7 percent of Sacramento Kings will be soldPosted by Inside Hoops
A 7 percent share of the Sacramento Kings is about to head for the auction block.
The share held by bankrupt Sacramento developer Bob Cook is expected to be sold off, with the proceeds to be split among Cook’s creditors.
David Flemmer, the court-appointed trustee overseeing Cook’s bankruptcy, originally proposed auctioning the Kings’ stake in March.
But one of Cook’s creditors, an investment firm from Capitola called Omni Financial, blocked the sale. Omni said it was already the rightful owner of the 7 percent share after Cook defaulted on a loan.
Months of litigation ensued. Now a compromise has been worked out that would allow the sale to move forward and the proceeds to be split among three creditors. Omni would get 47 percent.
– Reported by Dale Kasler of the Sacramento Bee