LAWSUITS NEWS & LEGAL INFORMATION
Pittsburgh Penguins
This is a settlement for the Bankruptcy lawsuit.
Pittsburgh, PA: (Oct-19-07) Former National Hockey League player Mario Lemiueux brought a lawsuit against Pittsburgh, alleging that when he played for the Penguins, before becoming part owner of the franchise when he retired as a player in 1997, he was owed $32 million in deferred compensation. Sources revealed that as part of a settlement reached, Lemiueux is to receive $21 million as part of Pittsburgh's settlement of its 1990s bankruptcy.
Under the settlement, co-owner Ron Burkle, a California businessman, and other investors who purchased a piece of the team when it came out of bankruptcy in 1999, will be given varying percentages of their original outlay in conjunction with the refinancing. According to an announcement, Lemiueux, a hall-of-famer and five-time NHL First All-Star Team choice in 17 seasons as a player, will not get any additional money. He is said to be the only unsecured creditor from the bankruptcy to receive less than 100% of money owed. [UNITED PRESS INTERNATIONAL: LEMIUEUX BANKRUPTCY]
Published on Oct-22-07
Under the settlement, co-owner Ron Burkle, a California businessman, and other investors who purchased a piece of the team when it came out of bankruptcy in 1999, will be given varying percentages of their original outlay in conjunction with the refinancing. According to an announcement, Lemiueux, a hall-of-famer and five-time NHL First All-Star Team choice in 17 seasons as a player, will not get any additional money. He is said to be the only unsecured creditor from the bankruptcy to receive less than 100% of money owed. [UNITED PRESS INTERNATIONAL: LEMIUEUX BANKRUPTCY]
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