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MCNALL'S STAKE IN THE KINGS TURNED OVER TO A TRUSTEE
Published September 29, 1994
A dispute over who will control L.A. Kings President Bruce McNall's assets -- including his remaining 28% in the Kings -- "has been resolved, with McNall agreeing to turn over clear control to a court-appointed bankruptcy trustee." The agreement gives trustee R. Todd Neilson "clear authority to sell McNall's interest in the Kings at some point. No sale is planned, and Neilson has agreed to abide by NHL rules requiring league approval if he chooses to sell the stake." The agreement also states Neilson is not waiving his rights to potentially challenge McNall's sale of 72% of the team to Jeffrey Sudikoff and Joseph Cohen. "Sources, however, indicate that such a challenge is unlikely and that Neilson is simply preserving his rights." Attorneys for McNall and the trustee "hailed" the agreement as a positive step (OTTAWA CITIZEN, 9/29).