Phoenix bankruptcy/ownership Part XII: For a Few Dollars More
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08-07-2009, 11:33 AM
Join Date: Jun 2007
Location: Col du Galibier
What if no bankruptcy...
Sorry if this has been asked...
Since the objective of the court at this point seems to be what is in the best interests of the creditors, and the NHL had said bankruptcy wasn't necessary, if the bankruptcy filing never took place and the original Reinsdorf offer was accepted, what would have happened to the creditors then?
Would they be entitled to be paid in full?
Would the seller be responsible to pay all debts with the proceeds of the sale?
Would these be inherited by the buyer? Or Negotiated?
What priority would these be paid (NHL, Dell, etc.)?
My thought here is that Moyes/Balsillie paint themselves as making the best deal for the creditors (which at this point in the bankruptcy proceedings is true, minus perhaps Glendale) but where would the creditors stand if the filing never happened?
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