Non-Ownership Thread: Who Cares Edition
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02-16-2013, 11:17 AM
is in your head
Join Date: Jun 2009
Originally Posted by
I could be misremembering, it was so long ago. The way I remember it, it could've gone down several ways. Rim Jim offered CoG $50MM to let Moyes out of the lease and back a sale moving the team. NHL offered to fight and keep the team in Glendale and find a new owner. But they weren't keeping the team in Glendale unless the new temp AMULA was signed. Baum liked it because he didn't have to make a ruling against the city, everyone kicked the can down the road. But in doing so, they gave up the right to claim damages for the broken lease. It's more complicated than that, but that's what I remember from that part of it.
I do remember the $50 Million as an offer to Glendale since that would have been more than what they would have gotten as an unsecured creditor, if the judge allowed that. The 50 Million was also based on the team relocating as well. No matter what, the City found itself between a rock and a hard place when being a secure creditor was not an option.
Originally Posted by
I saw where Moyes had a personal guarantee with the league re: the Coyotes.
Did COG also have a guarantee from Moyes? Personal guarantees theoretically are supposed to survive bankruptcies - can COG not go after Moyes if the team does actually move?
Can the NHL still call on Moyes to make good on his guarantee if the team is sold locally for a loss?
Has anyone seen the guarantee Moyes signed - I'm curious as to what the conditions/parameters of the guarantee might be.
The origional lease is long gone and sadly it appeArs nothing can be done. The NHL making such a call?
The NHL is suing Moyes for $75 Million and if the NHL does get that, I doubt they would use that money towards the asking price as well.
If the NHL was concerned for the city, then they would have asked the judge to have Glendales Lease held up in court in the 1st place. OnCe this got into the courtroom, it was every man and his lawyer for himself.
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