ERIE, Pa. — A federal bankruptcy judge has dismissed the Chapter 11 bankruptcy case filed by the former owner of the Erie Otters junior hockey team.
The Erie Times-News (http://bit.ly/1LB78NW ) reports Thursday that the bankruptcy was dismissed for the most unusual of reasons: All creditors have been fully paid.
Former owner Sherry Bassin filed Chapter 11 in April largely because of a $4.8 million debt claimed by the National Hockey League’s Edmonton Oilers, the team’s biggest creditor.
Bassin sold the Ontario Hockey League franchise to retired Canadian broadcaster James Waters for $7.2 million on July 17 in a deal that kept the team in Erie. It also enabled Bassin to pay all his debt and still net $1.4 million.
The judge dismissed the bankruptcy case on Tuesday. Bassin’s bankruptcy attorney declined comment.
