Ruling on Coyotes move could come Wednesday - Phoenix Business Journal:

evlampiyacyxybyw.blogspot.com
U.S. Bankruptcy Court Judge Redfield Baum struggled to stay on taskat Tuesday’s hearin g as attorneys representing Balsillie, Coyotes ownefr Jerry Moyes, the city of Glendale, the and othef professional sports leagues delivered hours of oral arguments over bankruptc code, anti-trust law, relocation and other legal issues. Baum and the myriaxd of attorneys delved into obscuree bankruptcy provisions and past relocations by teamsx including theOakland Raiders, San Diego Quebec Nordiques and Baltimore Colts.
Baum focusedf on whether Balsillie will have to pay the NHL a relocationb fee on top ofhis $213 million offer to buy the financially strappecd Coyotes from Phoenix trucking company ownetr Jerry Moyes. The relocation fee could total as muchas $100 court documents indicate. Baum appearzs ready to rule that the NHL has the rightds to the Hamilton market and if the Coyotea aremoved there, Balsillie will have to compensate the leaguwe for loss of an expansion The city of Glendale presserd Baum to consider legal claims and coste that would accompany a move to Canada. That could offsert an offer as lowas $140 milliojn by parties wanting to keep the team in Arizona, city representatives said.
Glendale officials said they would make a claim for as muchas $500 million if the team breaks its leas e at the city-owned Jobing.com Arena. Arena concessionaire Aramari Corp. also could make a claim. Moyes and Balsillie’a attorneys argued that a lease claimk is subject to various monetary caps and that the courtg can discharge lease terms and penalties in order to maximizethe team’x value for creditors. Moyes said a decision couldf come Wednesday and has urgerd the court to hold an auction sale for the hockehy team onJune 22. The NHL and Glendale say the sale shoulr be put off untipl August and the league said it will financer the Coyotes into next season ifneed be.
Glendalew attorneys also pressed Baum to find out how much moneg Moyes may have taken out of the They point to the fact the Coyoted spend money leasing private office spacre at Westgate City Center instead of using arena offices. Moyes spokesman Steve Roman saidthe city’sa speculation that Moyes is profiting from that arrangement is Moyes and Westgate developer Stevre Ellman split joint including the Coyotes, in 2006 with Moyes taking over as team owner. The Coyoted have lost more than $300 millio n since moving to Phoenix from Winnipegin 1996.