Dallas Stars Sale: Hearing on Bidding Procedures Set For Thursday

by Brad Gardner on Sep 19, 2011 2:45 PM CDT in Dallas Stars Sale

ESPN Dallas reports today that the initial hearing for the Dallas Stars L.P. bankruptcy case went as planned in Delaware, and the motions were approved. Most were designed to approve the normal functioning of the organization during this time while they're technically in bankruptcy, and to make sure the employees get paid, tickets are honored, talent can be acquired, etc...

The hearing to discuss bidding procedures was set for Thursday (3:00pm) as expected. The proposed timeline is that other bidders would have 30 days from then to finalize their offers, and the deadline would be set sometime near October 22nd (which is a Saturday). Presumably the week of the 24th we would learn if there are indeed other bids.

The week of Thanksgiving (November 21st) is the proposed auction date as of right now, though with the holiday, no one would be surprised if that timeline was altered slightly. We'll know more Thursday afternoon after the hearing. Between October 22nd and Thursday, sale news should die down considerably, allowing us to focus on the hockey, refreshingly.

Chuck Greenberg Bidding?

Defending Big D had exclusive comment from Chuck Greenberg about his interest in a potential bid (here) first, but other outlets are starting to report some of the same.

Business week recieved similar sentiments from Greenberg's lawyer today...

Greenberg is part of Texas Hockey Acquisition Co. and may participate in an auction of the Stars, owned by former billionaire Thomas Hicks, said Greenberg's attorney, Jeffrey M. Schlerf, of Fox Rothschild LLP.

"They are definitely interested in bidding," Schlerf said in an interview after the Stars hearing in U.S. Bankruptcy Court in Wilmington, Delaware. [Business Week]

Bizjournals.com said the same in brief here today.

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Comments

so after thursday

All the rules are set. Can they formally place in bids or is there another waiting period for that

Now playing his first season with the Dallas Stars as a defenseman #44 STUDLY WONDERBOMB

by jordan.saleh on Sep 19, 2011 3:17 PM CDT via mobile reply actions

I think they wait to announce their bids on the team until the day of (or at least close to it)

They don’t want to tip their hands, and they also need to review all financials still and see if they want to outbid Gaglardi.

"I want to have Jamie Benn's babies. And you can quote me on that." - Brandon Worley

by Tsudbury on Sep 19, 2011 3:53 PM CDT up reply actions

This has been my thinking

But I have no damned idea how it works.

We may find out some things. Some people seem tighter with info than others. You never know.

News of a bid might scare someone else off, which someone may think to their advantage… it’s hard to imagine having three parties bidding. With a $5 million minimum raise…you’re talking about raising the price significantly in a hurry if there’s more than two parties. Even with two it would be really expensive.

Gagalrdi’s bid is a good one. I would not be surprised if no one else bids.

Defending Big D

by Brad Gardner on Sep 19, 2011 3:56 PM CDT up reply actions

Just out of curiosity...

What happens if 2 other people submit bids, but they are both only willing to go to $276? Does the winning bid go to whomever submitted it first?

In which case they may want to submit their bid as soon as possible?

"I want to have Jamie Benn's babies. And you can quote me on that." - Brandon Worley

by Tsudbury on Sep 19, 2011 4:11 PM CDT up reply actions

That initial bid is only meant to be a "Qualifying Bid" in order to kick off the auction.

All it says is that any bids must be $10 million more to qualify. That is all.

Once it gets to auction, the bids go in $5 million increments.

Defending Big D - Dallas Stars news & analysis
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by Brandon Worley on Sep 19, 2011 5:45 PM CDT up reply actions

What I mean is, what is Greenberg and Quinn both agree to go to $276.

Then, on auction day, Gaglardi, Greenberg, and Quinn all refuse to go to $281.

"I want to have Jamie Benn's babies. And you can quote me on that." - Brandon Worley

by Tsudbury on Sep 19, 2011 7:19 PM CDT up reply actions

Hmm...let me check this out in the auction procedures.

I’m sure that’s covered.

Defending Big D - Dallas Stars news & analysis
@brandonworley - Follow me on Twitter!

by Brandon Worley on Sep 19, 2011 7:53 PM CDT up reply actions

i believe it's who puts up the best offer

I remember with the rangers crane and cuban put up the most money. But greenberg and ryan had the better offer and more stabile team so the team went to them

Now playing his first season with the Dallas Stars as a defenseman #44 STUDLY WONDERBOMB

by jordan.saleh on Sep 19, 2011 8:24 PM CDT via mobile up reply actions