Thursday, September 15, 2011
Sale/bankruptcy notes: Timeline, unsecured claims
By Mark Stepneski
Here’s a brief timeline of how things should play out as the far as the Dallas Stars sale now that it has entered the courts.
*Monday: Hearing in Delaware to approve motions.
*Next week, or soon after: Another hearing in Delaware to approve auction procedures.
*30 days after auction procedures are approved (probably late October): Deadline for other potential bidders to seek approval to bid against Tom Gaglardi to purchase the Stars.
*30 days after the bid deadline (probably late November): If there are multiple bidders, then an auction will be held to determine the new owner of the Stars.
*After the auction: The court and the NHL will need to give approval, and then it will take a few more days to close the sale.
It's estimated, depending on how things plays out, the Stars should have a new owner in approximately 60 to 75 days.
Here’s a partial list of some of the unsecured claims against the Stars. I picked the largest ones and a few of the more notable ones. There were several more, including a lot of signing bonus money for players still in their entry-level deals.