Friday, June 13, 2008
Nashville officials give Predators more time in Del Biaggio case
NASHVILLE, Tenn. -- The Metro Nashville Sports Authority will give the Nashville Predators' owners group time to deal with the bankruptcy filings of a minority partner before taking any action against the team.
The FBI is investigating allegations that William "Boots" Del Biaggio III obtained millions of dollars in loans by fraud. Del Biaggio filed for Chapter 11 bankruptcy last week in California.
Attorney Larry Thrailkill told authority members Friday that Del Biaggio was in default of the city's lease with the Predators, but he advised them to give the owners time to try to fix the situation.
David Freeman, a lead partner in the ownership group, said the team has been served a subpoena seeking information on Del Biaggio's financial dealings.
He told the authority the Predators' owners will cooperate fully with the FBI and said Del Biaggio's financial troubles were as much of a surprise to them as they were to local government officials.