Thursday, October 1, 2009

Bankruptcy Judge Rejects Bids to Buy Phoenix Coyotes Hockey Team

According to the ABI, Bankruptcy Judge Redfield T. Baum rejected Canadian billionaire Jim Balsillie’s offer to purchase the Phoenix Coyotes hockey team and move it to Hamilton, Ontario, as well as the NHL’s purchase offer, the Associated Press reported today. However, Judge Baum upheld the league's right to decide who owns its teams and where they play, and left the door open for the league to go ahead and purchase the franchise if it amends its bid to treat Coyotes owner Jerry Moyes and ex-coach Wayne Gretzky more favorably. Balsillie's bid, which rose to $242 million when $50 million was added in an unsuccessful effort to persuade Glendale to drop its opposition, was denied with prejudice. Judge Baum said he found no legal basis for overturning the NHL's right to determine the ownership of its member teams and where those teams play.   Source ABI.

Warmest Regards,

Bob Schaller

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By: Attorney Robert Schaller (Bob's bio) of the Schaller Law Firm

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