Recently, the Phoenix Coyotes attempted to sell their franchise to Canadian billionaire Jim Balsillie for $212 million - the only bid on the table. Late yesterday the bankruptcy judge gave his answer.
Judge Redfield T. Baum issued a 21-page ruling late Monday afternoon, concluding the June 29 deadline imposed by Balsillie did not allow enough time to resolve the complex case. 'Simply put, the court does not think there is sufficient time (14 days) for all of these issues to be fairly presented to the court given that deadline,'' the judge wrote.
Baum ruled that there are too many issues to resolve, including whether or not the Coyotes can be moved despite an anti-relocation clause in the team's contract with the city of Glendale, Ariz. If the team can be moved, there are questions about relocation fees, among other concerns.
Compare this to GM or Chrysler where contracts are a secondary concern at best and complex, global operations can be sold within a month. I am glad to see there is a consistency to bankruptcy law.