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LIGHTNING CREDITOR MAY RESTRUCTURE CONTRACT FOR DAVIDSON
Published May 8, 1998
A day after sales talks with the Lightning "appeared to stall," Pistons Owner William Davidson's group "made some inroads Thursday by receiving 'favorable response' from a major creditor perhaps willing to restructure terms of an existing contract," according to Ira Kaufman of the TAMPA TRIBUNE. Pistons President Tom Wilson would not identify the Lightning creditor or discuss details. Besides SunTrust Bank, "major" Lightning creditors include the NY-based Teachers Insurance and Annuity Association, the NHL, Sunshine Network and New York Life Insurance Co. (TAMPA TRIBUNE, 5/8). Accountants for Davidson spent Wednesday studying the Lightning's finances. Pistons VP/PR Matt Dobek: "That (debt) number changes almost daily, and that's what's scary" (Doug Stanley, TAMPA TRIBUNE, 5/7). Attorney Stephen Wayne, who is representing Lightning parent company Kokusai Green, confirmed that Davidson tendered an offer for the team, rights to the Ice Palace and adjacent land along Garrison Channel (Ira Kaufman, TAMPA TRIBUNE, 5/7).