We were drawn to the Phoenix Coyotes bankruptcy case initially because, as a sports junkie, we wanted to see whether owners could use bankruptcy court as a way to relocate a franchise without the required approval of league owners. (Answer: Apparently not.)
But we’re drawn back to it again because of what it might tell us about the way history will judge the super-fast Chrysler and General Motors bankruptcies–both in terms of legality and the importance of their precedent for future cases. Lawyers from Skadden, Arps, Slate, Meagher & Flom–representing the National Hockey League in the Coyotes matter–brought in the Chrysler and GM precedents to support the league’s plan to purchase the Coyotes, a plan that would pay all creditors in full except for the team’s current owner and its former coach, Wayne Gretzky. The Skadden team, led by bankruptcy partner Gregory Milmoe, argued that Chrysler and GM stood, in part, for the idea that buyers of assets in bankruptcy can pick and choose which liabilities they take and which they leave behind in bankruptcy court.
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