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.

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