[外電] As the Spirit turns: Reviewing the d …
As the Spirit turns: Reviewing the drama
By TIM TUCKER
The Atlanta Journal-Constitution
Published on: 06/18/06
The longest-running soap opera in Atlanta sports history
continues. Here, in case you've missed an episode or two of the
Hawks' and Thrashers' ownership feud, is a rerun.
July 30, 2005
It's a Saturday, 1:45 p.m., when the chaos begins. Part-owner
Steve Belkin sends an e-mail to his co-owners, informing them he
has instructed Hawks general manager Billy Knight not to include
the team's 2006 first-round draft pick in a trade for guard Joe
Johnson. That sets off a testy volley of e-mails among the
owners, all except Belkin backing the deal, culminating in a
conference call on which Knight asks that his "intention not to
speak to Steve under any circumstances going forward" be duly
noted.
Aug. 1, 2005
Belkin makes it clear he'll use his authority as the Hawks' NBA
governor to block the trade, informing the league that "any
representative of the Atlanta Hawks attempting to make such a
trade" is unauthorized to do so.
Aug. 4, 2005
After part-owner Bruce Levenson calls for an ownership vote to
remove Belkin as governor, Belkin gets a temporary restraining
order from a Boston court, blocking his removal.
Aug. 7, 2005
Knight lashes out at Belkin, saying the owner's opposition to the
trade on the basis of draft picks is "a ploy" to hold the payroll
to "a bare minimum." Knight adds: "He's not someone I can trust."
Aug. 9, 2005
Before a court hearing in Boston, Belkin extends his hand to
Knight. The GM refuses to shake it. The judge issues a
preliminary injunction blocking Belkin's removal as governor.
Aug. 11, 2005
NBA commissioner David Stern submits an affidavit to the Boston
court, siding with the owners who want to oust Belkin.
Aug. 12, 2005
The court dissolves the injunction, freeing the Hawks to remove
Belkin as governor with five business days' notice.
Aug. 16, 2005
Negotiations heat up about a buyout of Belkin's 30 percent stake
by the other owners for a price to be determined by a series of
appraisals. Lawyers exchange drafts of deals, finally agreeing on
one in which Belkin would choose the first appraiser, either side
objecting to the results of the first appraisal would choose the
second appraiser and the NBA would draw the name of a third
appraiser from a hat if either side objected to the results of
the second appraisal. After three appraisals, the final price
would be the one that is neither highest nor lowest. In all the
back-and-forth, there is no discussion of who would pick the
second appraiser if both sides object to the first — an omission
that would lead to much trouble.
Aug. 17, 2005
Part-owners Levenson, Ed Peskowitz and Michael Gearon Jr. reject
a request by Belkin that they provide a $100 million letter of
credit during the buyout process to secure the purchase. They
make a counter-proposal: a clause in the contract stipulating
that if they don't fulfill their obligation to purchase Belkin's
stake, he would have the right to buy them out at cost. It is a
clause that, 10 months later, looms large.
Aug. 19, 2005
The buyout agreement is signed and announced. Belkin resigns as
governor. Hawks-Thrashers employees give the other owners a
standing ovation. The Johnson trade is completed. The chaos
seems over. It is not.
Nov. 23, 2005
The first appraiser retained by Belkin, CitiGroup Private Bank,
submits its report, putting the value of Belkin's stake at about
$88 million. One minute after receiving the 70-page report,
Belkin files an objection and claims the right to choose the
second appraiser. Ten minutes later, the other owners also file
an objection and claim the right to choose the second appraiser.
By day's end, Belkin files a breach-of-contract lawsuit in
Montgomery County (Md.) Circuit Court, contending the appraisal
was "grossly undervalued" because of interference by the other
owners.
Dec. 14, 2005
The other owners say in a court filing that the appraisal was
"breathtakingly generous" by a firm "handpicked" by Belkin and
that Belkin "now seeks to ... hijack the appraisal process."
Dec. 17, 2005
The second appraiser retained by Belkin, J.P. Morgan Securities,
submits its report, putting the value of his stake at about $140
million. The other owners contend the J.P. Morgan appraisal is
invalid and later say it would represent an "absurd" 1,100
percent return on Belkin's investment.
Dec. 27, 2005
Gearon asks the NBA not to participate in the selection of a
third appraiser pending the outcome of the court case.
Feb. 24, 2006
After a day-long hearing, the Maryland court rules that Belkin
had the right to choose the second appraiser because he objected
fastest to the first appraisal.
March 3, 2006
The other owners offer, in light of the Feb. 24 ruling, to engage
a third appraiser.
March 9, 2006
Belkin responds to the March 3 offer by saying, in essence, it's
too late.
March 27, 2006
Belkin asks the court to rule that he is entitled to buy out the
other owners at cost because they breached the agreement to buy
him out by missing various deadlines to engage a third appraiser
and to pay the amount of the second appraisal.
April 21, 2006
The court rules that "while Belkin may very well succeed in
obtaining the very relief" he seeks, he hasn't made the case yet.
May 19, 2006
Levenson says in an affidavit that the ownership battle is
causing significant financial and morale problems for the
franchises. He says the uncertainty makes it difficult to
obtain "adequate" financing or to bring in additional investors,
"subjecting us to extraordinary financial pressures."
June 2, 2006
Back in court, Belkin again asks that he be allowed to buy out
the other owners. Judge Eric Johnson says "the remedy could fall
short" of that, but delays a ruling.
June 9, 2006
The judge rules that Belkin is, indeed, entitled to buy out
the other owners at cost and take over the franchises. The other
owners vow to appeal.
June 10, 2006
"I am very thrilled and happy with the prospects of owning and
controlling the Hawks and Thrashers," Belkin says in an interview.
"I absolutely want to own the teams."
Next
The deadline for filing notice of appeal is July 13. A key
question is whether the judge, as a condition of staying his
ruling during the appeals process, would require the other owners
to post a bond to protect Belkin against loss of value of the
franchises — and, if so, how large a bond.
資料來源
http://www.ajc.com/hawks/content/sports/hawks/stories/0618sptbiz.html
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