And what of Jerry Moyes, the former Phoenix Coyotes owner who tried to sell the franchise to Jim Balsillie, even as NHL commissioner Gary Bettman jetted by charter to present him with an alternative offer?
His trucking company, Swift Transportation, priced 73.3 million shares on Wednesday at $11 (all currency U.S.) each in an initial public offering. Swift originally hoped to float 67 million shares between $13 and $15 a share, Barron's reported.
Proceeds from the offering, one of the year's largest, are to be used to relieve Swift's debt which stood at $2.5-billion on Sept. 30. Moyes assumed control of the company with a $2.37-billion leveraged buyout in 2007, and the IPO valued Swift at about 25-per-cent less, following three consecutive years of losses.
Moyes sold the Coyotes to the NHL for $140-million in November of 2009, after taking the club into bankruptcy in May. The league sued Moyes for at least $60-million in damages in March of this year, citing breach of contract, aiding and abetting breach of fiduciary duty, and attempting to sell the franchise without consent. In a court filing, Moyes has asked the court to dismiss the NHL's claims.
With files from Bloomberg News ServiceReport Typo/Error
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