On the Forecheck
Del Biaggio case moving along
by Forechecker on 11/21/08 at 10:54 AM ET
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Today’s Globe & Mail highlights the latest step in the Boots Del Biaggio bankruptcy, as L.A. Kings owner Phil Anschutz and former Preds owner Craig Leipold make their case for some relief:
Both Anschutz and Leipold recently filed documents in a California bankruptcy court saying they have reached an agreement on how to divide roughly $2.3-million currently held in Del Biaggio’s accounts at a California brokerage firm.
The only problem is that under U.S. bankruptcy law, all of Del Biaggio’s assets, including the accounts, are to be held until such time as a restructuring plan is approved and they are sold off.
But the lawyers for Leipold and Anschutz argue the accounts “are not necessary for a reorganization as no reorganization is possible here.”
From there on, the speculation launches that if they’re successful in cutting to the front of the line of creditors to divide up these accounts, that Anschutz and Leipold could make a play for Del Biaggio’s ownership stake in the Nashville Predators. The main obstacle along that path is the operating agreement between Del Biaggio and the rest of the Predators ownership group, which gives the locals control over to whom ownership shares can be transferred. The likely case is that Anschutz and Leipold would be in line for whatever funds are generated by the sale of the Boots shares.
Filed in: Nashville Predators | On the Forecheck | Permalink
Tags: Boots+Del+Biaggio, Craig+Leipold, Phil+Anschutz,
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