Interest in Erie Otters’ fate stays high, in and out of court
The judge wants to make sure the asset sells for as much as possible so that the creditors get paid as much as possible.
That goal is still the overriding factor in the bankruptcy case of the Erie Otters, which started when the
However, based on comments during and after the first hearing in the case, on Friday, whether a buyer keeps the team in
As the current owner, Bassin is selling the team in bankruptcy to meet its debts, including
Bassin will decide which bids for the team he and his broker, the
Agresti would pick the buyer after holding an auction at which other prospective bidders -- including those not preferred by Bassin -- could make offers in open court.
Bassin said he wants to keep the team in
If all of the offers for the Otters "are in the competitive range, my preference is for the team to stay in
'Sigh of relief'
More assurances that the Otters could stay in
He said he had received one formal offer to date, and expected to get three more soon. Of those four interested parties, he said, all but one "have given us the indication they want to keep the team here."
That remark elicited notable interest from Agresti, who specifically asked Caporale whether any of the bidders -- the offers remain confidential -- want to keep the team in
After hearing Caporale's response about three of the four bidders' intentions, Agresti said, looking toward the reporters in the gallery, "at least now, a sigh of relief."
He also stressed the transparency of bankruptcy proceedings, in which the fate of "a private asset" -- the Otters -- becomes a public matter under the U.S. Bankruptcy Code.
"We have a community asset as well," Agresti said of the team. He said the openness in court is important so "the community be made aware of what is going on."
Assets and debts
Whether those remarks point to a judicial preference for keeping the Otters in
However, said the lawyer,
"If it is even or close, it could be considered," said Bolla, who represents a creditor in the case.
The Otters' total debts are about
Bassin filed for bankruptcy to get an automatic stay from the
He got the money from the
Bassin's sale to the
Stay or go?
Another OHL team, the Belleville Bulls, have since relocated to Hamilton, eliminating that city as a potential home for the Otters. And Bassin and Caporale said they believe Erie is the best fit for the team, which is enjoying one of its best seasons in years and is in the second round of the OHL playoffs.
Caporale said he expects even more formal offers for the Otters -- Agresti has set no deadline -- and he predicted many of those bidders also will want to keep the team in
He said the only requirement -- other than ultimate approval from Agresti and the OHL -- is that the new owner assume the Otters' current lease at
"I don't think we are going to have that problem," Caporale said of the Otters leaving Erie. "I really don't."
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