June 10, 2009
And you thought U-Haul was expensive
The NHL expects up to $100 million as a relocation fee for the bankrupt Phoenix Coyotes, according to Susan Freeman, a lawyer representing Blackberry billionaire Jim Balsillie. As the franchise bankruptcy case drags on, Judge Redfield T. Baum agreed that the league has a right to demand such a fee, and warned its representatives, against their protestations, that a definite figure should be set before June 22, when the NHL may be forced to auction the team off and allow it to move.
The NHL, for its part, wants a September 10 auction for a franchise that would remain in Phoenix.
While Judge Baum sifts through all manner of legal issues, one theme remains constant throughout the proceedings: Everyone wants a slice of the pie. More than 40 lawyers are present, representing the NHL, the City of Glendale, present owner Jerry Moyes, and a host of creditors and other interested parties.
At one point the judge quipped, "We're not selling a used car here."
He's right. Over the last 13 years, a used car would have been a better deal.
