Our own Erie Otters filed for bankruptcy this month- not because they lack cash or assets to cover their debts, but to prevent the forced sale of the hockey team to the NHL's Edmonton Oilers and its owner, Daryl Katz.
The Oilers have attempted to force a sale of the team to recover a $4.6 million debt owed to them. However, Sherry Bassin, owner of the otters, believes this to be "unlawful," and has filed for Chapter 11 bankruptcy to stop the forced private sale of the team.
The Otters have been, and remain, for sale. The blocking of the sale to the Oilers allow interested bidders, most who have given indication that they would like to keep the hockey team in Erie, to pursue purchasing the team. There are currently about four interested parties. Now that the Oilers can not force a private sale of the team, Bassini is more likely to be able to help choose the buyer.
Should Otters fans be worried about the possibility of the team leaving Erie? The team is enjoying one of its best seasons in years, currently preparing for the playoffs, and setting records for fan attendance. There seems to be substantial interest from most all parties to keep the team in Erie. However, there are various parties that must approve the buyer once Bassin chooses one, so we will have to wait and see if the Erie Otters will remain the "Erie" Otters.
Rebeka Seelinger of Seelinger Law can help you experience debt relief. If you are in trouble with debt collectors or feel bankruptcy may be for you, contact her today for your free consultation to discuss your options and see how she can help.
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