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...