Friday, January 21, 2011

ATL Spirit Have Been Trying to Unload the Thrashers For Years, Sue Law Firm to Prove It

For some time now the Chronicle has been pointing out that the Atlanta Spirit have desperately been trying to sell the Atlanta Thrashers. The signs all along have been fairly obvious.

Now the owners have simply confirmed our suspicions by, um, suing a law firm for writing a "flawed" contract that they say has prevented them from selling the team for, oh, six years.

As today's AJC reports:

A lawsuit filed by the owners of the Atlanta Thrashers claims a "flawed" contract written by an esteemed Atlanta law firm has prevented the sale of the NHL franchise for six years.

Meanwhile the hockey team has lost more than $130 million in operating costs since 2005 – the year Boston-based partner Steve Belkin agreed to sell his 30 percent stake – and the franchise value has dropped by more than $50 million, according to a lawsuit filed Friday in Fulton County Superior Court.

None of this would have happened had the Thrashers been sold just after the 2004-05 NHL lockout was over, but the now seven-man ownership group, known as the Atlanta Spirit, says a “fatally flawed” and “botched” contract written by high-profile Atlanta law firm King & Spalding prevented that from happening.

HAHAHAHA, oh how we knew it. DO NOT try to bullshit the Blueland Chronicle, people. It might work on the gullible blogs of Planet Earth, but not your TBC.

1 comment:

Razor Catch Prey said...

From a legal standpoint, this is a fairly interesting development. If what the article says is true, it doesn't look very good for K&S. Wonder if they'll dump their high dollar bomb shelter under the club section of Philips Arena over this?

It does sound like the firm screwed up rather royally in drafting that contract. It's also very sketchy if not a full blown conflict of interest to have an attorney working for the firm who is also on the board of the firm's professional malpractice insurance carrier.