Breaking News: The Phoenix Coyotes today filed for Chapter 11 bankruptcy protection. The filing plan appears to be a pre-packaged plan, under which the Coyotes (and specifically their holding company) filed to effectuate a sale of the franchise.SportsJudge previously posted on a "hypothetical" Coyotes bankruptcy specifically involving a pre-packaged plan filing in the following articles:
"What Would Happen If The Coyotes Went Bankrupt? - March 2
"What would happen if the Coyotes actually filed for bankruptcy? First, the Coyotes would have to decide whether to file a pre-packaged plan. In a pre-pack, the Coyotes and their creditors would negotiate a refinancing structure for the Coyotes' debt before filing, and then to make the deal work, the Coyotes would file Chapter 11 to take advantage of Bankruptcy Code provisions needed to carry out the plan. A pre-pack would resolve the case rather quickly. In the sports context, a pre-pack would likely involve transferring ownership to a new group which would assume most, if not all, of the team's debt. The L.A. Kings used a pre-pack during their bankruptcy in 1995."
"Coyote Roundup" - March 9
The two pieces of particular interest are that (1) the lease has a "poison pill" clause that would impose a $750 million fee on the Coyotes for breaking the lease and (2) the Coyotes just brought their lease payments up to date after seven months of delinquency.
For a more detailed background on the legal history of bankruptcies in professional sports, you can also check out my full law review article on the topic here.
* * *
Having a dispute in your fantasy baseball league? Be sure to check out SportsJudge.com. Real Lawyers, Solving Real Fantasy Disputes Since 2001.
Posts
2 comments:
Good day !.
might , perhaps very interested to know how one can collect a huge starting capital .
There is no initial capital needed You may commense to get income with as small sum of money as 20-100 dollars.
AimTrust is what you thought of all the time
AimTrust incorporates an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.
It is based in Panama with affiliates around the world.
Do you want to become really rich in short time?
That`s your chance That`s what you wish in the long run!
I feel good, I began to get real money with the help of this company,
and I invite you to do the same. If it gets down to choose a proper partner who uses your money in a right way - that`s it!.
I make 2G daily, and my first investment was 500 dollars only!
It`s easy to get involved , just click this link http://awavemami.100freemb.com/yqygufa.html
and lucky you`re! Let`s take this option together to feel the smell of real money
Good day, sun shines!
There have been times of hardship when I didn't know about opportunities of getting high yields on investments. I was a dump and downright stupid person.
I have never thought that there weren't any need in big initial investment.
Now, I'm happy and lucky , I begin to get real money.
It gets down to choose a correct companion who uses your funds in a right way - that is incorporate it in real business, and shares the income with me.
You may ask, if there are such firms? I'm obliged to tell the truth, YES, there are. Please be informed of one of them:
http://theinvestblog.com [url=http://theinvestblog.com]Online Investment Blog[/url]
Post a Comment