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Today Was a Good Day... - Reinsdorf Gets SOF approval

 

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Even Ice Cube is confused by this mess... 

While not the most significant day in this long, painful, drawn out process that is the Coyotes bankruptcy, today was an all around good day for the Coyotes prospects of staying here in the Valley. The crew from Ice Edge was there, The Commish was in dahouse, looked like it would be exciting, but the majority of today's court business was procedural, there were a few developments worth noting.

The biggest news was that Jerry Reinsdorf's group had cometo terms with Michael Dell's group SOF, the Coyotes largest creditor. In court last week the only people SOF had been able to approve was PSE. That approval was one of the major reasons the judge gave for keeping PSE around. Now that a local bid has their approval as well, they just need to get a new lease deal worked out withthe City of Glendale. In addition the Ice Edge group said they have also been in talks with SOF on how to restructure the debt so that they too can get approval and finalize their bid.

The Judge also said that he wouldn't be allowing any further discovery by PSE or Moyes into the other bidders. no one can blame him after the fiasco of the Reinsdorf negotiations getting leaked. Whether intentional or not it certainly caused a mess and one thing the Judge has looked out for throughout this whole ordeal, it's the protection of the creditors and by extension, making sure all the bidders stick around.

Other than that, they set some dates for future court sessions. The 2nd of September looks to be the next time we're in session, and then the big day of bidding on the 10th. There is light at the end of the tunnel for the fans of the team. Just a little further to go...

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Interestingly, Brahm Resnick tweeted that, in his discussions with the Ice Edge group at the courthouse, they advised that they too now had their financing “nailed down”, whatever that means.

by Gerald on Aug 11, 2009 8:51 PM MST reply actions  

Which is great.

They have some… “interesting” ideas, but if it keeps the team here and makes them profitable, i’m all for them too.

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by Travis Hair on Aug 11, 2009 11:52 PM MST up reply actions  

When will this end?

This mess is getting annoying now.

Btw, on Reinsdorf, from what I’ve heard if I were a Phoenix fan I wouldn’t trust him too much. His movement clause after a few years is really suspicious, and with the NHL wanting a team in either Las Vegas or Kansas City, I wouldn’t exactly trust the NHL either. Nonetheless, hope you guys win!

by Frag on Aug 12, 2009 9:44 AM MST reply actions  

Not too woried about that yet. It seems like there were plenty of proposals, but nothing set on those clauses yet.

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by Travis Hair on Aug 12, 2009 4:50 PM MST up reply actions  

I hope that the fanbase of Phoenix

help keep hockey in the land of the Zonies.

If money's the root of all evil then why do so many
churches brow beat their members for more?

by lcd2you on Aug 13, 2009 9:51 AM MST reply actions  

We’re tryin’!

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by Travis Hair on Aug 13, 2009 2:08 PM MST up reply actions  

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