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Tom Gaglardi submits bid to NHL to purchase Dallas Stars

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Vancouver businessman Tom Gaglardi has been the front-runner to purchase the Dallas Stars for quite some time. Friday, Gaglardi took the next step in his quest to buy the Stars from a group of lenders led by Monarch Investments by submitting his proposal to the NHL for approval. By no means does this mean the sale is a done deal—but it’s a necessary step in the process for Gaglardi to finally acquire the team. If no news is good news, then this is great news.

Unfortunately, the sale isn’t as simple as a seller and buyer agreeing to terms and exchanging cash. If it were that easy, the deal would have been done in April when he first acquired the exclusive negotiating rights for the Stars. As Mike Heika of the Dallas Morning News explains, there are plenty of people who are owed money and want a piece of the pie:

“With more than 40 lenders who have legal rights to the Stars, one of the key contentions of the sale will be who gets paid what, as well as who gets paid first. The sale price is not expected to cover the debt, so some lenders will not get paid back.”

“’In a traditional sale, you have a seller who is trying to negotiate with a buyer, and you have traditional sale practices. But this isn’t a traditional sale,’ said one source. ‘You have a group of sellers who have different opinions, and that really means you don’t have a seller, per se. Into that vacuum has stepped a lot of lawyers, and that has made the process very complicated.’”

First, let’s reiterate that this is good news for people who want to see a deal get done. Once the Stars’ sale is behind the organization, they’ll be able to look to the future, set a realistic payroll budget, and once again focus on winning games on the ice. Over the last season, assembling the best team possible has taken a backseat to the ownership issues that have dictated the team’s direction (most notably with Brad Richards). This is a small step forward in the right direction.

At the same time, the situation is looking at a bunch of attorneys and debtors looking to get as much money as possible and a proposal that does not plan on paying all of previous debts. If the NHL approves the proposal, the next step is for the 40 lenders (and their lawyers) to fight in bankruptcy court to receive the best return on their previous investment possible. If the Phoenix Coyotes situation taught us anything, any time “NHL” and “bankruptcy court” are mentioned in the same sentence, it’s best to proceed with caution. Obviously, this is a very different situation—but there are still plenty of moving parts and interested parties for the NHL to appease.

Another point to consider within the context of the bankruptcy hearings is that all other potential ownership groups will be able to submit bids over the course of the proceedings. No matter what figure Gaglardi’s proposal includes, whenever there are names like Texas Rangers CEO Chuck Greenberg and Dallas Mavericks owner Mark Cuban involved (among others), there are bound to be a few fireworks if they’re still interested in the NHL franchise.

Just what the NHL needs: more court cases and legal actions surrounding one of their teams. For the sake of every Stars fan alive, hopefully today’s announcement is the beginning of the end of this drawn-out sale.

Blue Jackets defeat Coyotes in shootout, but only after Mike Smith made franchise-record 58 saves

GLENDALE, AZ - OCTOBER 07:  Goaltender Mike Smith #41 of the Arizona Coyotes during the preseason NHL game against San Jose Sharks at Gila River Arena on October 7, 2016 in Glendale, Arizona. The Coyotes defeated the Sharks 3-1  (Photo by Christian Petersen/Getty Images)
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PHOENIX (AP) Columbus pummeled Mike Smith with a franchise-record 60 shots, Alexander Wennberg scored with 2:16 left in the third period and the Blue Jackets beat the Arizona Coyotes 3-2 in a shootout Saturday night.

Smith set a franchise record with 58 saves, but the Coyotes still lost their third straight.

Cam Atkinson and Sam Gagner scored on Smith in the shootout while Curtis McElhinney stopped both Arizona shooters. Boone Jenner also scored for Columbus, which has won three straight.

Shane Doan got his 399th career goal and Radim Vrbata also scored for Arizona, which was playing its eighth overtime game in 23 contests.

Doan put Arizona ahead 2-1 at 11:04 of the second when he redirected Michael Stone‘s lobbed shot from just inside the blue line along the right boards.

Wennberg tied it at 2 by backhanding the puck between Smith’s pads off a pass from Brandon Saad.

The Blue Jackets needed only 13 seconds to take the lead in the first period. Jenner took a pass from Jack Johnson between the hashes and fired over Smith’s glove.

Smith made 47 saves between the two Columbus goals and 21 in the third period alone.

After failing to take advantage of a two-man advantage late in the first, the Coyotes evened the score on Vrbata’s rising shot off McElhinney’s blocker from the left faceoff circle for a power-play goal 63 seconds into the second period.

Smith helped preserve the lead with 5:30 left in the second, stopping Saad’s breakaway attempt with a sprawling pad save.

McElhinney finished with 32 saves.

Related:

Why the Blue Jackets are the NHL’s biggest surprise

Panthers lament slow start versus Sens, as debate over controversial Gallant firing continues

NEW YORK, NY - NOVEMBER 20:  Keith Yandle #3 of the Florida Panthers skates against the New York Rangers at Madison Square Garden on November 20, 2016 in New York City. The Panthers defeated the Rangers 3-2 in the shootout.  (Photo by Bruce Bennett/Getty Images)
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It’s been one week since the shocking and controversial firing of Gerard Gallant. The decision made by the Florida Panthers continues to be a hot topic of debate.

Don Cherry weighed in on it Saturday. As you might expect, he wasn’t in favor of the decision. Meanwhile, the Panthers lost 2-0 to the Ottawa Senators in a game that completely swung in favor of the hosts in the span of just 19 seconds.

Erik Karlsson and Derick Brassard scored early in the first period, giving Ottawa a two-goal lead and that was the only scoring of the evening.

On taking over from Gallant, interim coach Tom Rowe said, per the Sun Sentinel: “This isn’t a knock on Gerard, because he did a great job.

“I just thought some guys weren’t bringing it the way they’re capable of bringing it every single night. A little too much inconsistency. They’d come out one period and play great. Another period they just sit back a little bit too tentative.”

That second paragraph is interesting.

Against the Senators, the Panthers had a slow start, illustrated by their 19-second lapse leading to the Ottawa goals. The Panthers found their game in the second period but tested Mike Condon with only 24 shots on goal by the end of the night.

They also couldn’t capitalize on a five-on-three power play in the second period.

“It’s a tough one to swallow,” said Keith Yandle, per the Miami Herald. “They had a good start, and sometimes you have to weather the storm throughout courses of games, and they did a good job in the first 10 or 12 minutes. If you look at the second period we were better.”

There were anxious moments for the Panthers, as defenseman Aaron Ekblad took a puck to the face in the second period. He missed about two minutes of game time, but did require stitches, according to Rowe.

Avs’ D-man Johnson suffers broken fibula, out six to eight weeks

DENVER, CO - NOVEMBER 11:  Erik Johnson #6 of the Colorado Avalanche in action against the Winnipeg Jets at Pepsi Center on November 11, 2016 in Denver, Colorado. (Photo by Justin Edmonds/Getty Images)
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Another loss for the Colorado Avalanche, but the news following this latest defeat is much worse.

Avalanche defenseman Erik Johnson has suffered a broken fibula and is out six to eight weeks, the team announced following Saturday’s 3-0 loss to the Dallas Stars.

Johnson left the game because of the injury and didn’t return.

This development occurred later in the same day the team’s captain Gabriel Landeskog skated briefly with his teammates, leading to the possibility that he may travel with the Avs on their upcoming road trip.

It’s obviously devastating news for Colorado, which recently had its effort ripped by coach Jared Bednar. Issues with consistency and work ethic have been around since Patrick Roy was in charge.

The Avalanche have struggled since the beginning of the season after a late-summer coaching change, but they now occupy last place in the Western Conference with five straight losses.

Johnson has 11 points, which ties him with Tyson Barrie for the team lead among defenseman in that category.

In addition to playing 22 minutes a night, which is a substantial loss because he plays on both the penalty kill and power play, he’s also one of only two blue liners with the Avalanche to have even-strength puck possession numbers greater than 50 per cent.

The difficult times for the Avalanche continue.

Video: Caggiula (finally) scores his first NHL goal

EDMONTON, AB - SEPTEMBER 26:  Drake Caggiula #36 of the Edmonton Oilers skates against the Calgary Flames on September 26, 2016 at Rogers Place in Edmonton, Alberta, Canada. (Photo by Codie McLachlan/Getty Images)
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Drake Caggiula had to wait to make his NHL debut because of a hip injury suffered in pre-season. He had to wait even longer for his first NHL goal.

On Saturday, the wait for the latter ended.

Playing in just his eighth career NHL game, the North Dakota product and NCAA Frozen Four MOP — pursued by at least half a dozen teams as a college free agent — ripped home a wrist shot from the slot on the power play for career goal No. 1 in the big league.

That goal gave Edmonton a 1-0 lead over the visiting Anaheim Ducks.