Pittsburgh, Pa.
Sunday, May 24, 2009
Sunday, May 24, 2009
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Pittsburgh, Pa.
Sunday, May 24, 2009 |
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Results list | Start a New Search| Printer Friendly TEXAN WHO GOT RICH WITH INTERNET PENGUINS TALKS
The Pittsburgh native who made a fortune from his Internet business seems to have ignited negotiations to keep the Penguins a viable hockey franchise in Pittsburgh. Mark Cuban of Dallas, Texas, this week talked with team co-owner Roger Marino and former Penguins superstar Mario Lemieux, the only Penguins creditor to have submitted a reorganization plan in U.S. Bankruptcy Court. "We are talking about partnering with Mario's group, but I have to emphasize that there is no deal," said attorney Brian Cuban, Mark Cuban's brother, about their talks with Lemieux.. Brian Cuban also lives in Dallas. Lemieux's camp also was positive about the talks. "We have had very cordial discussions with the Cuban group, who do in fact appear to be very interested in the project for all the right reasons keeping the team in Pittsburgh and working with becoming part of the Lemieux effort," said Tom Reich, an attorney for Lemieux. "They could bring a lot to the party." Even Marino, who seemed to step out of any bankruptcy reorganization plan after Lemieux stepped in, seemed heartened by their talks with Cuban. "I smell a deal," said Harry L. Manion III, attorney for Marino. Manion said that Marino, owner of a multimillion dollar data storage company, is more apt to pool resources with a potential partner with "deep pockets," not unlike Cuban's. "My guy owns the team and has $40 million into it," Manion said. "Heretofore, before Mark Cuban, we were reluctant to write more checks. Now we're not just talking about getting out of bankruptcy. I think Mario can do that. We're talking about keeping the team on the ice in Pittsburgh for years. But Mario's still driving the bus." Manion pointed to the Penguins' lease with SMG, the Philadelphia-based company that manages the Civic Arena, as a stumbling block that has limited the team's earning potential. He said that Lemieux, with Marino and Cuban as partners, could afford to buy out the lease or make other arrangements that would make it affordable for the team to stay in Pittsburgh. But Lemieux has never expressed an interest in teaming with Marino, and Reich said yesterday that Lemieux's group has not discussed a partnership with Marino. One point upon which all sides agree is that time is of the essence. A hearing on Lemieux's reorganization plan has been scheduled for June 24, but U.S. Bankruptcy Court Judge Bernard Markovitz has scheduled an emergency hearing for Tuesday on a petition from the National Hockey League to move the hearing up. The league has filed a petition in Bankruptcy Court seeking permission to dissolve the franchise if the takeover is not resolved by May 31.
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