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.
- It’s Pittsburgh Penguins Day at PHT 14
- Captain no more: Sharks strip Thornton of ‘C’ 36
- Tank defense: NHL changes up Draft Lottery format 49
- Fanspeak: Clarke voted greatest Flyer in franchise history 33
- Different tune: Moore hasn’t settled with Bertuzzi, says brother 27
- Rangers win Kevin Hayes sweepstakes 26
- Kovalev compares Subban to Leetch, says he isn’t worth the money 50
- Under pressure: Rick Nash 10
- Wang sells Isles to ex-Caps owner Ledecky 41
- Report: MLSE CEO Leiweke to step down (Update: Leiweke denies move) 6