Phoenix bankruptcy/ownership Part XII: For a Few Dollars More
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08-07-2009, 12:42 PM
Join Date: Sep 2008
Originally Posted by
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?
The Moyes bankruptcy took place as the NHL was on its way to Pho apparently with an offer from JR to buy the team that day according to GB .
I can only guess he had an idea of teh offer which likely was similar to the one which paid him nothing and decided to take his chances at that time, I can see why he would think that and protect any chance at some money back.
Nothing about how others being paid i would have to guess same plan as JR had going foreward at bankruptcy though.
Last edited by bbud: 08-07-2009 at
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