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Friday, October 9, 2015

Bankruptcy Claim Dismissed

Erie | by Bayshore News Staff  

Otters Creditors Paid In Full

A federal bankruptcy judge dismissed the Chapter 11 bankruptcy case filed by Sherry Bassin, the former owner of the Erie Otters of the Ontario Hockey League.

The bankruptcy claim was dismissed because all of the creditors have been fully paid.

Bassin filed Chapter 11 in the Spring primarily because he was facing a $4.8 million debt claimed by the Edmonton Oilers of the National Hockey League.

Previously, Bassin had taken a large loan from the Oilers on the agreement that if the loan wasn't repaid in full, the Oilers would then take ownership of the Otters.

When the loan wasn't repaid and the franchise wasn't transferred to the Edmonton group, the Oilers sued Bassin for repayment plus interest.

Bassin eventually sold the Ontario Hockey League franchise to James Waters for $7.2 million in

The proceeds from that sale enabled Bassin to pay his debt and still net more than a million dollars in profit.

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