Bankruptcy court rejects Coyotes bids, but holds out hope for NHL

A U.S. bankruptcy court has rejected bids by both BlackBerry boss Jim Balsillie and the NHL for the financially ailing Phoenix Coyotes.

PHOENIX — A U.S. bankruptcy court has rejected bids by both BlackBerry boss Jim Balsillie and the NHL for the financially ailing Phoenix Coyotes.

But Judge Redfield T. Baum was far warmer to the league proposal, saying: “It seems to the court that the defect in the NHL’s bid could be easily 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.”

Baum’s concern is that the league bid allows it to pick which unsecured creditors that will be paid in full — a plan that apparently does not include former owner Jerry Moyes and former coach Wayne Gretzky.

Said Baum: “There has been no determination that the Moyes and Gretzky claims are not ‘legitimate creditors.’ It would be inherently unjust for this court to deprive them of their possible rightful share of any proceeds without first providing all involved a fair trial on their claims.”

Baum’s 28-page ruling says the Balsillie bid is denied “with prejudice.” The NHL offer was denied “without prejudice.”

Balsillie had offered to buy the team for US$242.5 million, contingent on moving it to Hamilton, over the objection of the NHL.

The NHL had bid $140 million for the team.

Just Posted

Legalizing cannabis cost estimate for Red Deer just under $400k

Although the province of Alberta has announced $11.2 million for cannabis legalization,… Continue reading

WATCH: Every square tells a story: Edmonton expert is exploring Red Deer’s quilting history

Community members can bring in family heirloom quilts for documentation

Red Deer-area dads going through divorce are invited to Man Up

Support group formed to focus on positive activities, networking

WATCH: Two weeks away from Canadian Finals Rodeo in Red Deer

In just two weeks, Ponoka’s Shayna Weir will compete with the best… Continue reading

PHOTO: Say goodbye to City Hall Park flowers

A sure sign that winter is on its way is when City… Continue reading

PHOTO: Chew On This! campaign draws attention to national poverty

Lunch bags were being handed out in front of The Hub downtown… Continue reading

Wickenheiser, Pegula reflect NHL’s trend toward diversity

BUFFALO, N.Y. — With a laugh, Kim Pegula’s competitive nature kicked in… Continue reading

Harry and Meghan bring rain to drought-stricken Outback town

DUBBO, Australia — The Duke and Duchess of Sussex were jokingly thanked… Continue reading

TV Review: A Roseanne Barr-less ‘The Conners’ is a triumph

NEW YORK — Can there be a “Roseanne” without Roseanne? The answer… Continue reading

Canadian manufacturing sales fell 0.4 per cent in August: Statistics Canada

OTTAWA — Statistics Canada says manufacturing sales fell 0.4 per cent to… Continue reading

Brian Mulroney joins board of directors of New York-based pot company

NEW YORK — Former prime minister Brian Mulroney is joining the board… Continue reading

Canadians waking up to legalized cannabis: ‘My new dealer is the prime minister’

ST. JOHN’S, N.L. — Canadians across the country woke up to legalized… Continue reading

Most Read