Dallas Stars Bankruptcy: Hearing To Approve Sale Moved To November 18

by Brandon Worley on Nov 10, 2011 10:44 AM CST in Dallas Stars Sale

Good news for those wondering if the sale of the Dallas Stars would be moved up after Tom Gaglardi was confirmed as the lone bidder for the team and that his Stalking Horse Asset Purchase Agreeement would be used to purchase the team. Thanks to a heads up by Mark Stepneski, we've learned that the hearing to approve the sale of the team to Gaglardi has been moved from November 23 to November 18.

This means that Gaglardi could be approved by the courts as the new owner of the Dallas Stars as early as next week. The hearing on November 18 will be to approve of the sale and the confirmation of the prepackaged plan.

For those wondering about the objections on the bankruptcy made by General Electric, there will be a hearing on November 14 on the motion, although there is already an agreement between GECC and the debtors on the matter of the liability insurance issue at the Dr Pepper Starcenter.

So what does this mean, exactly?

If the courts approve the sale of the team and the transfer of assets to Gaglardi, he will become the legal owner of the Dallas Stars franchise after the November 18 hearing, contingent upon the initial monetary payments that are required to be made as part of the Purchase Agreement.

There is still the matter of the sale being approved by the NHL Board of Governors prior to Gaglardi being allowed to fully take over control of the team. The BOG is scheduled to meet the second week of December, although there is some speculation that a phone conference could be made so that Gaglardi is approved as the owner and the Dallas Stars can move forward financially and as a business.

Hopefully, that also means that the Stars will finally have a voice when it comes to realignment, which is going to be the main focus of the BOG meetings next month.

For now, rejoice in the fact that if everything goes as it should this team will have a new owner in place by the end of next week.

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Comments

Can't wait. Go Stars!

by iHorses on Nov 10, 2011 10:47 AM CST reply actions

NEXT WEEK, OMG OMG OMG OMG

OMG.

by Jenny Z on Nov 10, 2011 10:47 AM CST reply actions

Excellent!

Hard to believe it’s almost- finally- over!

by cms1171 on Nov 10, 2011 10:50 AM CST reply actions

This really is great news. Of course, I won't be around that day to write about it.

Traveling to Houston all day that day.

Also — the Stars play the Sharks the next night. Should be a great weekend.

Defending Big D- Dallas Stars news & analysis
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by Brandon Worley on Nov 10, 2011 10:51 AM CST reply actions

Not to worry

I will definitely be around to write about it.

Defending Big D

by Brad Gardner on Nov 10, 2011 11:03 AM CST up reply actions

I may even take the day off. Wow.

I can’t believe this is really going to happen.

Defending Big D

by Brad Gardner on Nov 10, 2011 11:04 AM CST up reply actions

Am I the only one that didn't know a thing about the GE stuff?

"He punched the highlights out of her hair.... He punched the HIGHLIGHTS out of her hair!!!" -- Young Neil

by Tsudbury on Nov 10, 2011 11:02 AM CST reply actions

If you read DBD you might have ;) ;)

Defending Big D

by Brad Gardner on Nov 10, 2011 11:04 AM CST up reply actions

Well, I hardly ever check into this site, so I miss a lot.

Maybe it was while I was in St. Louis for the world series? I was out of the loop for like 5 days.

If not, then i have no other excuse.

"He punched the highlights out of her hair.... He punched the HIGHLIGHTS out of her hair!!!" -- Young Neil

by Tsudbury on Nov 10, 2011 11:12 AM CST up reply actions

I think so.

Basically, a couple of objections were filed. One by the IRS (which is apparently normal) and one by GE, who were upset that the Stars weren’t pursuing an insurance claim on one of the Starcenters and that as part of the bankruptcy the financial claims to the loan that GE was a part of would be erased.

Or something.

Defending Big D- Dallas Stars news & analysis
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by Brandon Worley on Nov 10, 2011 11:20 AM CST up reply actions

Yeah, I don't see either of those as big deals.

Just holding their hands out for their payday too is all.

"He punched the highlights out of her hair.... He punched the HIGHLIGHTS out of her hair!!!" -- Young Neil

by Tsudbury on Nov 10, 2011 11:39 AM CST up reply actions

Woot!

Good news. FINALLY. Now, let’s get back to enjoying being at the top of the NHL. :)

by WingnutInStarsCountry on Nov 10, 2011 11:16 AM CST reply actions

Finally

See ya Hicks! Glad that the garbage is on it’s way out! How cool would it be if Gaglardi was in town for the Sharks game to take in all that it essentially his. Man things are really getting better for the Stars. Anyone else see the bright light at the end of the tunnel?

by Section 314 on Nov 10, 2011 11:45 AM CST reply actions

I am somewhat surprised

That there isn’t more action in this thread.

Are we not excited? I feel like we should be more excited.

Defending Big D

by Brad Gardner on Nov 10, 2011 12:13 PM CST reply actions

I am excited

Just not as excited about this as what the team is doing on the ice

by Freelancer799 on Nov 10, 2011 12:20 PM CST up reply actions

I think it's a collective breath holding.

Also, it’s lunchtime.

"He punched the highlights out of her hair.... He punched the HIGHLIGHTS out of her hair!!!" -- Young Neil

by Tsudbury on Nov 10, 2011 12:20 PM CST up reply actions

Been doing

the funky monkey dance since this thread was posted.

by StarzenheimerSchmidt on Nov 10, 2011 12:41 PM CST up reply actions

Are we not excited?

I don’t think the Stars have made the playoffs since DBD was founded :-)
It’s all Worley’s fault. - Tsudbury

by Breg on Nov 10, 2011 4:09 PM CST up reply actions

I'll get super excited happy

when it’s all official and Gaglardi comes out and speaks as the new owner.

Defending Big D: A Dallas Stars blog

Twitter: taylordbaird

by Taylor Baird on Nov 10, 2011 12:22 PM CST reply actions 2 recs

im really excited

but i’ll believe this whole thing is over when i see it. i’m reserving my happy dance until i see the press conference.

by the way worst e-news ever...

by heyitsthatguy! on Nov 10, 2011 12:26 PM CST reply actions

Agreed!

I think the whole fan base will do that dance with you.

by Section 314 on Nov 10, 2011 12:27 PM CST up reply actions

Dont mistake lack of posts for lack of enthusiasm

Once it’s finalized I think you’ll have one of the most commented posts ever. We’re all now just holding our breath.

Avery would have loved to play with the Rangers this year...but he got STUCK ON AN OIL RIG. -- John Tortorella. (Well, not really)

by EagleBelf on Nov 10, 2011 12:42 PM CST via mobile reply actions

One of the most commented posts ever....

Second only to the great “ice girls debate of 2011”

"He punched the highlights out of her hair.... He punched the HIGHLIGHTS out of her hair!!!" -- Young Neil

by Tsudbury on Nov 10, 2011 12:43 PM CST up reply actions

Well, nothing could top that!

Avery would have loved to play with the Rangers this year...but he got STUCK ON AN OIL RIG. -- John Tortorella. (Well, not really)

by EagleBelf on Nov 11, 2011 2:35 PM CST up reply actions

That's the same way I feel

I’m happy now hearing this news, but I’ll be happier once this thing is final and we have an owner.

by chris1989 on Nov 10, 2011 1:23 PM CST via mobile up reply actions

So True

I’ve been reading your posts for a long time now but never have commented before. This news is FANTASTIC! – I simply couldn’t resist.

Go Stars!

by StarryEyedLizzy on Nov 11, 2011 4:28 AM CST via mobile up reply actions

Welcome!

We love new commenters!

"He punched the highlights out of her hair.... He punched the HIGHLIGHTS out of her hair!!!" -- Young Neil

by Tsudbury on Nov 11, 2011 7:38 AM CST up reply actions

"when that day comes I shall futterwacken...vigorously"

"The early bird may get the worm, but it's the second mouse who gets the cheese" - Daryl "Razor" Reaugh

by Sylent Jay on Nov 10, 2011 1:00 PM CST reply actions 1 recs

I haven't been keeping up with the realignment talks

…is there any realistic chance of the Stars getting out of the effing Pacific Division and in to a more CDT-centric division? It seems like the Stars and Rangers get so screwed on road game TV ratings because they get stuck with west coast division rivals.

"Napoli is Al Fucking Swearingen, pissing out the dull lump of Angel hubris from his penile shaft like a pus-slathered kidney stone." - TT from HH

by DonDrapersOPS on Nov 10, 2011 1:08 PM CST reply actions

word is the 4 division set up is starting to gain some traction.

We won’t know anything until december though.

"He punched the highlights out of her hair.... He punched the HIGHLIGHTS out of her hair!!!" -- Young Neil

by Tsudbury on Nov 10, 2011 1:31 PM CST up reply actions

Where would this put the Stars?

"Napoli is Al Fucking Swearingen, pissing out the dull lump of Angel hubris from his penile shaft like a pus-slathered kidney stone." - TT from HH

by DonDrapersOPS on Nov 10, 2011 1:34 PM CST up reply actions

not with the Pacific teams

@rossssss
http://www.last.fm/user/ROSSSSSS

by Ross Phillips on Nov 10, 2011 1:37 PM CST up reply actions

Back where they belong

With StL/Chicago/Peg

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"You guys are talking about living forever like it’s a real thing, but I bust out a man shoving his head into a vagina, and it’s srs time?"
--iorange555 8/23/2011

by Josh Lile on Nov 11, 2011 7:29 AM CST up reply actions

GOOD NEWS IS GOOD

I’m excited. Time to officially turn the page for the Stars.

@rossssss
http://www.last.fm/user/ROSSSSSS

by Ross Phillips on Nov 10, 2011 1:32 PM CST reply actions

1st place and a new owner possibly by next week.....

F&$@ing awesome!!!!!

by JQ$ on Nov 10, 2011 2:07 PM CST via mobile reply actions

that makes 72 chickens

Of which 23 have hatched.
Next week eh. I believe it….this time.

What the Puck?

by DirtyBrotenScoundrel on Nov 10, 2011 2:51 PM CST via mobile reply actions

FWIW, in last week's Stars Insider

There’s a Tony Tavares interview right at the beginning where he says he believes there will be a phone vote by the BOG prior to or immediately after the court proceedings.

Follow me on Twitter @ErinB_DBD

by Erin Bolen on Nov 10, 2011 4:08 PM CST reply actions

I hope so

I mean, BOG approval is pretty much a foregone conclusion, but better to have ownership in place prior to that December meeting so that we actually have a voice on the realignment issue.

by cms1171 on Nov 10, 2011 7:10 PM CST up reply actions