Part XII: Phx Coyotes - Still haven't found what I'm looking for
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09-16-2010, 04:35 PM
Join Date: May 2010
Originally Posted by
^ One thing I definitely felt was he was trying to soften how IEH was no longer the primary party interested in purchasing the Yotes
(nice title btw Whileee
Yes, he was clear that they were no longer key players "in the game". My overall impression is that the IEH group sort of thought that this might be a "moonshot", but it was worth trying because of the unpredictability of the bankruptcy situation. I think that as they got more deeply involved they found that there remained significant financial obligations and liabilities that could not be easily swept away, and perhaps found that they had bitten off more than they could chew. Nonetheless, they probably received some encouragement along the way (at least from Glendale). In this regard, I think that Glendale was delinquent in ascertaining IEH's financial capacity earlier. It probably dawned on Glendale that they might not have the financial capacity when they presented an MOU proposal that specified that Glendale would guarantee the bank's loan to purchase the team, even though Glendale has reportedly told them repeatedly that that this was a non-starter.
The end result was a lot of needless wandering through the wilderness. And if Glendale's decision to put up the $25 million for this year was based on expectations that IEH could come through, then they obviously misjudged the situation, and IEH must bear some responsibility for that.
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