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Friday
September 4, 2009
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Lightning's Len Barrie Trying To Buy Out Bear Mountain Investors

Barrie Trying To Buy
Out Resort Investors

Lightning co-Owner Len Barrie is "going to try to buy out the group of almost 20 current and former NHL players who invested in his financially troubled Bear Mountain Resort real-estate project," according to David Shoalts of the GLOBE & MAIL. Sources said that in the "wake of accusations by Bear Mountain's former auditor that Barrie misappropriated funds from the company," Bear Mountain Master Partnership (BMMP) has "decided to try to salvage the millions of dollars invested by going along with a buyout." A source indicated that Barrie has been "trying to line up financing for the buyout," but has "not been successful yet." Barrie's investors had "considered going after as much" as 10% of his 35% share of the Lightning "in exchange for their shares." But NHL rules "prevent franchises from being used as collateral in financial transactions." BMMP has also "discussed hiring a private investigation company to look into claims that Barrie owes Bear Mountain" between C$16-20M, "some of which was used to buy his share of the Lightning last year." Meanwhile, an NHL source said Lightning co-Owner Oren Koules' plan to buy out Barrie is 99% complete. Koules has "not presented his plan" to NHL Commissioner Gary Bettman yet, but has "reached an agreement in principal with Palace Sports and Entertainment to finance the buyout" (GLOBE & MAIL, 9/4).

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