Creditors in the Penguins bankruptcy case "accused team
co-Owner Roger Marino of improperly claiming the team owes
him" $37M, according to Ann Belser of the PITTSBURGH POST-
GAZETTE. Attorney Joel Walker, who is representing the
team's unsecured creditors, said that Marino, who paid a
"reported" $40M in '97 for half of the franchise, "was
buying a share of the team, not making a loan." Walker said
that for Marino to classify his purchase money as a loan
"improperly gives him higher priority in recovering money in
the bankruptcy proceedings." In bankruptcy cases, owners
are last in line for repayment behind secured and unsecured
creditors. Also yesterday, Penguins creditors asked U.S.
Bankruptcy Judge Bernard Markovitz "to let them investigate"
payments from the team to the owners in the year leading up
to the team's filing for bankruptcy (POST-GAZETTE, 1/21).
NO MORE TALKS: Marino and the Penguins "have dropped
their efforts" to talk with officials in other cities about
relocating the team and now intend to negotiate with SMG
about a new lease for Civic Arena instead of "trying to
force the issue in court" (PITTSBURGH POST-GAZETTE, 1/21).
