((HT: The Star))
The single-largest secured creditor in the Phoenix Coyotes' bankruptcy case spoke up yesterday and gave its qualified support to Canadian billionaire Jim Balsillie's $212.5 million (all figures U.S.) bid.
But, at the same time, SOF Investments seems resigned to the possibility the Coyotes would play hockey in Glendale next season and urged the team to start marketing itself as if it were.
SOF Investments – which lent $75 million to Jerry Moyes to keep the team afloat – is the second secured creditor behind the NHL, which is the primary secured creditor.
It believes Balsillie's bid "would result in substantial recovery of the amounts owed to the debtors' creditors, including SOF, which would be paid in full in cash," SOF said in court papers.
As a bit of a sidebar, here's an interview Balsillie did with Bob McCown of the Fan 590 in Toronto back on Wednesday. He seems fairly confident of his position in Phoenix with the bankruptcy proceedings.
McCown and Balsillie are joined by Bruce Arthur by clicking in black...
No comments:
Post a Comment