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.