.

what interference? the bids are being produced , best one wins, all week Balsillie will tighten the vice