Waiting is the Hardest Part–UPDATED
The Arizona judge overseeing the legal battle for the Phoenix Coyotes says he will not make a final decision today as to who has the right to control over the team.
Instead, Judge Redfield Baum says his ruling will come out before the end of the week.
Read the full article here
Instant Analysis: As the song goes, and as I blatantly ripped off in the title of this post, “waiting is the hardest part.” Judge Redfield T. Baum (and I will never tire of typing that name-so much so I am considering naming my first born Redfield), did say he will issue his ruling by the end of the week. Fortunately for those of us in the media and quasi media, we get to continue playing the speculation game, for a little while longer.
Bankruptcy judge Redfield T. Baum believes the NHL is entitled to a fee for the right to put a team in Hamilton, and that unknown number is crucial to his decision on the fate of the Phoenix Coyotes.
His statement, coming during a combative and entertaining court hearing today in Phoenix, ran counter to arguments made by lawyers for Jim Balsillie that no fee is owed.
Balsillie has bid US$212.5 million for the insolvent Coyotes on the condition he move it to Hamilton — something the league is against.
The relocation fee would take away money available to pay off creditors and Baum said that if that left them worse off, he would reject Balsillie’s bid.
Read that full article here.
Instant Analysis of the Update: In layman’s terms, what Judge Baum is demanding of Balsillie is that he pay an expansion fee for the right to move the Coyotes to Hamilton. What is still very much in the air, is the amount that the Judge will deem appropriate, and more so if Balsillie will be willing to pay that price. If it’s too exorbitant, he may balk at the whole deal, walk away, and as such the NHL would be the “victors” in this clusterf**k. Although I think to call anyone a potential victor in this would be naive as the damage suffered by all parties won’t be recovered from overnight.