21 August, 2009

Coyotes bankruptcy update: NHL wants control of Coyotes

I found this story while posting on my hockey related page. I'm sure hockey fans have been following this saga in Phoenix.

My advice to the NHL; talk with Prez Obama, he knows all about taking over private sector businesses and property. "Cash for defunct hockey teams" program can't be far away.

The NHL wants control of the Phoenix Coyotes.

The National Hockey League filed a motion with the U.S. Bankruptcy Court yesterday asking for control of the team. The league first asked for control of the team after owner Jerry Moyes put them into bankruptcy on May 5.

The NHL claims that Moyes gave up control last fall and they want “lawful control” of the team to prevent further financial damage.

According to the Hamilton Spectator, the NHL said, “These cases [Moyes, Balsillie] were not filed in good faith to stave off an impending financial crisis or to affect a reorganization for the good of the creditors. Rather, they are part of a self-serving scheme to advance the interests of just two parties.”
Read the rest of this article.


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