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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).