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History In The Making?

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  • Joe Pelletier
    Here s an article of interest: NHL official threatens to revoke Penguins franchise From Canadian Press Posted: 14:16 ET; April 20, 1999 PITTSBURGH - A
    Message 1 of 7 , Apr 21 12:11 AM
      Here's an article of interest:

      NHL official threatens to
      revoke Penguins' franchise

      From Canadian Press
      Posted: 14:16 ET; April 20, 1999

      PITTSBURGH - A National Hockey League official said
      the
      league could ask the court for permission to revoke
      the Pittsburgh
      Penguins� franchise if a plan to pull the team from
      bankruptcy isn�t
      adopted soon.

      William Daly, senior vice-president of legal affairs
      for the NHL, was
      reacting comments last week that efforts to get the
      team out of
      bankruptcy have stalled. "We can�t be in a position
      of being halfway
      through the summer and not knowing what the Penguins
      are doing," Daly
      said.

      With approval from U.S. Bankruptcy Court, revoking
      the Penguins
      franchise would be an NHL first. The move would
      allow the sale of
      player contracts or the entire team to another city
      under the league
      constitution.

      Daly declined to give a deadline for resolving the
      issue.

      The Penguins filed for bankruptcy protection last
      fall. Former Pittsburgh
      star Mario Lemieux, one of the team�s major
      creditors, has submitted its
      only financial reorganization plan.

      Florida investment banker Charles (Chip) Gesner Jr.
      is developing a
      competing reorganization plan and represents seven
      investors. One of
      those investors reportedly is Nelson Peltz, chief
      executive officer of
      Triarc Cos., which owns Snapple Beverage Corp.,
      3,000 Arby�s
      restaurants and National Propane Partners.
    • Marc Foster
      ... [snip] ... [more snippage] Didn t the league revoke Ralston Purina s ownership of the St. Louis Blues during the Saskatoon affair? Marc --
      Message 2 of 7 , Apr 21 5:31 AM
        Joe Pelletier wrote:

        > Here's an article of interest:

        >NHL official threatens to revoke Penguins' franchise

        >PITTSBURGH - A National Hockey League official said the
        >league could ask the court for permission to revoke the Pittsburgh
        >Penguins� franchise if a plan to pull the team from bankruptcy
        >isn�t adopted soon.

        [snip]

        >With approval from U.S. Bankruptcy Court, revoking the Penguins
        >franchise would be an NHL first. The move would allow the sale of
        >player contracts or the entire team to another city under the league
        >constitution.

        [more snippage]

        Didn't the league revoke Ralston Purina's ownership of the St. Louis
        Blues during the Saskatoon affair?

        Marc

        --
        **************************************************************************
        * Marc Foster mfoster@... *
        * Hockey Research Association http://www.hockeyresearch.com *
        * Hook Echo Storm Chasing http://www.hookecho.com (coming soon) *
        **************************************************************************
      • Dan Lee
        This Pens thing could be bigger than we ve heard. I talked to someone in the front office of an NHL team yesterday, and he seemed to think there was a real
        Message 3 of 7 , Apr 21 12:48 PM
          This Pens thing could be bigger than we've heard. I talked to someone
          in the front office of an NHL team yesterday, and he seemed to think
          there was a real possibility the league could fold the team and hold a
          dispersal draft.

          Two thoughts on a dispersal draft:

          First, imagine a line with Jagr and Lecavalier (once he's developed).
          Fun to watch.

          And second, Florida may finally make up for the Barnes for Wells
          trade...they could end up getting Stu back.
          ===
          Dan Lee
          Ohio News Network
          haltrosky@...
          "What if there were no hypothetical questions?"
          _________________________________________________________
          Do You Yahoo!?
          Get your free @... address at http://mail.yahoo.com
        • Erik Johnson
          ... It s unlikely to happen. The Lemieux Group has already submitted a reorg plan that the NHL is pushing hard. The NHL s threats were made more to push
          Message 4 of 7 , Apr 21 3:15 PM
            Dan Lee wrote:
            >
            > From: Dan Lee <haltrosky@...>
            >
            > This Pens thing could be bigger than we've heard. I talked to someone
            > in the front office of an NHL team yesterday, and he seemed to think
            > there was a real possibility the league could fold the team and hold a
            > dispersal draft.

            It's unlikely to happen. The "Lemieux Group" has already submitted a
            reorg plan that the NHL is pushing hard. The NHL's "threats" were made
            more to push the thing thru, rather than something they are planning on
            doing. Remember, the NHL already threatened to revoke the ownership
            rights from the current owners of the Pens even before they filed for
            bankruptcy, but never followed thru.

            The NHL wants Lemieux back in the NHL......and their threats are mearly
            a way to a) discourage any other groups from filing a reorg plan and b)
            to put more pressure on SMG to renegotiate the Pens arena lease with
            Lemieux. Worse case scenario, Lemieux works with the city/county to
            buyout the lease from SMG.

            > And second, Florida may finally make up for the Barnes for Wells
            > trade...they could end up getting Stu back.

            The Pens already traded Barnes before the trade deadline.

            Erik Johnson
          • Marc Foster
            ... A couple of people have privately asked me to elaborate, so... In 1983 RP CEO (and hockey fan) Hal Dean was replaced by William Stiritz. While Dean felt
            Message 5 of 7 , Apr 21 6:25 PM
              I wrote:

              > Didn't the league revoke Ralston Purina's ownership of the St. Louis
              > Blues during the Saskatoon affair?

              A couple of people have privately asked me to elaborate, so...

              In 1983 RP CEO (and hockey fan) Hal Dean was replaced by William
              Stiritz. While Dean felt the Blues were a worthy civic contribution,
              all Stiritz saw was $3M a year going into the bottomless well. Stiritz
              tried to sell the team, and found Bill Hunter and his (relatively
              penniless) potential ownership group in Saskatoon. When the sale was
              voted down by the league, RP announced it was abandoning the franchise
              and suing the NHL for violating antitrust laws. During the two years
              it took for the case to go to trial, the NHL revoked RP's franchise,
              seizing its hockey assets and selling them, along with a *new* franchise
              to operate in St. Louis, to Harry Ornest for $12M. The $12M was $3M in
              cash and the rest in notes, and was offered to RP to settle the case.
              The case began, but it was clear that RP made no good faith effort to
              keep the team in St. Louis, but was mearly interested in grabbing $13M
              from Hunter's group (which the group probably didn't have). Before being
              called to the stand, Stiritz threw in the towel and took the original
              offer, $3M and the discounted value of the $9M in notes.

              -source, "Power Plays, " by Gil Stein

              Hope this clears things up.

              Marc

              --
              **************************************************************************
              * Marc Foster mfoster@... *
              * Hockey Research Association http://www.hockeyresearch.com *
              * Hook Echo Storm Chasing http://www.hookecho.com (coming soon) *
              **************************************************************************
            • Erik Johnson
              ... According to Brian McFarlane s book History of Hockey , the NHL took control of the team after the Blues didn t attend the 83 draft in the draft and
              Message 6 of 7 , Apr 21 6:26 PM
                Marc Foster wrote:
                >
                >
                > Didn't the league revoke Ralston Purina's ownership of the St. Louis
                > Blues during the Saskatoon affair?

                According to Brian McFarlane's book 'History of Hockey', the NHL took
                control of the team after the Blues didn't attend the '83 draft in the
                draft and Ralston Purina "indicated it would no longer acknowledge the
                Blues' existence".

                Erik Johnson
              • Jeff Chapman
                The chairman of Ralston Purina, (Ray Hann?) was the chief RP hockey guy. When he retired in 1983, RP lost interest in the fact that the Blues were losing $1.7
                Message 7 of 7 , Apr 22 6:27 PM
                  The chairman of Ralston Purina, (Ray Hann?) was the chief RP hockey guy.
                  When he retired in 1983, RP lost interest in the fact that the Blues were losing
                  $1.7 million a year. They tried to sell the team to the Saskatoon group, but the
                  NHL wouldn't allow it. After that, the RP group bolted up the St. Louis Arena and
                  jetted from the NHL. With the ownership and franchise situation in limbo, the
                  Blues did not partake in the 1983 Draft.

                  J



                  Jeff Chapman
                  President
                  Chapman Sports Research
                  jchap@...

                  WATCH FOR ULTIMATE HOCKEY IN BOOKSTORES OCTOBER 1999

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