OffThePost.org

The owner of the Los Angeles Kings has joined the owner of the Minnesota Wild in a legal motion aimed at recouping the $17 million (all figures U.S.) they loaned to a William (Boots) Del Biaggio so he could buy part of the Nashville Predators.

It's a move that puts Kings owner Phil Anschutz and Wild owner Craig Leipold in direct competition with Nashville's current ownership group led by David Freeman, as well as would-be investors – believed to include Canadian billionaire Jim Balsillie.

The bankruptcy court will hear arguments on Nov. 21 from lawyers representing Anschutz's AEG Facilities, which is owed $7 million, and Leipold, owed $10 million. They'll argue they should be allowed to foreclose on the loans they gave Del Biaggio ahead of all other creditors who are owed money from the disgraced financier. He owes about $57 million.

That would give them part ownership of the Predators, but the NHL would likely force both to sell.

In other documents released yesterday, it became clear the trustee overseeing the case – Todd Neilson – has considered selling Del Biaggio's 27 per cent share of the team.

Earlier this week, Neilson suggested the Predators were dragging their feet in providing financial information needed to assess the value of Del Biaggio's assets. The team is arguing in court Del Biaggio's shares in the team should simply be eliminated, without anyone else buying them.

Neilson has identified Del Biaggio's share of the team as the most valuable commodity in his portfolio. Bankruptcy experts believe a public auction might provide the best return for the trustee to repay Del Biaggio's assets.

What's the NHL's process for evaluating potential owners again?

His name alone "Boots" Del Biaggio - should have given them their first clue. Sounds like a character out of a bad gangster movie.

His name alone "Boots" Del Biaggio - should have given them their first clue. Sounds like a character out of a bad gangster movie.

(Though to be fair, I was picturing the 'Rich Texan' from the Simpsons every time, and just thought it was weird he wanted a hockey team).

Glad it's not just me.

What debacle though. There are conflicts of interest all over the place and somehow the league let this transaction pass in the first place...

NHL owners accustomed to minding their own business now have to disclose it, courtesy of a new policy instituted by the league in late September.

In response to a series of unknown financial arrangements between former Nashville Predators owner William “Boots” Del Biaggio and two other NHL owners, the league’s board of governors adopted a new policy that requires owners to disclose any and all business and financial relationships between one another.

The rule means that an owner like AEG, which owns the Los Angeles Kings, must submit to the league every single one of the arenas that it manages that also serve as home to an NHL club, like Jobing.com where the Phoenix Coyotes play. The same is true for Jeremy Jacobs, who owns the Bruins and Delaware North, an arena concessions company with business throughout the league.

All 30 of the league’s clubs have complied with the new rule since it was instituted in late September, said league sources who spoke anonymously because of the privacy of the new policy.

The rule also extends to potential new owners. As part of the application process for NHL ownership, future buyers of NHL clubs will be required to disclose any business ties with other NHL owners at the time of the potential purchase.


The rules are a response to the disclosures that Minnesota Wild owner Craig Leipold and AEG loaned $10 million and $7 million, respectively, to Del Biaggio before his purchase of the Predators last year. The league was unaware of the loans and caught off guard when they were disclosed this summer in a bankruptcy filing by Del Biaggio.

Part of the reason the rule extended beyond financial loans to all business arrangements was because AEG Chief Executive Tim Leiweke told the New York Post that his loan was made so AEG might win management rights to the Nashville arena. He said it wasn’t given to influence the Predators to relocate to the arena AEG operates in Kansas City.

In addition to requiring clubs to disclose business relationships, the NHL also has begun requiring owners to notify the league when they begin a sales procedure. The league has often found out about potential team sales through the press, but in the future, owners will be expected to alert the league as they begin to put together a sales pitch — even if that pitch is just for a percentage stake in a team.

The league feels that both rules will help it respond to questions regarding not only relationships between owners but also potential franchise sales, sources said.

What the fuck is happening here - people are "buying" teams when they have NO funds?

Enlighten me, please.

Lil

The Ontario Securities Commission is seeking a record penalty — one that could be as high as $100-million — from the top two executives of Research In Motion Ltd. to pay for their role in a stock option accounting controversy dating back to 1996.

According to people familiar with settlement discussions, the OSC's staff is in advanced discussions with lawyers representing RIM's co-chief executive officers, Jim Balsillie and Mike Lazaridis. The OSC's investigation began in 2006 and sources said the regulator began negotiating a potential settlement last fall.

It is understood that the OSC has pushed for Mr. Balsillie to pay the bulk of any penalty and relinquish his seat on RIM's board of directors for a period of time. Although one person familiar with the talks said the parties are nearing a potential agreement, nothing has been finalized, including how much each executive may have to pay.

Former Edmonton Oilers owner Peter Pocklington has been arrested on bankruptcy fraud charges in California, U.S. court filings show.

Mr. Pocklington will be formally charged Wednesday afternoon with filing false bankruptcy declarations, as well as making false oaths and accounts in bankruptcy.

He faces up to 10 years in a federal prison, U.S. Attorney spokesman Thom Mrozek said in an interview.

Do former owners count?

The National Hockey League has met with an unidentified business group to discuss the possibility of adding another NHL team to the Greater Toronto Area, according to a newspaper report on Thursday.

The unidentified group met with NHL deputy commissioner Bill Daly in downtown Toronto last week, according to sources. The group proposes to build an arena at the intersection of Highways 427 and 7 in Vaughan, Ont., on land north of Pearson International Airport that's owned by businessman Victor De Zen.

id rather have a team in Seattle before another goes to Toronto.

then we can move Detroit outta our dam conference!