Marlins Mourn Fernandez In Return To Diamond 76ers, StubHub Debut New Ticketing Platform Yormark Won't Discuss Possible Isles Move Clippers Reinforce Basketball Operations Staff Guber, Leonsis Buy E-Sports' Team Liquid Oilers Unveil Hunter The Lynx As New Team Mascot Flyers See Increase In Season-Tix Sales Franchise Notes Marlins Fans, Baseball World Mourns Fernandez Protests Take Place Outside Panthers Game
KINGS EXPLAIN THEIR FINANCIAL POSITION
Published September 26, 1995
The L.A. Kings have sent a letter to suppliers informing them that with the team's sale comes a "conconcurrent voluntary filing of a Chapter 11 petition." The letter calls the filing "strategic" and says it is in order to "protect the franchise and its new owners from possible legal entanglements resulting from Bruce McNall's ownership of the team." The letter, signed by CFO Michael Handelman, says the team anticipates "no impact on the team's day-to-day operations," but due to legal restrictions they will be prohibited "from paying anyone, including suppliers, for past due amounts" (THE DAILY).