Stars May Soon File For Bankruptcy & Be Auctioned
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DALLAS (1080 KRLD) – Following the same lead as the Texas Rangers in 2010, reports suggest that the Dallas Stars will soon file for bankruptcy and current owner Tom Hicks will sell the team at an auction.
Dallas-based bankruptcy attorney Howard Specter said filing for bankruptcy makes the sale of the team much easier.
“Bankruptcy courts are very familiar with the process of herding all the cats, if you will,” he said, “and by the cats I mean the creditors in the case, so that their agreement to sell the assets and release their interest in the assets is not necessarily required.”
Specter said the move could also generate a higher price for the team. It’s expected that Tom Gaglardi, owner of Vancouver-based Sandman Hotels Inn & Suites, will be the lead bidder for the team.
KRLD’s Austin York Reports