Tuesday, September 13, 2011
Stars sale still expected to move into courts this week
By Mark Stepneski
The sale of the Dallas Stars is expected to move into court this week, possibly as early as Wednesday.
Although Wednesday has been target date for the Stars to file a prepackaged bankruptcy plan in a Delaware court there is the possibility it could happen later in the week.
The filing will begin a process that should have a new owner in place somewhere in the neighborhood of 60 days, perhaps a little longer.
Vancouver businessman Tom Gaglardi has submitted an offer to purchase the team, and that is considered a stalking horse bid in the bankruptcy process. That process will allow for the possibility of other potential bidders to top Gaglardi's offer. Time will tell if others who have expressed an interest in the team over the past year will try to outbid Gaglardi.
The sale of the team apparently hitting the drive comes at the same as the team is getting ready to hit the ice for training camp in Prince Edward Island this weekend. And hockey, not the happenings in a Delaware court, is the focus right now for Stars GM Joe Nieuwendyk.
“It’s business as usual,” said Nieuwendyk, who is at the NHL Prospect Tournament in Traverse City. “We’re at the prospect camp right now and we’re getting ready and getting excited about Prince Edward Island. We have a season to prepare for.”