At least that is what the headline could read if the Hawks were bankrupt under Title 11, and not just in the standings.
Since it is a slow bankruptcy news day (as many sites are still stuck on the $40 million payday for Delta professionals), I’ll add my thoughts on a local company in the zone of insolvency.
A Massachusetts Judge today ruled that minority owner Steve Belkin, who has been trampled in the press, could buy out the majority owners at cost because the majority owners breached their contract. The judge also held that was dispositive and dismissed the other claims. This ruling comes after Belkin tried to hold up a trade for Joe Johnson, the majority tried to remove him, the court (and the NBA) restrained them removing him, the TRO was lifted, and Belkin allegedly agreed to sell his interest to the majority.
Oh yes, the player traded for Johnson was Boris Diaw, who came up huge for Phoenix in the playoffs and averaged 24 points in the Dallas series, and former Hawk and current Maverick Jason Terry dropped 32 on the Heat in the finals last night.
A change in ownership and complete overhaul didn’t work a couple years ago, but maybe Belkin is the one who will know what he is doing?
Maybe the Hawks can get Diaw and Terry back as fraudlent conveyances?
For anyone interested, Dallas owner Mark Cuban’s frequently updated blog is Blog Maverick.
Now from the NBANHL to the BAPCPA …..