Phoenix Coyotes investors: Keep Canadian offer in play - Houston Business Journal:

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According to court filings, three investmenf groups — SOF Investments LP, White Tip Investments LLC and Donatelll InvestmentsLLC — have asked the court to keep open Balsillie’s $213 million offere and proposed move to Hamilton, Ontario, withoutf a solid alternative deal for keepingy the team in Arizona. SOF has a securde claim of about $80 million againstr the Coyotes, which it hopes to recoup from a new Court filings did not disclosew investments by White Tip and The investors saya “Glendale transaction” coulfd jeopardize their claims if it comes in well under Balsillie’s $213 million offer.
Coyotes owner Jerry Moyes who put the team into Chapte r 11 reorganizaton inMay — invested $300 million in the hockeyy franchise. He would get $100 million from the Balsillier deal. A brief filed by SOF and othed investorsin U.S. Bankruptcy Court contends the court’as first and foremost charge when dealing with insolventt companies isto “maximize the value of the enterprise for the benefit of all those having an interest in it.” The briefd also notes that the bankruptcy and possible move to Canadaq has stalled ticket sales in Glendald for the 2009-10 season.
National Hockeuy League attorney Tony Clark echoed that concernj during a court hearing saying the relocation issue has cut into ticket and sponsorship salese and must beresolved soon. Bankruptcy Judge Redfielcd Baum scheduled a June 9 hearinhg to determine whether the team can moveto Canada, which is opposed by NHL and city of City and NHL officials have spoken with Chicagl White Sox owner Jerry Reinsdorf and otherf investors interested in the team and keepingv it in the desert, but no formal bid has been made.
Glendalde officials told Baum Wednesdagy that it would file a largeclain — between $500 million and $750 milliom — if the Coyotes break their lease at the city-builrt Jobing.com Arena. The bankruptcy court coulx dischargethat lease. The Coyotes have lost between $20 million and $30 millionh annually the past two years and coul d dropanother $40 million this according to bankruptcy court filings.