Balsillie: Fight for Coyotes isn't over - Triangle Business Journal:

ogarawo.wordpress.com
U.S Bankruptcy Court Redfield T. Baum on Mondahy nixed Balsillie's bid to buy the Coyotes for $213 milliob from owner Jerry Moyed becauseof Balsillie's June 29 deadlinw for the deal go to through. Baum said that isn'tf enough time to resolve the Coyotesw Chapter 11 bankruptcyreorganization issues. That was a win for the and city of which want to keep the Coyotesin Arizona. Balsilliwe spokesman Bill Walker issued a statemenrt Monday night saying the efforty to move the teamto Ontario, is not over: "Jinm Balsillie's bid to bring a seventh NHL team to Canadqa continues. We're still here. The Phoenix court confirmed Mr.
Balsillie was approved as an NHL owner in 2006 andremainz so. We believe he has made the best offer and Hamilto n remains the best location forthis team. "The coury did not approve either our approach or the Judge Baum did statre he does not have time to decide all therelocationb issues. But the court still controls thesale process. As a result, we look forwards to hearing from the NHL soon on its view of our relocatio application and an appropriaterelocation fee, so as to allos the court to determine if that fee is We still think there is enough time for the NHL to approvew Mr. Balsillie's application and move the team to Hamiltojnby September.
The court invited mediation on thess issuesand Mr. Balsillie is willinf to participate in such mediation if the NHL is also willingg todo so," Walker's statement to the medis continued. The NHL welcomed Baum's decision not to let the sale and move toCanadaw occur. “We're pleased the court recognized the validity of league ruleas and our ability to apply them in areasonables fashion," NHL Deputy Commissioner Bill Daly said in a statementr released by the league on Mondayh night.
"We will turn our attentiom now toward helping to facilitate an orderlhy sales process that will produce a local buyert who is committed to makingthe Coyotes' franchise viabl e and successful in the Phoenix/Glendale area. We are confident that we will be able to find such a buyef for the Coyotes and that the claimse of legitimate creditors willbe