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Or is it liquidation time?
Hmmmm....
Or is it liquidation time?
Hmmmm....
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Balsillie and Bettman Go To War
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Message [Page 57 of 61]
842 Re: Balsillie and Bettman Go To War Wed Sep 30, 2009 5:00 pm
SeawaySensFan
Franchise Player
shabbs wrote:Back to the drawing board I guess?
Or is it liquidation time?
Hmmmm....
It's appeal time. What a farce.
843 Re: Balsillie and Bettman Go To War Wed Sep 30, 2009 5:06 pm
Hockeyhero22000
Veteran
Its a tie they both lose
844 Re: Balsillie and Bettman Go To War Wed Sep 30, 2009 6:04 pm
shabbs
Hall of Famer
HA! I don't think there's an appeal route since they both lost. I think they either have to re-submit or I think the judge can liquidate all the assets and give the proceeds to the creditors.SeawaySensFan wrote:shabbs wrote:Back to the drawing board I guess?
Or is it liquidation time?
Hmmmm....
It's appeal time. What a farce.
Man.
Imagine if they did that.
Then Bettman can get his "expansion fee" from KC or Vegas or *gasp* Hamilton.
845 Re: Balsillie and Bettman Go To War Wed Sep 30, 2009 6:06 pm
davetherave
All-Star
Here is how The National Post sees it.
Bankruptcy judge rejects both bids for Coyotes
"This conclusion is effectively is the end for the efforts of PSE" says Judge Baum
Sean Fitz-Gerald, National Post, 30 September 2009
An Arizona bankruptcy court judge has followed through on a threat made in open court, rejecting both the National Hockey League and Canadian billionaire Jim Balsillie in their bids for the Phoenix Coyotes, leaving the team's future uncertain.
Judge Redfield T. Baum rendered his decision on Wednesday, acknowledging the battle had been "hotly and vigorously contested by all of the involved parties," but deciding he "can not approve either bid."
"PSE's bid is denied, with prejudice because the interests of the NHL cannot be adequately protected as required ... if the sale to PSE were approved," Baum wrote in his 31-page decision. "The NHL's bid is denied, without prejudice. As stated above, the NHL can probably cure the defect in its bid if it elects to make the required amendment(s)."
The decision was a definitive blow for Balsillie.
"This conclusion effectively is the end for the efforts of PSE ... to force a sale and relocation of the hockey team," Baum wrote, referring to Balsillie's company.
"In short, with prejudice means the judge isn't leaving the issue open – that is, he won't be reconsidering that bid," said Geoffrey Rapp, associate professor at The University of Toledo College of Law. "Without prejudice means he's not accepting the NHL's bid at this time, but that his decision on that point will not lead him to 'pre-judge' a modified bid by the league."
Neither the NHL nor Balsillie issued an immediate public response.
Baum left the door open for the NHL, which had tabled a bid of US$140-million. He had trouble with the league's proposal because it minimized claims made by Coyotes owner Jerry Moyes and outgoing coach Wayne Gretzky.
Balsillie initially offered US$212.5-million to buy the team in May, after Moyes had filed it for bankruptcy. The offer was conditional on relocating the team to Hamilton, where the city had extended an arena lease option at Copps Coliseum.
"The NHL bid is denied, without prejudice," Baum wrote. "The denial of the NHL's bid could easily be cured by the NHL. In hockey parlance, the court is passing the puck to the NHL, who can decide to take another shot at the sale net, or it can pass off the puck."
---
So according to Baum, Balsillie has, so to speak, lost in the shootout.
Bankruptcy judge rejects both bids for Coyotes
"This conclusion is effectively is the end for the efforts of PSE" says Judge Baum
Sean Fitz-Gerald, National Post, 30 September 2009
An Arizona bankruptcy court judge has followed through on a threat made in open court, rejecting both the National Hockey League and Canadian billionaire Jim Balsillie in their bids for the Phoenix Coyotes, leaving the team's future uncertain.
Judge Redfield T. Baum rendered his decision on Wednesday, acknowledging the battle had been "hotly and vigorously contested by all of the involved parties," but deciding he "can not approve either bid."
"PSE's bid is denied, with prejudice because the interests of the NHL cannot be adequately protected as required ... if the sale to PSE were approved," Baum wrote in his 31-page decision. "The NHL's bid is denied, without prejudice. As stated above, the NHL can probably cure the defect in its bid if it elects to make the required amendment(s)."
The decision was a definitive blow for Balsillie.
"This conclusion effectively is the end for the efforts of PSE ... to force a sale and relocation of the hockey team," Baum wrote, referring to Balsillie's company.
"In short, with prejudice means the judge isn't leaving the issue open – that is, he won't be reconsidering that bid," said Geoffrey Rapp, associate professor at The University of Toledo College of Law. "Without prejudice means he's not accepting the NHL's bid at this time, but that his decision on that point will not lead him to 'pre-judge' a modified bid by the league."
Neither the NHL nor Balsillie issued an immediate public response.
Baum left the door open for the NHL, which had tabled a bid of US$140-million. He had trouble with the league's proposal because it minimized claims made by Coyotes owner Jerry Moyes and outgoing coach Wayne Gretzky.
Balsillie initially offered US$212.5-million to buy the team in May, after Moyes had filed it for bankruptcy. The offer was conditional on relocating the team to Hamilton, where the city had extended an arena lease option at Copps Coliseum.
"The NHL bid is denied, without prejudice," Baum wrote. "The denial of the NHL's bid could easily be cured by the NHL. In hockey parlance, the court is passing the puck to the NHL, who can decide to take another shot at the sale net, or it can pass off the puck."
---
So according to Baum, Balsillie has, so to speak, lost in the shootout.
846 Re: Balsillie and Bettman Go To War Wed Sep 30, 2009 6:10 pm
shabbs
Hall of Famer
Yeah, so Balsillie's bid was rejected with prejudice because it essentially opens a pandora's box that Baum does not want to open and/or set precedent with. So, he's done unless he radically changes his bid to not move the team. The NHL's bid was rejected without prejudice. The judge took exception to the fact that the NHL's bid did not include Moyes and Gretzky as creditors as they had not been proven to not be creditors. So, the NHL can fix this easily by adjusting their bid to include Moyes and Gretzky, or make a motion to determine if they are valid creditors or not and then proceed.
847 Re: Balsillie and Bettman Go To War Wed Sep 30, 2009 6:16 pm
davetherave
All-Star
shabbs wrote:Yeah, so Balsillie's bid was rejected with prejudice because it essentially opens a pandora's box that Baum does not want to open and/or set precedent with. So, he's done unless he radically changes his bid to not move the team. The NHL's bid was rejected without prejudice. The judge took exception to the fact that the NHL's bid did not include Moyes and Gretzky as creditors as they had not been proven to not be creditors. So, the NHL can fix this easily by adjusting their bid to include Moyes and Gretzky, or make a motion to determine if they are valid creditors or not and then proceed.
Sounds like Jim needs help now, more than ever...he must be devastated.
848 Re: Balsillie and Bettman Go To War Wed Sep 30, 2009 8:16 pm
wprager
Administrator
shabbs wrote:HA! I don't think there's an appeal route since they both lost. I think they either have to re-submit or I think the judge can liquidate all the assets and give the proceeds to the creditors.SeawaySensFan wrote:shabbs wrote:Back to the drawing board I guess?
Or is it liquidation time?
Hmmmm....
It's appeal time. What a farce.
Man.
Imagine if they did that.
Then Bettman can get his "expansion fee" from KC or Vegas or *gasp* Hamilton.
The major assets are the players and prospects, but there is no $$$ figure you can put on them. The arena is leased, there isn't much office equipment, the fitness/physio equipment may or may not belong to the arena or be separately leased.
There really is very little assets that an NHL club owns other than an arena (not in this case) and the players.
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849 Re: Balsillie and Bettman Go To War Wed Sep 30, 2009 8:39 pm
shabbs
Hall of Famer
He's gonna hit the bottle hard...davetherave wrote:shabbs wrote:Yeah, so Balsillie's bid was rejected with prejudice because it essentially opens a pandora's box that Baum does not want to open and/or set precedent with. So, he's done unless he radically changes his bid to not move the team. The NHL's bid was rejected without prejudice. The judge took exception to the fact that the NHL's bid did not include Moyes and Gretzky as creditors as they had not been proven to not be creditors. So, the NHL can fix this easily by adjusting their bid to include Moyes and Gretzky, or make a motion to determine if they are valid creditors or not and then proceed.
Sounds like Jim needs help now, more than ever...he must be devastated.
And then roll around in all that money he didn't spend...
850 Re: Balsillie and Bettman Go To War Wed Sep 30, 2009 8:48 pm
shabbs
Hall of Famer
Got an email from good old Jimbo...
To all Make It Seven supporters:
From the beginning, my attempt to relocate the Coyotes to Hamilton has been about Canadian hockey fans and Canadian hockey. It was a chance to realize a dream. All I wanted was a fair chance to bring a seventh NHL team to Canada, to serve the best unserved hockey fans in the world. I believe I got that chance. I respect the court's decision, and I will not be putting forward an appeal.
Nobody can deny that we are now a big step closer to having a seventh NHL team in Canada. It doesn't matter who owns that team. When that day comes, I will be the first in line to buy a ticket to the home opener.
I want to take this opportunity to thank my family for all their love and support. I also want to thank the more than 200,000 fans who supported the bid online and the countless others who contacted me personally to show their support. This bid always was about the game we all love.
Thank you,
Jim Balsillie
To all Make It Seven supporters:
From the beginning, my attempt to relocate the Coyotes to Hamilton has been about Canadian hockey fans and Canadian hockey. It was a chance to realize a dream. All I wanted was a fair chance to bring a seventh NHL team to Canada, to serve the best unserved hockey fans in the world. I believe I got that chance. I respect the court's decision, and I will not be putting forward an appeal.
Nobody can deny that we are now a big step closer to having a seventh NHL team in Canada. It doesn't matter who owns that team. When that day comes, I will be the first in line to buy a ticket to the home opener.
I want to take this opportunity to thank my family for all their love and support. I also want to thank the more than 200,000 fans who supported the bid online and the countless others who contacted me personally to show their support. This bid always was about the game we all love.
Thank you,
Jim Balsillie
851 Re: Balsillie and Bettman Go To War Wed Sep 30, 2009 9:14 pm
davetherave
All-Star
SeawaySensFan wrote:shabbs wrote:Back to the drawing board I guess?
Or is it liquidation time?
Hmmmm....
It's appeal time. What a farce.
Nope. No appeal here. From Canwest News Service this afternoon:
Jim Balsillie's dream to "make it seven" is over.
Balsillie ended his bid to buy the bankrupt Phoenix Coyotes and move them to Hamilton after his offer was rejected Wednesday by U.S. Bankruptcy Court Judge Redfield T. Baum, who also rejected the National Hockey League to buy the beleaguered franchise.
Balsillie, the billionaire co-CEO of BlackBerry maker Research in Motion, said he would not appeal the judge's decision.
Article here:
http://www.faceoff.com/story.html?id=d8b210bf-58b1-4bf2-aaef-c8779a9ff04c
---
Now Jim has to make sure RIM's share price doesn't keep plummeting and that he can hold on to his declining market share...food stamps just don't cut it.
852 Re: Balsillie and Bettman Go To War Wed Sep 30, 2009 9:21 pm
Tuk Tuk
Veteran
From Jim Balsillie-
To all Make It Seven supporters:From the beginning, my
attempt to relocate the Coyotes to Hamilton has been about Canadian
hockey fans and Canadian hockey. It was a chance to realize a dream.
All I wanted was a fair chance to bring a seventh NHL team to Canada,
to serve the best unserved hockey fans in the world. I believe I got
that chance. I respect the court's decision, and I will not be putting
forward an appeal.Nobody can deny that we are now a big step
closer to having a seventh NHL team in Canada. It doesn't matter who
owns that team. When that day comes, I will be the first in line to
buy a ticket to the home opener.
I want to take this
opportunity to thank my family for all their love and support. I also
want to thank the more than 200,000 fans who supported the bid online
and the countless others who contacted me personally to show their
support. This bid always was about the game we all love.Thank you,
Jim Balsillie
853 Re: Balsillie and Bettman Go To War Wed Sep 30, 2009 9:29 pm
davetherave
All-Star
Tuk Tuk wrote:From Jim Balsillie-
To all Make It Seven supporters:From the beginning, my
attempt to relocate the Coyotes to Hamilton has been about Canadian
hockey fans and Canadian hockey. It was a chance to realize a dream.
All I wanted was a fair chance to bring a seventh NHL team to Canada,
to serve the best unserved hockey fans in the world. I believe I got
that chance. I respect the court's decision, and I will not be putting
forward an appeal.Nobody can deny that we are now a big step
closer to having a seventh NHL team in Canada. It doesn't matter who
owns that team. When that day comes, I will be the first in line to
buy a ticket to the home opener.
I want to take this
opportunity to thank my family for all their love and support. I also
want to thank the more than 200,000 fans who supported the bid online
and the countless others who contacted me personally to show their
support. This bid always was about the game we all love.Thank you,
Jim Balsillie
Maybe Jim can get in on the bidding for the team in Saskatoon.
854 Re: Balsillie and Bettman Go To War Wed Sep 30, 2009 9:34 pm
shabbs
Hall of Famer
Jim should just step back for a while...
855 Re: Balsillie and Bettman Go To War Thu Oct 01, 2009 8:22 am
Cap'n Clutch
Co-Founder
But if he did how would we get this thread to hit 100 pages? 
_________________
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856 Re: Balsillie and Bettman Go To War Thu Oct 01, 2009 8:52 am
SeawaySensFan
Franchise Player
davetherave wrote:Now Jim has to make sure RIM's share price doesn't keep plummeting and that he can hold on to his declining market share...food stamps just don't cut it.
Agreed. I hope the greedy bastard loses everything and that 1000s of Canadian jobs are lost as a result.
857 Re: Balsillie and Bettman Go To War Thu Oct 01, 2009 9:48 am
shabbs
Hall of Famer
So, I think it's pretty clear that this will be the last season in Phoenix for the Coyotes. The NHL will be awarded ownership eventually and then they won't find a local buyer and will have to sell to someone in another market.
So long Phoenix... smell ya later.
So long Phoenix... smell ya later.
858 Re: Balsillie and Bettman Go To War Thu Oct 01, 2009 9:52 am
SeawaySensFan
Franchise Player
shabbs wrote:So, I think it's pretty clear that this will be the last season in Phoenix for the Coyotes. The NHL will be awarded ownership eventually and then they won't find a local buyer and will have to sell to someone in another market.
So long Phoenix... smell ya later.
Ultimately, the other owners end up footing the legal costs and the losses in Phoenix for the coming season too. Oh yeah, and the purchase price. Looks good on 'em.
Message [Page 57 of 61]
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