Bankruptcy Trustee: Kings Investors Denied Right To Match
David Flemmer, a bankruptcy trustee who controls 7% of the NBA Kings, said that the team's "limited partners are being denied their legal right to match a Seattle investment group's purchase offer." This "could present a major legal challenge to the Maloof family" as it attempts to complete the sale. Flemmer said investors have "first right of refusal." He added that the right is "guaranteed in the partnership agreements governing ownership." Flemmer said that he "plans to assert the limited partners' rights at a hearing next Thursday in U.S. Bankruptcy Court" (SACBEE.com, 1/24).
Meanwhile, Chris Hansen's WSA properties recently bought "two more properties next to where he wants to build" the arena in Seattle's Sodo neighborhood. In all, Hansen has paid nearly $55.66M for a little more than six acres (BIZJOURNALS.com, 1/24).