James, I am afraid that this article written by your colleague is yet another example of why sports reporters should never, EVER, EVER be allowed to write about business stories.

I have reviewed the AEG complaint. AEG is a secured creditor with respect to certain securities accounts held by Del Biaggio which were alleged to contain a number of securities of various blue-chip public companies. He does not hold a security interest in the shares of the Predators, which are themselves not held by Del Biaggio but rather by a separate non-bankrupt corporate entity. AEG does not hold a security interest in the shares of the holding company, either.

Your colleague’s suggestion that “a California-based bankruptcy expert said Leipold and Anschutz could well make the case that the stake should fall to them” is either brutally dishonest or evidence of a profound lack of understanding. As the bankruptcy law prof he quoted correctly said, “If [Leipold or Anschutz] had a security interest in the loan, then he gets first crack at the ownership stake,”. IF HE HAD A SECURITY INTEREST. They do not, as AEG’s own complaint makes clear.

He is correct that “because Leipold and Anschutz are secured creditors, they are asserting "perfected, secured interests” and claim that “no creditors have interests with priority over AEG’s and Leipold’s.” They are not, however, asserting a security interest over the team, but rather over the acocunts in which they DO have a security interest.

Which is it, James – is Sean Gordon (and his editor) unforgivably dense, or is he simply writing a knowingly deceptive story in such a way as to ensure some lines in today’s G&M?

Gerald’s comment is another example of why lawyers should NEVER EVER be allowed to comment on sports journalism.

You see, Carpenter, a reporter’s job is to seek out facts, opinions, interpretations. And then present them in a logical manner in a story.

A reporter’s job is not to decide what is or what isn’t the inviolate truth.

I’ll give you an analogy: You’re the lawyer. Across the aisle is the opposing lawyer. I’m the judge (or, the reader). You present your case. He presents his. And I decide.

If everything was as black & white as you seem to always think it is, there would be no more need for lawyers.

Wait minute. Now we’re on to something….