Dallas Stars File for Bankruptcy, Rangers are 2nd Largest Unsecured Creditor Thanks to Avery
The Dallas Stars filed for bankruptcy today in the District of Delaware, the fifth professional sports team to file bankruptcy in the last two years (joining the L.A. Dodgers, Chicago Cubs, Texas Rangers, and Phoenix Coyotes). The Devils are probably next, but that’s another story.
The owners are looking to sell the team at auction, and it will definitely be interesting to see how this plays out. If you’re interested, here’s an article I wrote (pdf) about the Cubs and Rangers bankruptcy sales (go to page 10, or click here if you have access to Law360). This type of process sometimes goes smoothly, which is certainly what the owners and the NHL are hoping for, but you never know what will happen when a sports team ends up in bankruptcy court. (The Coyotes case is one example of a very contentious sale process).
Anyway, I was perusing the list of creditors holding the 30 largest unsecured claims (which the debtor is required to file with the bankruptcy petition), and lo and behold at #2 on the list, your New York Rangers.
So, I wonder, which “player picked up on waiver” led to the Stars owing the Rangers $2 million? I believe that would be Sean Avery. Well played, Stars.
About the author: Marc is a Long Island native and a hockey goalie. He has been a Rangers fan for as long as he can remember, although, in the interest of full disclosure, there was a time during the 1993 playoffs when he vaguely remembers cheering for Pierre Turgeon and the Islanders after the Dale Hunter cheap shot. His favorite Ranger of all time is Mike Richter.