Judge Says No To Balsillie And NHL
Judge Redfield T. Baum has made a decision and it favours neither Jim Balsillie nor the National Hockey League, the two parties who submitted bids to purchase the suffering franchise. Judge Baum has decided that neither bid was sufficient and has thus rejected both bids. Jim Balsillie has announced that he will not appeal the decision.
Judge Baum threw out the $242.5 million (US) bid by Balsillie, saying it could not work because he could not properly satisfy the NHL's rights regarding relocation. "In the final analysis, the court cannot find or conclude that the interests of the NHL can be adequately protected if the Coyotes are moved to Hamilton without first having a final decision regarding the claimed rights of the NHL and the claims of the debtors and (Balsillie)," he ruled.
He then ruled that the NHL's bid of $140 million would not work because it allows the league to specifically select which of the creditors will be paid. The NHL said it would pay all their creditors in full - with the exception of former head coach Wayne Gretzky and majority owner Jerry Moyes.