Kukla's Korner Hockey
by Paul on 08/11/14 at 04:06 PM ET
from Barbara Ross of the New York Daily News,
New York Islanders owner Charles Wang was clocked with a $10 million lawsuit Monday by suitor Andrew Barroway for backing out of their deal to make a trade for $420 million.
In papers filed in Manhattan Supreme Court, Barroway’s corporation, NY ICE claims the parties “shook their hands on an agreement” and NY Ice started to line up NHL approval and financing.
However, Wang “without notice, abruptly refused to proceed to close the transaction and honor the terms of their 70-page purchase agreement but instead “improperly sought to renegotiate the already agreed upon price” in March.
In midsummer, according to court papers, Wang demanded $548 million for the team. When Barroway refused, Wang notified him on Aug. 1 that he had sold the team to other bidders.
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Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.
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