Bankruptcy hearing for Coyotes gets underway, judge says no decision Tuesday

A bankruptcy hearing that could determine the fate of the Phoenix Coyotes is underway.

Array

PHOENIX — A bankruptcy hearing that could determine the fate of the Phoenix Coyotes is underway.

But there won’t be a decision Tuesday, according to Judge Redfield T. Baum.

“To save the suspense I’m not going to rule from the bench today,” Baum told the court.

Baum is presiding over a crammed courtroom and will ultimately determine if Coyotes majority owner Jerry Moyes has the right to put the NHL team into Chapter 11 bankruptcy.

The league has argued in court documents that Moyes gave up control of the team in a proxy agreement he signed in November after getting a cash advance from the NHL to help keep the Coyotes afloat.

Moyes says he never gave up control of the team and argues that he has a right to place it into bankruptcy, opening the door for Jim Balsillie’s US$212.5-million bid.

Balsillie is seeking to buy the franchise and move it to Hamilton — something the NHL contends he has no right to do without the consent of the league’s board of governors.

Moyes has plunged more than $300 million into the Coyotes and stands to lose the majority of that investment even if Balsillie is allowed to purchase the team.

Just Posted

City of Red Deer gets ball rolling on annexing more land

”It’s important we look ahead,” says Mayor Veer

Walmart melding online and in-store shopping

South Red Deer Walmart recently underwent six months of renovations

Updated: Nature trail unveiled at RDC

Trail unveiling and tree planting honours Nova Chemicals $2 million donation

Video: Windows smashed at three Red Deer businesses

Red Deer RCMP arrest man after vandalism spree

Automated cars could kill wide range of jobs, federal documents say

OTTAWA — More than one million jobs could be lost to the… Continue reading

McGill research finds significant driving impairment 5 hours after cannabis use

MONTREAL — Driving under the influence of cannabis remains dangerous even five… Continue reading

Family: Remembering the important things

It seems so much of life is work and routine and then… Continue reading

Canada gets into Women’s World Cup with 7-0 win over Panama

FRISCO, Texas — Christine Sinclair isn’t concerned about chasing records. She’s set… Continue reading

Baldwin urges ‘overthrow’ of Trump government via voting

MANCHESTER, N.H. — Actor Alec Baldwin followed up his latest parody portrayal… Continue reading

Prince Harry and Meghan expecting their 1st child in spring

CANBERRA, Australia — Prince Harry and his wife, the Duchess of Sussex,… Continue reading

Sears files for Chapter 11 amid plunging sales, massive debt

NEW YORK — Sears filed for Chapter 11 bankruptcy protection Monday, buckling… Continue reading

Doctors to debate medical pot as more patients expected to ask for prescriptions

VANCOUVER — Doctors with opposing views on whether medical marijuana should be… Continue reading

Most Read