The Sacramento Bee reports on a possible snag in the deal between the Maloof Family and the Hansen-Ballmer group. A Bankruptcy Attorney overseeing Robert Cook's 7% share claims that a first right of refusal exists in the partnership agreement.
Another twist in this never-ending rollercoaster.
The Sacramento Bee's Dale Kasler reports today that a "First Right of Refusal" exists in the Partnership Agreement governing ownership of the franchise that gives the limited partners the ability to match any offer for the Kings. This was revealed by Bankruptcy attorney David Flemmer, who is overseeing the 7% of shares that were owned by Kings minority owner Robert Cook until he filed for bankruptcy.
Flemmer plans to assert the minority owners' rights at hearing next Thursday in Sacramento.
"Bankruptcy is a tool; this tool can be effective," Flemmer said. "We are very, very, very concerned that there's a deal being cut that's going to (ignore) that right."
Kings Minority Partners Have "First Right of Refusal" for Sale of Team
Sactown Royalty | Jan 24