Word comes from the ownership group themselves that they have defaulted on a US$40-million loan. They are the first ones, however, to put the blame on "Boots" Del Biaggio ((pictured)) and his "imaginative" ((shall we say)) economics.
The group had filed a US$100-million petition for damages with the Bankruptcy Court handling the Del Biaggio proceedings in San Francisco earlier in the week. Court documents, according to the Globe and Mail article, also claim that an unnamed individual/source/group is bidding for the US$40-million debt owed CIT Group, Incorporated.
No one knows if that is Balsillie as well...
The group also claims they had to come up with the balance of the moneys Del Biaggio would have contributed on their own to satisfy the pricetage for the franchise... which puts them in deeper financial doo-doo...
From the article... ahem... quote...
"People familiar with the Nashville ownership situation suggested the lease-guarantee payment has particular importance because the team would face a penalty of up to US$50-million if the Predators were to default."
Gordon and Shoalts reached minority Predators owner Herb Fritch and he told them in no uncertain terms that:
A) The news had made more Toronto papers than Nashville papers,
B) He didn't think the franchise was in bad shape,
C) "It will pass."
To that, the stock responses in the hockey community are the following...
"Well, duh..."
"Are we looking at the same balance sheets, sir...?"
"No, it won't."
Stephen Brunt has another column on the subject in black...
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