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Erie Otters owner Sherry Bassin has little wiggle room in Edmonton Oilers' $4.5-million US lawsuit — analysts
On one level, the prospect that Sherry Bassin, — practically the last of the junior hockey solons — is apparently painted into a corner by the Edmonton Oilers' lawsuit vs. the Erie Otters is a little tragic. It can be read as bigger business squeezing out biggish business, plus it would be an inglorious way for a true original to depart from the Ontario Hockey League.
Business and business, though. The latest story is that Bassin, 75, may not have much of a leg to stand on based on the U.S. law in the case. For those needing a reminder, an Oilers subsidiary sued Bassin for $4.5 million over an unpaid loan, stemming from the uncompleted sale of the team.
It could mean the franchise will change hands.
From Ed Palattella:
A court clerk, following procedure, entered a $4.5 million judgment against Bassin's company, which allows the Oilers to pursue a writ of execution.
"In general, your options are limited when a confession of judgment is filed," said Erie lawyer Michael Graml, who specializes in bankruptcy cases and is not representing anyone in the Otters case.
In a typical civil suit, the defendant can try to get a complaint dismissed by arguing its merits. In judgment cases, however, the defendant -- in this case, Bassin's company -- can get a judgment dismissed only under limited circumstances, such as showing the request for judgment was not served properly.
"A judgment usually will stick," said Erie lawyer Tina Fryling, who teaches about the legal system as a professor at Mercyhurst University. "Once a judgment is entered, it is moved to collection -- and that is usually more of an issue. (Erie Times-News, Nov. 15)
Palattella goes on to report the options Bassin now has are to scrape up the cash to pay the judgement, which might only be doable by selling the team or file for bankruptcy.
The initial Times-News report on Nov. 12 stated that it would cost between $50,000 to $76,000 US to get the Otters out of their lease, which runs until 2019. That might exacerbate anxiety about the team's long-term prospects in Erie. Bassin has stated there is local interest in buying the Otters, which runs counter to statements from April 2013.
Neate Sager is a writer for Yahoo! Canada Sports. Follow him on Twitter @neatebuzzthenet.
