From today's Hamilton Spectator;



Now the question is what does the NHL do? You have got a basket case franchise

left in Phoenix that is bleeding red ink and costing all other teams a ton of

money. Who is going to operate this team now and pay off the creditors? Bettman

won the battle - now what does he does with the spoils of victory?



Craig





http://www.thespec.com/News/Local/article/583908













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Yes, Bettman won the battle, but the creditors, I suspect, lost the

war. I feel sorry for the Coyotes' unsecured creditors such as the

advertising and marketing folks because they will get nothing. The

secured creditors will end up with cents on the dollars. I feel little

sympathy for the residents of Glendale who built and subsidize the

arena.



The franchise will end up a ward of the NHL for at least a season,

akin to the Expos last season in Montreal.



How does Bettman survive this mess?



To use a metaphor from a different sport, in reading the opinion, the

judge effectively punted the issue. The relocation portion of the

contract could represent the straw that broke the camel's back. If

Moyes had followed a more conventional bankruptcy filing, then

Balsillie would have owned the franchise following a bankruptcy

auction. The issues involved in this bankruptcy were more complicated

than the judge could bear.



On Jun 16, 2009, at 5:02 AM, Craig wrote:



> From today's Hamilton Spectator;

>

> Now the question is what does the NHL do? You have got a basket case

> franchise left in Phoenix that is bleeding red ink and costing all

> other teams a ton of money. Who is going to operate this team now

> and pay off the creditors? Bettman won the battle - now what does he

> does with the spoils of victory?

>

> Craig







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More to the point putting him under the gun for time killed this one.







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