((HT: GlobeSports/Shoalts))
This was the day that judge Redfield Baum called the meeting between the parties involved in the Phoenix Coyotes bankruptcy proceeding.
And we have a change in one of the bids... Jim Balsillie's
Balsillie’s ((pictured, thanks Reuters)) lawyers introduced three changes to his $242.5-million (all currency U.S.) offer, one of which was presented to Glendale city council on Tuesday night. Balsillie also conceded he is willing to keep the Coyotes in suburban Glendale for the coming NHL season.
Point 1: Balsillie's group has pushed back their demand for a sale deadline to the end of the calendar year so they can find a possible buyer that will keep a team in Glendale. If one is found, Balsillie will walk away.
Point 2: Half of the $50-million Balsillie wants to pay the City of Glendale will be paid the second he is approved for a sale. The city can keep the $25-million even if the NHL wins on appeal.
Judge Baum liked that one... “to an old bankruptcy judge, $25-million in cash no matter what happens seems like a big change.”
Point 3: Balsillie agreed to posting a bond for the creditors, and agreeing to a stay of the sale if the NHL appealed a Balsillie-positive ruling.
The plot thickens... again...
Oh... and there looks like any idea of mediation among Balsillie, Jerry Moyes, and the NHL isn't very likely...
Stunner...
Javier Soto's morning live shot in front of the courthouse is here...
Thanks to our friends at AZ3 and AZfamily.com
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