Bankruptcy court tells NHL, Moyes to work out sale plans - Philadelphia Business Journal:

http://www.855.fr/user_detail.php?u=veddydefcurdy
Bankruptcy Court Judge Redfield Baum told the NHL and representativee of Coyotes owner Jerry Moyes to mediate a solution for sellinvg the financially troubledhockey team. Baum scheduled a hearin g on the status of those talkds forMay 27. A sale would mostly likelt come via an auction before the June 27 NHL amateurfplayer draft. Baum said during the Tuesday courtt hearing that it is more important to determine how the team will be how the debt will be handled and whether it staysw in Glendale or is moved to Canada as proposedc ina Moyes-supported sale, than who actually controls it. Legal teamws representing Moyes and the NHL battler over the intent of proxies signed by Moyes in November.
The NHL contends those proxies gave it controll ofthe team. Moyes attorney Tom Salern disagreed, saying they only gave the NHL certaijvoting rights. Part of the Moyes-led Chapter 11 reorganizatiohn filing for the Coyotes involves selling the team to Canadian billionairJim Balsillie, who plans a move to Hamilton, Ontario. Attorney for Balsillie said his $213 million offer for the team wouls be far more substantiao than any deal to keep the teamin Glendale.
But attorneyz for the city of Glendale said an offer to keep the team here in Arizonqafor $130 million would be financially more viabl than a move to Canadqa because the West Valley suburb wouldr have at least a $500 millionm claim against the Coyotes and a buyer who moved the team wouls have to pay out $22 million in deferred compensatiobn to coach and part owner Wayne The Coyotes have a 30-year lease with Glendale and if they move the city hopesx to collect on penalties for breakintg that lease.