The Stars "filed a prepackaged bankruptcy plan Thursday evening in U.S. bankruptcy court in Delaware, taking the next step in what should finally lead to the sale of the franchise and its assets by the end of the year," according to Kate Hairopoulos of the DALLAS MORNING NEWS. The plan "has the support of the NHL and the Stars' major lenders, the majority of whom approved the plan before it was submitted." Court documents indicated that Vancouver businessman Tom Gaglardi "has submitted a bid to buy the team" for about $267M. The bankruptcy plan "allows for a court-supervised auction of the sale, so Gaglardi's offer is subject to higher bids." The Stars "should present the plan during a hearing Monday in the Wilmington, Del., court, and auction procedures could be set next week with the court's approval of the plan." The Stars have asked for "Nov. 21 as the auction date, with Oct. 22 as the proposed bid deadline." Hairopoulos notes the team is "not in danger of leaving Dallas, as the bankruptcy plan will not consider any bids that consider moving the team from American Airlines Center." Stars Interim President Tony Tavares said, "We've had several people come in and take a look at the franchise in the past. ... We know the stalking horse is acceptable to the league and the lenders and everybody else, and certainly he's a good man. ... Even if Tom doesn't buy the team, it will at least get us somebody that's of similar character." As the "stalking horse bid, the plan allows for Gaglardi to depart with a breakup fee of $4 million, which is about 1.5 percent of Gaglardi's purchase agreement, along with an expense reimbursement not to exceed $500,000 upon the sale to a successful alternative bidder" (DALLAS MORNING NEWS, 9/16). NHL Deputy Commissioner Bill Daly said the filing "represents an extremely positive step toward what we expect will be an orderly transition to new ownership" (ESPNDALLAS.com, 9/15).
