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WILL PHOENIX RISE AGAIN? ABL INVESTOR LOOKS TO RECOUP $6M
Published January 13, 1999
CT-based Phoenix Home Life Mutual Insurance is now "on the hook" to the ABL for a $6M bank loan "it may never recover," according to Kauffman & Wong of the HARTFORD COURANT. Among the ABL's 1,000 creditors, Phoenix "is taking by far the biggest hit" among those who will lose money, since it "guaranteed payment of a loan from Fleet Bank." ABL bankruptcy lawyer Michael Lubic said that the league "plans its own antitrust suit" against the WNBA, "a move that might provide more money for season-ticket holders and others." Lubic said that he could "offer no details" of the ABL's legal plans, nor would he identify the defendant in the case (HARTFORD COURANT, 1/13). CT's Commissioner of Economic & Community Development James Abromaitis wrote a letter Friday to the WNBA urging them to locate a franchise in Hartford by "offering the [CT Gov. John Rowland] administration's assistance" (HARTFORD COURANT, 1/13). ALL-STAR GAME FORMERLY KNOWN AS THE ABL: In San Jose, Sheldon Spencer writes that two ABL fans have announced plans for a "hoopSalute" game featuring Jennifer Azzi and "at least" ten others former ABL players who have "tentatively agreed" to participate. The 1,600-seat De Anza College (CA) gym will host the game on January 24. The event, not endorsed by the ABL, will pay each player a $5,000 appearance fee, and tickets will range in price from $50 to $1,500 (SAN JOSE MERCURY NEWS, 1/13).