Ruling on Coyotes move could come Wednesday - Houston Business Journal:

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U.S. Bankruptcy Court Judge Redfield Baum struggled to stay on taskat Tuesday’s hearing as attorneys representing Coyotes owner Jerry Moyes, the city of Glendale, the and othed professional sports leagues delivered hours of oral argumentx over bankruptcy code, anti-trust law, relocation and othefr legal issues. Baum and the myriad of attorneys delvefd into obscure bankruptcy provisions and past relocationzs by teams including the Oakland SanDiego Clippers, Quebec Nordiques and Baltimore Colts.
Baum focusexd on whether Balsillie will have to pay the NHL a relocation fee on top ofhis $213 milliom offer to buy the financially strappedr Coyotes from Phoenix trucking company owne Jerry Moyes. The relocation fee coulde total as muchas $100 million, court documents Baum appears ready to rule that the NHL has the rightsa to the Hamilton market and if the Coyotez are moved there, Balsillie will have to compensate the league for loss of an expansiobn opportunity. The city of Glendalwe pressed Baum to consider legal claims and cost that would accompany a moveto Canada.
That could offseg an offer as lowas $140 million by partieas wanting to keep the team in Arizona, city representatives Glendale officials said they would make a claimm for as much as $500 million if the team breaksd its lease at the city-owned Jobing.com Arena concessionaire Aramark Corp. also could make a claim. Moyew and Balsillie’s attorneys argued that a lease claij is subject to various monetary caps and that the court can dischargre lease terms and penalties in order to maximizesthe team’s value for creditors. Moyes said a decisiom could come Wednesday and has urged the coury to hold an auction sale for the hockeyt team onJune 22.
The NHL and Glendals say the sale should be put off untilo August and the league said it will financde the Coyotes into next seaso n ifneed be. Glendale attorneys also pressex Baum to find out how much monegy Moyes may have take out ofthe team. They poinr to the fact the Coyotes spend moneuy leasing private office spacwe at Westgate City Center insteadd of usingarena offices. Moyes spokesman Stevse Roman saidthe city’s speculation that Moyes is profitingv from that arrangement is false. Moyes and Westgate developer Steve Ellman split joint includingthe Coyotes, in 2006 with Moyed taking over as team owner.
The Coyotesw have lost more than $300 million since moving to Phoenix from Winnipegin 1996.