I couldn't add much to everything that has been written about the hearings and eventual auction that is going on today in Federal Court. I am sure that many of you are following the tweets from brahmresnick, TheYotesDiva, HKYFN, cbctom, kmcgran and others.
The biggest news this morning came from Judge Tom, who raised the possibility that he may not accept any of the bids. I spoke to my bankruptcy expert and he told me that he is not exactly sure what the Judge is trying to accomplish. He suggested that Baum likely wouldn't kick the case out of bankruptcy completely or force a Chapter 7 dissolution of the franchise. Perhaps this is consistent with Baum's strategy of forcing more negotiation and a possible compromise. Of course, Judge Tom hasn't gotten to know Gary Bettman very well.
I'll speculate that if the Judge does not accept any of the bids, it effectively takes Balsillie out of the game. The NHL will then begin legal manuevering to reposess the franchise, operate it as debtor in possession and find a new owner.
Or so we hope.