By Terry
Bigham The Dallas Morning News
Published March 16, 1989
Reprinted by permission of the author.
The Sidekicks are expected to present a conditional offer from Dallas oilman
David Paschal to purchase the team when its bankruptcy hearing resumes on Thursday,
sources with the Sidekicks said.
An agreement, which has numerous conditions, including the favorable results
of an audit of the club, has been reached between the Sidekicks and Paschal,
but officials declined to state the conditions. Paschal, whose offer would have
to be approved by federal judge Robert McGuire, could not be reached for comment.
The Sidekicks filed for Chapter 11 reorganization on Feb. 13 with the club's
major liability being a $560,000 note due to the former owners, the Dallas Mavericks.
The Mavericks are asking the court to lift the Chapter 11 protection and return
the club's assets, mainly player contracts, to the Mavericks.
"The Mavericks want the team,' Sidekicks majority owner Stan Finney said
Wednesday. "But they won't post the letter of credit (to the league) or
pay the players. We'll argue that we're better to continue like we are and work
out a reorganization plan that will benefit everybody -- them (Mavericks), us,
the other creditors and the players.'
Sidekicks officials said they intend to call Finney, president Gordon Jago and league counsel Bob Carlson to testify Thursday.