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.
- PHT’s 2015 free agent frenzy tracker 36
- Bruins sign Beleskey for five years, despite some warning signs 20
- Kessel trade shows Leafs are trying to ‘build this thing the right way’ 16
- Green signs with Red Wings — 3 years, $18 million 22
- ‘It’s hard to find players like Phil Kessel’ 33
- Kassian traded to Habs for Prust; Hodgson signs with Preds 14
- Blockbuster: Kessel traded to the Penguins 126
- Oilers get Sekera for six years, closing in on Letestu 7
- Avalanche sign veteran d-man Beauchemin for three years 6
- Neely was ‘surprised’ that Hamilton didn’t want to sign with Bruins 15
- Blockbuster: Kessel traded to the Penguins (126)
- Trade: Flyers send Rinaldo to Bruins for 2017 third-rounder (105)
- Trade: Jackets land Saad, Anisimov and Dano headed to Chicago (93)
- Bypassing a buyout? Kings terminate Richards’ contract for ‘material breach’ (90)
- Trade: Flames land Dougie Hamilton for package of picks (75)