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After a final complaint was settled, the Sidekicks' reorganization plan was
conditionally accepted by Bankruptcy Judge Robert McGuire on Friday. Under the
agreement, Dallas oil man David Paschal will own 80 percent of the club with
the current ownership group headed by Stan Finney maintaining 20 percent interest.
The plan will be complete once three conditions are met:
"It was essentially confirmed,' Paschal said. "We just need the approval of the note by the city of Dallas. It's been a long, drawn-out ordeal. We're ready to roll, finally.'
All conditions are considered minor and should be completed by the end of the month, Paschal said. The city attorney's office is expected to recommend the City Council approve the note and lease at its June 28 meeting while approval by the league is expected to be a formality, Paschal said.
Paschal said the plan was basically completed Thursday. But hours before going to court, Paschal learned Gerald McMillian of Multimarket Media sought payment for an order of 550,000 Sidekicks trading cards he claimed were ordered by former general manager Kent Russell. McMillian said he was promised the first $20,000 of revenue for the cards and an additional $80,000 in tickets, dasherboard advertising and other items.
McGuire, however, ruled Multimarket Media could receive a maximum of $7,500. Paschal said the exact payment would be decided at a later date.
"Without being an antagonist, I was pretty disgusted with the whole thing,' Paschal said of the late claim.
The major items of the reorganization were easily approved. The Sidekicks satisfied Mavericks owner Donald Carter, the Sidekicks' major creditor, with a 10-year note for $540,000. The note includes yearly interest and principal payments.
The note to the city for payment of back rent calls for $10,000 payment each year with a balloon payment in the fifth year.