Maloofs have relinquished some documents related to
#NBAKings to ltd partners’ bankruptcy trustee, attorney says.
As you know, a seven percent stake of the franchise is currently held up in bankruptcy court and thanks to some hard detective work from people like R.E. Graswich (first reported idea), James Ham and Aaron Bruski (confirmed report) – it’s been uncovered that the limited partners do indeed have first right of refusal, simply meaning they have the right to match any potential sale assuming the funds lineup. Then of course there is the stake of the franchise just waiting to be picked up in court:
Attorney in ltd partners bankruptcy says some documents re
#NBAKings Seattle deal will be available to bidders on Cook’s 7% share.
Along with that, it’s being reported that potential Sacramento investors will be able to see the Seattle deal prior to making their own offer (assuming they do), but will need to sign a confidentiality agreement, obviously:
#Burkle & #Mastrov might bid for Cook #nbakings share. Meaning they could see #Seattle deal before crafting counter offer.
Potential buyers of Cook
#nbakings share will have to sign confidentiality agreement. So #Seattle deal to stay under wraps.
What’s to come of this is a pretty difficult prediction – but needless to say, the situation continues to grow more messy and murky by the day.