Belkin Required to Pay Other Owners $25 Million
Just when you thought the Atlanta Spirit court cases had been resolved, it turns out they are not. AJC.com reports that Steve Belkin is required to make an immediate deposit of $2 million and eventually repay $26 to cover his share of operating expenses that piled up while he was suing the other owners.
5 months ago
The Falconer
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On my Google Reader your headline show as:
“Belkin Required to Pay Other Owners $25”
Heeheehee!
by CuckooForKovalchuk on Feb 19, 2010 7:47 PM EST reply actions
Not gonna. :) Still a Kovy fan. Still a Thrashers fan. Not an Atlanta Spirit fan.
by CuckooForKovalchuk on Feb 19, 2010 10:08 PM EST up reply actions
?
Which owner do I want to win? Or do they all just need to go? There seems to be a group within the Spirit that want to contribute to hockey. Which ones are they?
Bruce Levenson cares. Belkin has been said for years to be a Bruins season ticket holder so it would seem that he likes the sport, but maybe not the Thrashers in particular. The other owners, in my opinion, probably think the Thrashers play “ice soccer” for as little as they pay attention.
Basically the case is over. I think Belkin has a theoretical appeal, but it would just be a waste of time and money to persue it. My understanding is that he cannot get what the original court decision gave him (in error according to an appellate court) – a buy out on his own terms. If Belkin wants bought out, all parties must agree on what has to be done to make that happen.
Overall the Atlanta Spirit are not the worst owners in the NHL, but they’re near the bottom. They’re not exactly geniuses with the Hawks either, but they stumbled into a good GM finally and made some good draft picks and trades. The Hawks are 23rd in NBA salaries, so the Spirit are hardly spending all their money on the Hawks either. They just get more bang for the buck with them. However, their best player laughed off their contract offer to keep him, which was barely a raise over what he’s getting now. He will almost certainly leave as a free agent this summer. The Spirit aren’t the worst owners in the NHL in the same way that Jeffrey Dahmer isn’t the worst serial killer of all time, but he was still pretty bad by anyone’s standards. The only positive I can say about the Spirit is that they honestly are better than Time Warner was.
Actually, they are smart for not offering...
Joe Johnson more money than he currently makes. Several months ago, the WSJ did a quick blurb article about basketball players and their productivity declines as they get older. Joe Johnson was an example, showing his decline on their analysis as he got older (he’s 29).
I also believe both of the DC guys are hockey fans, the Gerons(sp) being the true basketball fans.
I’m not sure that I’d chalk up the offer to being a wise decision on their part as opposed to them just being cheap. But I could be wrong.
According to the AJC, Belkin is indeed going to appeal, but he’ll pay the $2 million for now. When I say that he has almost no chance of winning, I am not just talking crap here. I have friends who are attorneys and I’ve been told that there is almost zero chance he can win his appeal. And he only won the first time because the original court basically made up law out of thin air in his favor until an appellate court bitch slapped them and told them they couldn’t do that. Belkin is basically going to have to convince an appellate court that’s already ruled against him to rule for him – not likely.
This is actually very good news for Spirit LLC and the teams. That cash is a huge influx and Belkin is still liable for 30% of any future cash calls.
It would be nice if all parties could come to an agreement as to the value of the 30% once Belkin has paid his oustanding calls so the other groups could start looking for another investor.























