Vancouver businessman Tom Gaglardi "has emerged as the leading candidate to buy the Stars," according to sources cited by Mike Heika of the DALLAS MORNING NEWS. Gaglardi "has been interested in the team for more than a year," and the "push by Gaglardi could mean that the sale of the Stars is picking up steam." A source said that the Stars "lost $15 million this season" and that the club missing the playoffs "has motivated the lenders to move the team." The Stars and the lenders, who are currently running the team, "hope to have a sale in principle by July 1." There are "other groups also interested in the Stars, including two local groups," but sources said that Gaglardi "has done the most to appease the lenders and his bid could be the first solicited by lenders to prevent low-ball offers in a bankruptcy case." The MLB Rangers "were sold in a similar fashion," but a source said that "every case is different and that while it would be intelligent to draw some history from the Rangers case, that a previous case is not a blueprint for how the Stars' sale might take place." However, a different source said that a buyer "would almost have to go through bankruptcy to ensure separation from all of the lenders" (DALLAS MORNING NEWS, 4/20). Heika notes Gaglardi "could become the stalking horse in what could eventually become an organized bankruptcy case that would allow the exchange of the ownership from a group of lenders led by Monarch Investments." A bankruptcy case "would allow other buyers to outbid Gaglardi, but they would have to do so by a stated amount, and Gaglardi would receive compensation if he does not get the team" (DALLAS MORNING NEWS, 4/20).
