Archives for January 14, 2003

'The judge approved the request despite an objection from Adelphia's Official Committee of Equity Security Holders, which said it was given inadequate notice about the arrangement.' … [Read more...] about Judge OKs Condition for Buffalo Sabres Funding

'U.S. Bankruptcy Judge Robert Gerber agreed to a request by the cable company to subordinate $174 million in claims against the National Hockey League team and move Adelphia behind Cerberus Capital Management LP in the creditor line. Cerberus has agreed to lend the Sabres about $23 million to cover the team's debts.' … [Read more...] about Adelphia Bankruptcy Judge Clears Cash Hurdle for NHL's Sabres

'Judge Michael J. Kaplan approved the credit, which acts as a revolving line, meaning the Sabres will have revenue coming in and money to expend, said Dan Brown, an attorney for Erie County.' … [Read more...] about Sabres receive $10 million line of credits

'On the day the Buffalo Sabres became the second NHL franchise in a week to declare bankruptcy, the league signed a $1 million sponsorship deal with the Kellogg Company.' … [Read more...] about NHL bankruptcies don't stop sponsors

'The scary thing is, it could get worse.' … [Read more...] about So filing for bankruptcy is good news?

In light of Monday's Chapter 11 filing and the possibility that Mark Hamister's bid for ownership will be withdrawn due to New York State's refusal to grant up to $30 million in funding for HSBC Arena improvements, the distinct possibility exists that the Sabres may not remain in Buffalo next year. One of the cities mentioned, as a future home of the Sabres, is … [Read more...] about Sabres' future as cloudy as a Seattle winter day

'The Sabres' next two road games - Thursday against the San Jose Sharks and Saturday against the Phoenix Coyotes - will not be shown on local television.' … [Read more...] about Rash of happiness breaks out on team

'C Chris Gratton has one goal in his last 24 games.' … [Read more...] about Sabres vs. Wild

'"The Sabres signed a non-relocation agreement in 1995, and if the Sabres tried to breach that, the county would file a claim for all the damages flowing from that move," Savino said. "We would become a creditor in the Bankruptcy Court case, and our claim would be sizable."' … [Read more...] about Sabres talks still on track

'And there's a chance they might not receive a cent of what's coming to them.' … [Read more...] about Three Sabres waiting for deferred payments

'The financial asset isn't the only thing that needs to be cleansed. The whole organization could use a good cleansing. You could start with Regier and move on to the hockey department, which hasn't drafted a 20-goal scorer in the first round since Pierre Turgeon. Then he could move on to Lindy Ruff and the marketing department.' … [Read more...] about Money is not only shortage facing Sabres

'"The reason for filing now instead of waiting was cash flow," Andrewes said. "Essentially, the plan was to wait and declare bankruptcy as part of the whole ownership transaction. They just had to do it earlier than anticipated."' … [Read more...] about Business as usual at local Sabres office

'An unpretentious, blue-collar town without enough head offices to support an NHL team's No. 1 requirement -- corporate subsidization to make up for regular people being unable to afford the tickets -- Buffalo is Winnipeg, only with a New York zip code.' … [Read more...] about Bettman tosses gauntlet at feet of Goodenow

'"Hamister is our first choice, obviously, and frankly, based on the amount of work and effort that has gone into them trying to consummate this purchase, I doubt that it is realistic to presume that someone else will come riding in to do this," he said. "My own belief is that, for this club to be successful, Hamister and Berman are going to need to close … [Read more...] about Sabres follow Senators' lead

'The Sabres have ignored their financial and ownership mess and are playing some of their best hockey of the season. They are 4-1 in their past five, including a 3-2 victory over Montreal on Saturday.' … [Read more...] about Wild Game Day vs. Buffalo