Belkin seeks buyout Estranged part-owner of Hawks, Thrashers wants custody of teams By BOB KEMPER The Atlanta Journal-Constitution Published on: 03/28/06 Rockville, Md. — Steve Belkin, the estranged part-owner of the Hawks and Thrashers, asked a Maryland judge Monday to declare an end to the months-long legal fight between him and his partners and to allow him to take custody of the teams. But after hearing 30 minutes of arguments, Circuit Court Judge Eric Johnson put off his decision, saying he was too busy with a jury trial to declare any winners among the partners of Atlanta Spirit, the company that controls both teams and rights to Phillips Arena. "The court will get back to you," Johnson told Belkin, the partners with whom he's feuding - mostly Bruce Levenson, Ed Peskowitz and Michael Gearon Jr. - and their five lawyers. The judge gave no indication when that would be. One of Belkin's lawyers, John Fabiano, argued in Johnson's courtroom that Belkin was entitled to buy out his partners because they failed to close a deal in which they were supposed to buy out Belkin's 30 percent share of the teams. Fabiano blamed Belkin's partners for the drawn out legal dispute and said they were now trying to deny Belkin what was legally his. "They've derailed the process," Fabiano said. Bruce Marcus, an attorney for the other partners, told the judge that Belkin was just trying to rush the legal process - leaving unanswered a series of hotly disputed legal and financial issues - because the Boston businessman stood to make a huge profit on his $11.7 million investment in the teams if he were allowed to buy out his partners. Belkin maintains that an agreement among the partners allows him to buy them out by reimbursing only their original investment - about $30 million - though the teams were publically valued at $250 million by Time Warner. Most of the $250 million was arena debt. "He would seek to hijack the interest of two-thirds of the owners for $30 million. That's what this is all about," Marcus said. "The case needs to be straightened out." The feud between Belkin and his partners began last summer when Belkin objected to the terms of the Hawk's trade for guard Joe Johnson. The fight appeared settled in August when the partners agreed to buy out Belkin's 30 percent share of the teams. By November, however, Belkin and his partners were still wrangling over what his share was worth. Two appraisals by outside investment banks put the value at $88 million and $140 million. Belkin said the first appraisal was too low; the partners called the first appraisal too high and the second "absurd." Each side accused the other of giving the appraisers inaccurate financial information. The partners' agreement allowed for a third appraisal, but Belkin claims time has run out on that deal and that he's now entitled to buy out his partners at cost - a point the partners vehemently dispute. If the judge rules in favor of Belkin, it's not likely to end the legal battle because the partners would still have a right to appeal. If the judge rules for the partners, it's not clear how long the courtroom dispute will continue, lawyers said. 資料來源 http://www.ajc.com/hawks/content/sports/hawks/stories/0328belkin.html --

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