You can follow the proceedings live by clicking on TSN's live blog here...
Jim Balsillie arrived in court in Phoenix this morning with former CFL Commish Tom Wright, who wrote Balsillie's bid...
TSN also disclosed this morning that, if successful, Sportsnet analyst and former Blue Jackets GM Doug MacLean will act as an advisor...
KPNX-TV watchdog Brahm Resnik can be followed on his Twitter account from the courtoom as well...
Judge Redfield Baum suggests that the NHL will pay a select group of creditors, while 'less fortunate' creditors will not get paid. The league replies that they will take care of the select group or 'fortunate' creditors. Judge Baum is not happy that a) the state is only getting $2M out of a possible $140M, and b) the league would not be giving money to Moyes.
Baum says he wants to see who gets paid in the NHL bid and wants to see a schedule of payments to their creditors. The league replies that they will provide something.
Judge Baum adds that he doubts he can approve the NHL bid until he sees a schedule of where the payments will be allocated.
((updated 12:10 eastern time))
From that we can gather, initially, that the judge views Baum as a creditor and not having invested equity in the franchise... and that the NHL better step their game up this afternoon.
UPDATE: 2PM
Now, the judge has told both sides that he could, feasibly, throw out both bids...
"There's third possibility here - no sale," said Baum. "It's more than theoretical. You all ought to keep that in mind."
UPDATE: 5:40 PM
Judge Baum has set the auction for Friday.
At that time, each bidder will be able to add anything to their bid they want.
No comments:
Post a Comment