Would-Be Dallas Stars Buyer Strikes Deal With Hedge Fund

Sep 7 2011 | 10:56am ET

In his bid to buy the last piece of private equity honcho Tom Hicks' sports empire, Canadian businessman Tom Gagliardi has learned the lessons of his predecessors: Don't mess with the hedge funds.

Gagliardi, who on Friday submitted a bid for the National Hockey League's Dallas Stars, made sure to make peace with Monarch Alternative Capital, the hedge fund that wreaked such havoc on the sale of baseball's Texas Rangers. Gagliardi struck a deal with Monarch, which has since taken control of what's left of the Hicks Sports Group, during the spring, the Dallas Morning News reports.

Monarch will now submit a prepackaged bankruptcy plan by Sept. 14. Gagliardi, who tried to buy the Vancouver Canucks in 2004, must still reach an agreement with a second group of Hicks lenders.

Hicks was forced to sell his sports teams after HSG defaulted on $525 million in debt in 2009.

Gagliardi could still be beaten to the Stars if another bidder is willing to offer at least $10 million more. The amount of Gagliardi's bid is unclear.


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.