MARINO SEEKS CONTROL OF PENS, SAYS PARTNERS DIDN'T PAY BILLS
Penguins co-Owner Roger Marino is asking for a federal
judge to award him complete control of the bankrupt team
because "his partners haven't paid their bills," according
to Kris Mamula of the Pittsburgh TRIBUNE-REVIEW. Marino
claims in a petition filed last week in U.S. Bankruptcy
Court that co-Owners Howard Baldwin and Morris Belzberg
"failed to put up their share" of $10M that was needed in
December '97, and $5M that was requested in February '98.
Marino says that as a result, he was "forced to boost" his
$7.8M contribution by another $7.2M to keep the franchise
operating. Marino attorney Harry Manion: "They failed to
respond to capital calls on their partnership. All the
money came from Roger. Their interest is wiped out."
Baldwin attorney Michael Tuchin said he would "vigorously
contest" the petition. If Marino is successful, Baldwin and
Belzberg would lose their interest in the franchise,
"muffling their voice in financial reorganization talks, and
prohibiting them from voting on a final plan." A hearing on
the petition is set for April 30 before U.S. Bankruptcy
Court Judge Bernard Markovitz (TRIBUNE-REVIEW, 3/24).
SAY IT AIN'T SO, MARIO? In Pittsburgh, Ann Belser
reported that the business plan Mario Lemieux "used to drum
up investors" for his bid to buy the Penguins "contained a
provision that the team could move if the city didn't build
a new arena in four years." The plan, which was not
provided with the reorganization plan Lemieux submitted to
U.S. Bankruptcy Court last week, showed that Lemieux "called
for" arena financing "to be in place" by October 1, 2001,
and the arena to be finished for the 2003-2004 season "or
the team would move." Lemieux's attorney Doug Campbell said
that Lemieux "would sell the team before he would try to
move it out of the city" (PITTSBURGH POST-GAZETTE, 3/23).
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