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DEADLINE PASSES IN ISLES DEAL, GLUCKSTERN'S BID IN JEOPARDY

          The 5:00pm ET deadline for closing the sale of the
     Islanders to Steven Gluckstern "passed yesterday without a
     compromise" between PA-based Spectacor Management Group and
     Gluckstern's group (N.Y. TIMES, 2/25).  In N.Y., Ralph
     Vacchiano reports that Gluckstern's $195M bid "apparently
     has collapsed."  A source: "We are heading for a formal
     expiration of the contract on Friday" (N.Y. DAILY NEWS,
     2/25).  Also in N.Y., Marc Berman reports that the Pickett
     family "has discussed holding on to the team if the deal
     collapses Friday."  An NHL source said the Picketts have
     talked about keeping the team for two more years before
     putting it back on the market (N.Y. POST, 2/25).   

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