Dell Sides With Reinsdorf In Coyotes Bid

((HT: GlobeSports/Shoalts))

Like we said, the hearing Tuesday in US Bankruptcy Court, would be a doozy.

It was, for an intersting reason.

Just when you thought the players had aligned with their appropriate dance partners, it has all changed. The Balsillie camp, which thought they had the best finaincial package for all the debtors wanting cash with Coyotes owner Jerry Moyes, lost Michael Dell.

Adam Klein, the main lawyer for Jerry Reinsdorf ((pictured, thanks Jonathan Daniel/Getty)), was ready to pack up all their toys and leave. But then Klein and Reinsdorf got an ally in Dell/SOF Investments.

Dell's lawyer, Steven Abramowitz, said Reinsdorf agreed “to a substantial pay down and rollover of the remainder of the debt.” So much for the $80-million being paid in full by Balsillie.

"If Reinsdorf can now reach an agreement with Glendale on a new arena lease, Abramowitz said, “we will support his bid.” "

The Balsillie camp, understandably, had to put something of a positive spin on everything:

Cue the attorney...Richard Rodier...

“It’s like I said a long time ago, bankruptcy is a funny process,” he said. “There are ups, downs and sideways. You can’t get too hepped up about the highs and too down about the lows.”

But, Rodier admitted, “it’s a theoretical possibility” that Balsillie could be knocked out of the bidding on Sept. 2 if the judge sides with the NHL. “But I don’t want to speculate on that.”

So, what about Daryl Jones, Ice Edge, and their unfinished bid...?

“We feel great about both our financing and negotiations with the City of Glendale,” Jones said in an e-mail message.

Sounds concrete... bring on September 2nd...

That's the date in Baum's datebook where everyone decides whether or not Jim Balsillie is fit to be an owner once and for all...

That is, until the appeals process...