This Morning's Reading Assignment: The Dallas Stars Bankruptcy Court Filings
A Friend of Unfair Park asks this morning if we've gotten our hands on the Dallas Stars bankruptcy docs, which were filed, as expected, in a Delaware court at the end of the day yesterday. Why, as a matter of fact: On the other side you'll find a Tom Wolfe novel's worth of legalese, including, for starters, the voluntary Chapter 11 petition clearing the way for a sale to Vancouver's Tom Gaglardi, referred to in the filings as Dallas Sports & Entertainment, L.P.; the plan for how the sale will go down, including an auction date of November 21, so mark your calendars; and a 215-page list of creditors to whom Tom Hicks's soon-to-be-former hockey club owes money, including the New York Rangers ($2 million), former coach Marc Crawford ($1,101,654) and a host of players with deferred compensation ... and Mickey Tettleton?
Of course, this story is a familiar one: A Hicks-owned team that's deep in debt (this one, $500 million) sends a press release noting that it's filed a prepackaged bankruptcy with the intention of making it easy to transition to a new owner. In the end the sale of the Texas Rangers took a little longer than expected; here we've got November as the end date, we'll see. In the meantime, why, yes, there is a press release and a quote from Stars President Tony Tavares:
"This is a significant step toward completing the transition in ownership. We are pleased that our lenders have shown substantial support for the plan and the sale process, but the Dallas Stars are focused on one thing: hockey. The players and coaches begin Training Camp on Friday and we are all excited to start the new season."
Update at 9:23 a.m.: A statement from Tom Hicks just arrived in the in-box. It reads, in full:
"I am pleased that this sale agreement has been reached with the lenders' endorsement, which should enable a smooth legal process and the Stars organization to focus completely on the upcoming season. I believe Tom Gaglardi will be an outstanding steward and continue the Stars' history of success on the ice together with Joe Niewendyck and his team who are doing a great job in rebuilding this young and exciting club. Gary Bettman and the NHL have my gratitude for their excellent guidance and professionalism in dealing with this complex situation."
Jump for some light reading.
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