Dec 16, 2011, 2:23 PM EDT
According to The Arizona Republic, the City of Glendale could be getting a cool $4.75 million settlement from Jerry Moyes’ bankrupt company, Coyotes Hockey LLC.
No truth to the rumor that Glendale will build a monorail with the windfall.
The proposed settlement still has to be approved by a U.S. Bankruptcy Court judge next month.
Glendale has claimed $590 million in losses stemming from Moyes’ decision to abandon his NHL team’s lease at Jobing.com Arena.
The 30-year lease at the city-owned arena (with the massive penalty for breaking it) was reportedly one of the main factors that led to Moyes’ and Jim Balsillie’s decision (scheme?) to place the franchise into bankruptcy. Often a bankruptcy court will cancel leases, and a canceled lease would’ve opened the door for a move to Canada.
No word yet if Wayne Gretzky will receive any settlement money.
- Lindros, LeClair and Desjardins to be inducted into the Flyers Hall of Fame 0
- It’s back! PHT’s Team of the Day summer series starts tomorrow 2
- Pens sign Spaling — two years, $4.4 million 12
- Agent: Subban hasn’t told me to make him NHL’s highest-paid D 28
- Devils sign Greene to five-year, $25M extension 18
- Subban seeking $8.5 million in arbitration, versus the Habs at $5.25 million 46
- Marchand on Plekanec: ‘I hate him. I can’t stand him’ 59
- Gettin’ paid: Gardiner inks five-year, $20.25M extension with Leafs 15
- Report: Trottier to join Sabres’ coaching staff 21
- Blues sign former eighth overall pick Mueller 31
- Cashing in: Rangers sign Brassard to five-year, $25 million deal (63)
- Marchand on Plekanec: ‘I hate him. I can’t stand him’ (59)
- Subban seeking $8.5 million in arbitration, versus the Habs at $5.25 million (46)
- Trotz plans to let Johansson, Kuznetsov, and Burakovsky compete for time at center (45)
- Richards: If not for the cap, half the league would want to play for Hawks (36)