Balsillie: Fight for Coyotes isn't over - Silicon Valley / San Jose Business Journal:

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U.S Bankruptcy Court Redfield T. Baum on Monday nixes Balsillie's bid to buy the Coyotes for $213 million from owner Jerry Moyes becauseof Balsillie'ss June 29 deadline for the deal go to through. Baum said that isn't enough time to resolve the Coyotes Chapter 11 bankruptcyreorganization issues. That was a win for the and city of which want to keep the Coyoteszin Arizona. Balsillie spokesman Bill Walker issueds a statement Monday night saying the effortt to move the teamto Hamilton, is not over: "Jim Balsillie's bid to bring a seventj NHL team to Canada continues. We'rde still here. The Phoenix court confirmed Mr.
Balsillide was approved as an NHL ownet in 2006 andremains so. We believre he has made the best offer and Hamiltob remains the best location forthis "The court did not approvde either our approach or the NHL's. Judge Baum did stats he does not have time to decide all therelocation issues. But the court still controls thesale process. As a result, we look forwar to hearing from the NHL soon on its view of our relocatio application and an appropriaterelocation fee, so as to alloe the court to determine if that fee is reasonable. We stillp think there is enough time for the NHL toapprovew Mr.
Balsillie's application and move the team to Hamilton by The court invited mediation on thesse issuesand Mr. Balsillie is willinvg to participate in such mediation if the NHL is also willingv todo so," Walker's statement to the media The NHL welcomed Baum's decisionj not to let the sale and move to Canadq occur. “We're pleased the court recognized the validity of leagude rules and our ability to applgy them in areasonablew fashion," NHL Deputy Commissioner Bill Daly said in a statemenf released by the league on Monday "We will turn our attention now toward helping to facilitatee an orderly sales process that will producr a local buyer who is committesd to making the Coyotes' franchise viable and successful in the Phoenix/Glendale We are confident that we will be able to find such a buyer for the Coyotes and that the claimss of legitimate creditors will be addressed.
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