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Wednesday, January 15, 2003
It turned out to be Sabres' lucky day
Credit approved; they don't owe Canucks $442,199
By AP
BUFFALO, New York -- A day after the Buffalo Sabres filed for bankruptcy, a judge approved a $10-million US line of credit yesterday that the team can use for operating expenses.
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, a lawyer for Erie County.
In court papers, the Sabres list more than 1,000 creditors. The fourth-biggest creditor, the Vancouver Canucks, said yesterday the Sabres do not owe them the $442,199 listed for an unspecified contract.
After looking into the situation Monday, Canucks president and GM Brian Burke said it likely related to a back payment Buffalo owed Alexander Mogilny after a 1995 trade sent him to Vancouver for Michael Peca, Mike Wilson and a first-round draft pick in 1995 (Jay McKee).
"I've reviewed the trade memo and it's clear to me that it's not money owed to us and so all I can say, all I conclude, is it's a mistake," Burke said.
"We expect the league to rectify this."
It turned out to be Sabres' lucky day
Credit approved; they don't owe Canucks $442,199
By AP
BUFFALO, New York -- A day after the Buffalo Sabres filed for bankruptcy, a judge approved a $10-million US line of credit yesterday that the team can use for operating expenses.
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, a lawyer for Erie County.
In court papers, the Sabres list more than 1,000 creditors. The fourth-biggest creditor, the Vancouver Canucks, said yesterday the Sabres do not owe them the $442,199 listed for an unspecified contract.
After looking into the situation Monday, Canucks president and GM Brian Burke said it likely related to a back payment Buffalo owed Alexander Mogilny after a 1995 trade sent him to Vancouver for Michael Peca, Mike Wilson and a first-round draft pick in 1995 (Jay McKee).
"I've reviewed the trade memo and it's clear to me that it's not money owed to us and so all I can say, all I conclude, is it's a mistake," Burke said.
"We expect the league to rectify this."
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