This Morning's Reading Assignment: The Dallas Stars Bankruptcy Court Filings

Categories: Biz, Sports
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A Friend of Unfair Park asks this morning if we've gotten our hands on the Dallas Stars bankruptcy docs, which were filed, as expected, in a Delaware court at the end of the day yesterday. Why, as a matter of fact: On the other side you'll find a Tom Wolfe novel's worth of legalese, including, for starters, the voluntary Chapter 11 petition clearing the way for a sale to Vancouver's Tom Gaglardi, referred to in the filings as Dallas Sports & Entertainment, L.P.; the plan for how the sale will go down, including an auction date of November 21, so mark your calendars; and a 215-page list of creditors to whom Tom Hicks's soon-to-be-former hockey club owes money, including the New York Rangers ($2 million), former coach Marc Crawford ($1,101,654) and a host of players with deferred compensation ... and Mickey Tettleton?

Of course, this story is a familiar one: A Hicks-owned team that's deep in debt (this one, $500 million) sends a press release noting that it's filed a prepackaged bankruptcy with the intention of making it easy to transition to a new owner. In the end the sale of the Texas Rangers took a little longer than expected; here we've got November as the end date, we'll see. In the meantime, why, yes, there is a press release and a quote from Stars President Tony Tavares:
"This is a significant step toward completing the transition in ownership. We are pleased that our lenders have shown substantial support for the plan and the sale process, but the Dallas Stars are focused on one thing: hockey. The players and coaches begin Training Camp on Friday and we are all excited to start the new season."
Update at 9:23 a.m.: A statement from Tom Hicks just arrived in the in-box. It reads, in full:
"I am pleased that this sale agreement has been reached with the lenders' endorsement, which should enable a smooth legal process and the Stars organization to focus completely on the upcoming season. I believe Tom Gaglardi will be an outstanding steward and continue the Stars' history of success on the ice together with Joe Niewendyck and his team who are doing a great job in rebuilding this young and exciting club. Gary Bettman and the NHL have my gratitude for their excellent guidance and professionalism in dealing with this complex situation."
Jump for some light reading. Dallas Stars Bankruptcy FilingDallas Stars Debtor MotionDallas Stars Restructuring PlanDallas Stars Complete List of Creditors

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7 comments
The Derelict
The Derelict

did he annoint himself Chairman Emeritus again?

Chris Danger
Chris Danger

Thank christ Hicks is out of (Dallas) sports..The man was a cancer and needed to excised. Here's hoping the new stars mgmt team understands what it takes to make hockey fans happy in this market..

MushMouth1
MushMouth1

Will no one rid me of this turbulent owner?

Tom L (No, Not That L)
Tom L (No, Not That L)

So why did Hicks fight tooth and nail over the sales of his other two teams but this one he's all "I am pleased"?

PlanoDave
PlanoDave

Thanks for the update, Robert.  This looks like good news.

Texasdave60
Texasdave60

Win with integrity, treat your franchise face with dignity and respect, and o, never mind.  Glad to see him go.

Oak Cliff Townie
Oak Cliff Townie

Hicks isn't out Just Yet he is just not going to pay this set of Debts .If the Rangers are an indication of what he plans to do.This will take months .

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