As the Spirit turns: Reviewing the drama By TIM TUCKER The Atlanta Journal-Constitution Published on: 06/18/06 The longest-running soap opera in Atlanta sports history continues. Here, in case you've missed an episode or two of the Hawks' and Thrashers' ownership feud, is a rerun. July 30, 2005 It's a Saturday, 1:45 p.m., when the chaos begins. Part-owner Steve Belkin sends an e-mail to his co-owners, informing them he has instructed Hawks general manager Billy Knight not to include the team's 2006 first-round draft pick in a trade for guard Joe Johnson. That sets off a testy volley of e-mails among the owners, all except Belkin backing the deal, culminating in a conference call on which Knight asks that his "intention not to speak to Steve under any circumstances going forward" be duly noted. Aug. 1, 2005 Belkin makes it clear he'll use his authority as the Hawks' NBA governor to block the trade, informing the league that "any representative of the Atlanta Hawks attempting to make such a trade" is unauthorized to do so. Aug. 4, 2005 After part-owner Bruce Levenson calls for an ownership vote to remove Belkin as governor, Belkin gets a temporary restraining order from a Boston court, blocking his removal. Aug. 7, 2005 Knight lashes out at Belkin, saying the owner's opposition to the trade on the basis of draft picks is "a ploy" to hold the payroll to "a bare minimum." Knight adds: "He's not someone I can trust." Aug. 9, 2005 Before a court hearing in Boston, Belkin extends his hand to Knight. The GM refuses to shake it. The judge issues a preliminary injunction blocking Belkin's removal as governor. Aug. 11, 2005 NBA commissioner David Stern submits an affidavit to the Boston court, siding with the owners who want to oust Belkin. Aug. 12, 2005 The court dissolves the injunction, freeing the Hawks to remove Belkin as governor with five business days' notice. Aug. 16, 2005 Negotiations heat up about a buyout of Belkin's 30 percent stake by the other owners for a price to be determined by a series of appraisals. Lawyers exchange drafts of deals, finally agreeing on one in which Belkin would choose the first appraiser, either side objecting to the results of the first appraisal would choose the second appraiser and the NBA would draw the name of a third appraiser from a hat if either side objected to the results of the second appraisal. After three appraisals, the final price would be the one that is neither highest nor lowest. In all the back-and-forth, there is no discussion of who would pick the second appraiser if both sides object to the first — an omission that would lead to much trouble. Aug. 17, 2005 Part-owners Levenson, Ed Peskowitz and Michael Gearon Jr. reject a request by Belkin that they provide a $100 million letter of credit during the buyout process to secure the purchase. They make a counter-proposal: a clause in the contract stipulating that if they don't fulfill their obligation to purchase Belkin's stake, he would have the right to buy them out at cost. It is a clause that, 10 months later, looms large. Aug. 19, 2005 The buyout agreement is signed and announced. Belkin resigns as governor. Hawks-Thrashers employees give the other owners a standing ovation. The Johnson trade is completed. The chaos seems over. It is not. Nov. 23, 2005 The first appraiser retained by Belkin, CitiGroup Private Bank, submits its report, putting the value of Belkin's stake at about $88 million. One minute after receiving the 70-page report, Belkin files an objection and claims the right to choose the second appraiser. Ten minutes later, the other owners also file an objection and claim the right to choose the second appraiser. By day's end, Belkin files a breach-of-contract lawsuit in Montgomery County (Md.) Circuit Court, contending the appraisal was "grossly undervalued" because of interference by the other owners. Dec. 14, 2005 The other owners say in a court filing that the appraisal was "breathtakingly generous" by a firm "handpicked" by Belkin and that Belkin "now seeks to ... hijack the appraisal process." Dec. 17, 2005 The second appraiser retained by Belkin, J.P. Morgan Securities, submits its report, putting the value of his stake at about $140 million. The other owners contend the J.P. Morgan appraisal is invalid and later say it would represent an "absurd" 1,100 percent return on Belkin's investment. Dec. 27, 2005 Gearon asks the NBA not to participate in the selection of a third appraiser pending the outcome of the court case. Feb. 24, 2006 After a day-long hearing, the Maryland court rules that Belkin had the right to choose the second appraiser because he objected fastest to the first appraisal. March 3, 2006 The other owners offer, in light of the Feb. 24 ruling, to engage a third appraiser. March 9, 2006 Belkin responds to the March 3 offer by saying, in essence, it's too late. March 27, 2006 Belkin asks the court to rule that he is entitled to buy out the other owners at cost because they breached the agreement to buy him out by missing various deadlines to engage a third appraiser and to pay the amount of the second appraisal. April 21, 2006 The court rules that "while Belkin may very well succeed in obtaining the very relief" he seeks, he hasn't made the case yet. May 19, 2006 Levenson says in an affidavit that the ownership battle is causing significant financial and morale problems for the franchises. He says the uncertainty makes it difficult to obtain "adequate" financing or to bring in additional investors, "subjecting us to extraordinary financial pressures." June 2, 2006 Back in court, Belkin again asks that he be allowed to buy out the other owners. Judge Eric Johnson says "the remedy could fall short" of that, but delays a ruling. June 9, 2006 The judge rules that Belkin is, indeed, entitled to buy out the other owners at cost and take over the franchises. The other owners vow to appeal. June 10, 2006 "I am very thrilled and happy with the prospects of owning and controlling the Hawks and Thrashers," Belkin says in an interview. "I absolutely want to own the teams." Next The deadline for filing notice of appeal is July 13. A key question is whether the judge, as a condition of staying his ruling during the appeals process, would require the other owners to post a bond to protect Belkin against loss of value of the franchises — and, if so, how large a bond. 資料來源 http://www.ajc.com/hawks/content/sports/hawks/stories/0618sptbiz.html --

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