California readers may be aware that the Sacramento Kings professional basketball team is involved in a complicated sale dispute. In the battle, a man is proposing to buy a share of the team and move the franchise to another West Coast city for the upcoming season. However, due to the filing of a personal bankruptcy by a minority share owner, the sale may be stalled for some time.
The bankruptcy trustee assigned to the case of the insolvent 7 percent owner of the Sacramento Kings requested that documents relating to a proposed sale of the team be disclosed. This is because the sale of the shares is being considered in order to repay some of the creditors of the man who filed a personal bankruptcy. Such a sale is a common occurrence in personal bankruptcy matters.
If the sale is approved, it will likely affect the decision as to the home of the professional basketball team. One source says that the sale could be accomplished by auction rather than direct sale. In addition to the bankruptcy trustee, the professional basketball league will weigh in on a proposed sale.
Filing for a personal bankruptcy is a last resort of many people in California. However, it can be the best choice for some who find that they have an overwhelming amount of debt that cannot repay. By using the personal bankruptcy process, a person may find that they can restructure their finances and begin a fresh start for the future free of unsecured debts.
Source: The Sacramento Bee, "Maloofs disclose details of Kings sale to bankruptcy trustee," Dale Kasler, Feb. 12, 2013