Just a quick primer on exactly what the heck we're dealing with today. Nothing is expected to be sold. The Attorneys are actually going to have time limits and I don't get to be there for any of it. Here's what they'll be arguing about...
- If Balsillie can even be a bidder for the team. - The Judge has put this off and put it off some more, but we've actually got to get this bit decided. The NHL rejected his ownership application 26-0 and doesn't want him. Can the Judge legally force Balsillie on them? If the judge decides against Balsillie, the NHL basically gets the team.
- What is the status of Jerry Moyes in this mess? - Is he a secured creditor? Or was the money he put into the team equity and not a loan? If it is in fact a "loan" then that ups the amount owed to the creditors in general and put him as the largest creditor and first to get paid.
- What about the contract of Wayne Gretzky? - Is he entitled to his 8 or so million in deferred money? What about the buyout of his current contract?
- What about the claims of the City of Glendale? - Can their damages be capped? Can the whole lease just be terminated just like that? This will be a BIG sticking point it's basically the difference between minimal damages and hundreds of millions. If they can't be capped then paying the City of Glendale gets paid before anyone else as the then largest creditor leaving little for anyone else.
There's the basics of what should go down today. The sale itself is scheduled for Friday. Tune into @TheYotesDiva for updates via twitter. @HKYFN will be updating as well.