Saturday, August 23, 2008

Plot thickens in Boots's bankruptcy
NHL creditors want details kept under wraps

The Tennessean on Friday filed a brief in federal court in Northern California to keep the bankruptcy proceedings of Nashville Predators part-owner William J. "Boots" Del Biaggio III open to the public.
The unsecured creditors' committee filed its motion earlier this month to restrict access to some information, particularly as it relates to Del Biaggio's interests in the Predators hockey club. "The value of this interest depends in part upon relations with the National Hockey League and with the other owners of the team, both of which stand to be injured upon disclosure of Confidential and Privileged Information," the motion said.
The first question that comes to mind here? Given what we already know, what exactly is left to find out in this case?

It's clearly either Wild owner Craig Leipold and/or the Anschutz Entertainment Group pushing to close the proceedings, even with the fact they both loaned considerable cash to Del Biaggio already out in the open.

We also know the intricate details behind Del Biaggio's designs on shipping the club out of Nashville ASAP.

You have to question the notion that the value of Boots's share of the team will be damaged by revealing the remaining details — but perhaps there's something buried there that we just haven't dreamt up.

Any damaged relations involving Leipold and AEG are of those parties' own doing, and I can't see how a new ownership partner in Nashville would be scared off by that.

Not that there aren't plenty of other reasons not to buy in at the moment.

The Forechecker has more.
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1 Comments:

At 9:58 PM, August 23, 2008, Blogger J. Michael Neal said...

The first question that comes to mind here? Given what we already know, what exactly is left to find out in this case?

My guess is that it would include a discussion about the team's finances. Sports leagues don't like to have those disclosed in public; they want you to trust them when they say that they're losing so much money that they need you to build them a stadium.

 

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