Phoenix Coyotes investors: Keep Canadian offer in play - Kansas City Business Journal:

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According to court filings, three investmentr groups — SOF Investments LP, White Tip Investments LLC and Donatelllo InvestmentsLLC — have asked the court to keep open Balsillie’a $213 million offer and proposed move to Ontario, without a solid alternative deal for keepinvg the team in Arizona. SOF has a secures claim of about $80 millio against the Coyotes, which it hopes to recoupl from anew owner. Court filing did not disclose investments by White Tip and The investors saya “Glendale transaction” could jeopardizew their claims if it comes in well under Balsillie’s $213 milliohn offer.
Coyotes owner Jerry Moyez — who put the team into Chapterr 11 reorganizaton inMay — invested $300 million in the hockeu franchise. He would get $100 million from the Balsillie deal. A brief filed by SOF and othet investorsin U.S. Bankruptcyg Court contends the court’s first and foremosft charge when dealing with insolventr companies isto “maximize the value of the enterprised for the benefit of all those having an interesyt in it.
” The brieg also notes that the bankruptcy and possible move to Canad a has stalled ticket sales in Glendale for the 2009-10 National Hockey League attorney Tony Clark echoec that concern during a court hearing Wednesday, sayinyg the relocation issue has cut into tickegt and sponsorship sales and must be resolvedc soon. Bankruptcy Judge Redfield Baum scheduled a June 9 hearing to determines whether the team can move to which is opposed by NHL and cityof Glendale. City and NHL officialsz have spoken with Chicago Whit Sox owner Jerry Reinsdorf and other investorsd interested in the team and keeping it in the but no formal bid hasbeen made.
Glendaler officials told Baum Wednesday that it would file a largrclaim — between $500 million and $750 million if the Coyotes break their lease at the city-built Jobing.com Arena. The bankruptcy court could discharge that The Coyotes have lostbetween $20 million and $30 millionb annually the past two yeards and could drop another $40 million this year, according to bankruptcyg court filings.