via Jordan Shifman (fan post of the day) at CBC,

"No point meeting at this point": Bettman on NHL labour talks

In other words..."it's our way or the highway" The NHL is not willing to negotiate, Bettman and the owners aren't willing to listen to any offers other than their own. The NHLPA made the last 3 offers, all offering a 50/50 split of revenues, all turned down in less than 15 minutes. Was that even enough time to read them?? It's the NHL's turn to make an offer or at least listen to what the other side is saying.

"There is a major divide between the sides over how to deal with existing player contracts." What is the problem here? How to deal with existing player contracts is to honor them whether you like it or not. The owners had no problem signing these ridiculous contracts and now they don't want to honor them?