Breaking News: Judge Baum rejects both bids for Coyotes!
From the Globe and Mail:
Bankruptcy court judge Redfield T. Baum has rejected both bids for the Phoenix Coyotes.
“In hockey parlance, the court is passing the puck to the NHL, who can decide to take another shot at the sale net or it can pass off the puck,” Judge Baum wrote.
Judge Baum threw out a bid by Jim Balsillie saying it could not succeed because he cannot 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],” the judge ruled.
He added that bankruptcy law requires that the court “shall prohibit” any sale where various interests cannot be adequately protected.
To read the entire article, click here.
Wow. Talk about taking the easy way out. Why make a tough decision? For any new story developments, stay tuned to IC for further details.
What do you think Judge Baum should have done? Should he have ruled in favor of the NHL, Balsillie or did he make the right decision by rejecting both offers?
If you are interested in reading Judge Baum’s decision (and who doesn’t want to read all 31 pages) click here as TSN has secured a copy of the ruling but if you are simply interested in the Court’s conclusion, here it is;
As well be sure to listen to tonight’s IC radio show as the guys will cover this topic starting at 7pm central.