Canadian hotelier and restaurateur Tom Gaglardi and his company, Northland Properties Corporation of Vancouver, BC, completed the acquisition of the Dallas Stars NHL franchise and related assets, including a 50 per cent ownership stake in the American Airlines Center in Dallas.
The transaction involved a prepackage bankruptcy plan filed in the U.S. Bankruptcy Court of the District of Delaware in which an auction of the team and its assets would be conducted with Gaglardi's bid serving as the stalking horse bid. No other groups were able to submit a qualifying bid prior to the court-mandated deadline for bidding, which led to Gaglardi's bid being the winning bid and foregoing the auction process. Gaglardi's bid called for an aggregate purchase price of approximately US$265 million dollars, which consisted of cash, assumed debt and take-back notes in favour of certain of the team's secured creditors.
Northland Properties Corp.'s in-house counsel acting on the deal were Bernie Malach (General Counsel) and Rob Toor (Corporate Counsel) in Vancouver. Baker & McKenzie LLP represented Canadian hotelier and restaurateur Tom Gaglardi and Northland Properties Inc., with a team led by Jim Rossiter and including David Parham and Elliot Schuler (bankruptcy, Dallas); Kevin Maher and Brook Mestre (M&A, Dallas); Ata Dinlenc and Olumide Owoo (banking & finance, New York); Christopher Besant (corporate & finance, Toronto); Dick Lipton (tax, Chicago) and Jeff Slade (tax, Dallas). Baker & McKenzie also negotiated and closed the Credit Agreement for the take-back notes.
Also involved in the transaction representing the sellers were Glenn West (M&A) and Martin Sosland (bankruptcy) of Weil, Gotshal & Manges LLP in Dallas.
Representing the administrative agent were David Teh (finance) and Mitch Seider (bankruptcy) of Latham & Watkins LLP in New York and representing Monarch Alternative Capital were Andrew Leblanc and Dennis Dunne of Milbank, Tweed, Hadley & McCloy LLP.
Representing the NHL was a Skadden, Arps, Slate, Meagher & Flom LLP team led by Thomas Gowan in New York.
Representing the lenders for the American Airlines Center was a Greenberg Traurig, LLP team led by Nathan Limpert in New York.
The transaction involved a prepackage bankruptcy plan filed in the U.S. Bankruptcy Court of the District of Delaware in which an auction of the team and its assets would be conducted with Gaglardi's bid serving as the stalking horse bid. No other groups were able to submit a qualifying bid prior to the court-mandated deadline for bidding, which led to Gaglardi's bid being the winning bid and foregoing the auction process. Gaglardi's bid called for an aggregate purchase price of approximately US$265 million dollars, which consisted of cash, assumed debt and take-back notes in favour of certain of the team's secured creditors.
Northland Properties Corp.'s in-house counsel acting on the deal were Bernie Malach (General Counsel) and Rob Toor (Corporate Counsel) in Vancouver. Baker & McKenzie LLP represented Canadian hotelier and restaurateur Tom Gaglardi and Northland Properties Inc., with a team led by Jim Rossiter and including David Parham and Elliot Schuler (bankruptcy, Dallas); Kevin Maher and Brook Mestre (M&A, Dallas); Ata Dinlenc and Olumide Owoo (banking & finance, New York); Christopher Besant (corporate & finance, Toronto); Dick Lipton (tax, Chicago) and Jeff Slade (tax, Dallas). Baker & McKenzie also negotiated and closed the Credit Agreement for the take-back notes.
Also involved in the transaction representing the sellers were Glenn West (M&A) and Martin Sosland (bankruptcy) of Weil, Gotshal & Manges LLP in Dallas.
Representing the administrative agent were David Teh (finance) and Mitch Seider (bankruptcy) of Latham & Watkins LLP in New York and representing Monarch Alternative Capital were Andrew Leblanc and Dennis Dunne of Milbank, Tweed, Hadley & McCloy LLP.
Representing the NHL was a Skadden, Arps, Slate, Meagher & Flom LLP team led by Thomas Gowan in New York.
Representing the lenders for the American Airlines Center was a Greenberg Traurig, LLP team led by Nathan Limpert in New York.
Lawyer(s)
Robert Gaglardi
Jim Rossiter
Christopher W. Besant
Bernie J. Malach
Firm(s)
Baker & McKenzie LLP
Weil, Gotshal & Manges LLP
Latham & Watkins LLP
Milbank, Tweed, Hadley & McCloy LLP
Skadden, Arps, Slate, Meagher & Flom LLP
Greenberg Traurig LLP