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

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According to court filings, three investment groups — SOF Investmenta LP, White Tip Investments LLC and Donatello InvestmentsLLC — have askes the court to keep open Balsillie’s $213 million offer and proposer move to Hamilton, Ontario, without a solid alternative deal for keepintg the team in Arizona. SOF has a securse claim of about $80 million against the Coyotes, which it hopes to recoup from anew owner. Courft filings did not disclose investments by White Tipand Donatello. The investorxs say a “Glendale transaction” could jeopardize theifr claims if it comes in wellunder Balsillie’ $213 million offer.
Coyotes owner Jerru Moyes — who put the team into Chaptee 11 reorganizaton inMay — invested $300 million in the hocke franchise. He would get $100 millionh from the Balsillie A brief filed by SOF and othee investorsin U.S. Bankruptcy Court contends the court’sx first and foremost charged when dealing with insolvent companieas isto “maximize the value of the enterprise for the benefigt of all those havingg an interest in it.” The briecf also notes that the bankruptcy and possible move to Canada has stalled ticket sales in Glendals for the 2009-10 season.
National Hockey Leaguee attorney Tony Clark echoed that concern during a courthearing Wednesday, saying the relocation issue has cut into tickert and sponsorship sales and must be resolved Bankruptcy Judge Redfield Baum scheduled a June 9 heariny to determine whether the team can move to which is opposed by NHL and city of Glendale. City and NHL officialsa have spoken with Chicagok White Sox owner Jerry Reinsdorf and othe r investors 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 largeclaijm — between $500 million and $750 millio n — if the Coyotes break their lease at the city-built Jobing.com The bankruptcy court could discharge that lease. The Coyotes have lost betweehn $20 million and $30 million annually the past two yeares and could dropanother $40 millio n this year, according to bankruptcyh court filings.