from Amazon
Thursday, September 03, 2009
The fallacy of “integrity and character”
Judge Baum is being asked by the NHL to respect their bylaws in being able to vote on a prospective owner. They said that Balsillie failed the “integrity and character” clause.
There are two reasons why Judge Baum, as a bankruptcy judge, needs to reject this:
1. If this clause was so critical, why is it only applied on the incoming owners? Why, for example, are owners not required to meet this test periodically, and if they fail, they can get expelled from the group? The NHL, as like other leagues, sometimes have owners able to schmooze their way in, when the reality is that they are anything but honorable when their true colors are shown.
2. If Balsillie had bid 1 billion dollars to own 49% of the team, and keep the Coyotes in Phoenix (as minority owner, he’d be limited to what he can do), while the next best bid was for 100 million dollars, would the character clause apply? Basically, the league is saying that the character clause is not a minimum requirement, but rather that it has a price attached to it. As I’ve noted in the past, we are all prostitutes, and we simply are negotiating a price.
Recent comments
Older comments
Page 1 of 344 pages 1 2 3 > Last »Complete Archive – By Category
Complete Archive – By Date