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ISLANDERS MANAGEMENT COMMITTEE TURNS LOAN INTO EQUITY

     The four-member management committee that has run the
Islanders since 1992 announced that it has bought 10% of the team
from majority owner John Pickett, Jr.  Committee Co-Chair & CEO
Stephen Walsh:  "Our group had previously made a loan to the
team.  In exchange for that, we converted the loan to equity,
which makes the team a lot stronger financially."  While there
has been "confusion" as to who runs the team, the new agreement
calls for the committee "to have operating control of the
franchise for the next decade, beginning immediately"  (N.Y.
TIMES, 11/16).
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