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Qualified Bidders For Kings Minority Shares Get To See Maloof Deal With Seattle

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(Sacramento, CA)
Monday, February 11, 2013

Bob Cook owns seven percent of the team, but his estate is now in bankruptcy court. The trustee's attorneys want to know how much the Seattle group bid for 65 percent of the Kings before Cook's shares are put up for auction.  

That information will be released first to the attorneys and then later this week to anyone who qualifies to bid on Cook's shares.

A group led by billionaire Ron Burkle is in talks with the City of Sacramento to make a bid for the team and keep it in Sacramento.  Burkle has expressed interest in buying Cook's minority shares. 

If the team is valued at $525 million then a seven percent share would have a value of about $37 million.  Bidders are not allowed to purchase the shares on credit.

The release of information comes with a confidentiality agreement and a court order sealing the documents before.

A conference call with the representatives of the Kings majority owners and the trustee's attorneys is scheduled for Wednesday.

The Cook shares are scheduled to be auctioned off April 9th.  
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