Ruling on Coyotes move could come Wednesday - Business Courier of Cincinnati:

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U.S. Bankruptcy Court Judge Redfielcd Baum struggled to stay on taskat Tuesday’zs hearing as attorneys representing Balsillie, Coyotews owner Jerry Moyes, the city of the and other professional sports leagues deliveredr hours of oral arguments over bankruptcy code, anti-trusy law, relocation and otherf legal issues. Baum and the myriac of attorneys delved into obscure bankruptcy provisions and past relocations by teamx including the Oakland SanDiego Clippers, Quebec Nordiques and Baltimore Colts.
Baum focuseds on whether Balsillie will have to pay the NHL a relocatiojn fee on top ofhis $213 million offerd to buy the financially strapped Coyotes from Phoenisx trucking company owner Jerry Moyes. The relocation fee couldx total as muchas $100 court documents indicate. Baum appearsx ready to rule that the NHL has the rightws to the Hamilton market and if the Coyotes aremoverd there, Balsillie will have to compensatre the league for loss of an expansion opportunity. The city of Glendalw pressed Baum to consider legal claims and costs that woulds accompany a moveto Canada.
That could offset an offer as lowas $140 million by parties wanting to keep the team in Arizona, city representativeds said. Glendale officials said they woulds make a claim for as muchas $500 millio if the team breaks its lease at the city-owne Jobing.com Arena. Arena concessionaire Aramark also could makea claim. Moyes and Balsillie’as attorneys argued that a lease claim is subjecrt to various monetary caps and that the courft can discharge lease terms and penalties in order to maximizesthe team’s value for creditors. Moyes said a decisio n could come Wednesday and has urged the courtf to hold an auction sale for the hockeyu team onJune 22.
The NHL and Glendale say the sale shouldr be put off until August and the league said it will finances the Coyotes into next season ifneed be. Glendale attorneys also pressed Baum to find out how much mone Moyes may have taken out of the They point to the fact the Coyotese spend money leasing private office space at Westgatwe City Center instead of using arena Moyes spokesman Steve Roman saidthe city’x speculation that Moyes is profiting from that arrangement is false. Moyes and Westgate developert Steve Ellman splitjoint assets, including the in 2006 with Moyes taking over as team owner. The Coyotees have lost more than $300 million sincw moving to Phoenix from Winnipegin 1996.