Tuesday, June 24, 2008
Preds investor Del Biaggio owes $88.4 million to creditors, bankruptcy filing shows
By BRAD SCHRADE • Staff Writer (Tennessean) • June 24, 2008 Nashville Predators investor William J. "Boots" Del Biaggio III owes creditors almost $35 million more than he owns, and he lists his $23.5 million stake in the team as his biggest asset, according to federal bankruptcy papers filed Monday. Del Biaggio owes $88.43 million to creditors, including $10 million to former Preds owners Craig Leipold, according to a summary of his assets and liabilities filed in federal court in Northern California. He lists $53.9 million in assets, including $12.1 million in real property - all in California, as part of his assets. Del Biaggio owns a 27% stake in the Predators, the second highest stake in the team. His financial implosion over the past month has clouded the off-season of Nashville's hockey club. Del Biaggio is facing a bankruptcy, a federal probe and a series of lawsuits claiming he defrauded creditors The team is owned by a majority group of local investors led by David Freeman. Freeman has said Del Biaggio's problems will not impact the team operations. A initial meeting with creditors is scheduled before a bankruptcy trustee next month. That will begin the process of dividing Del Biaggio's assets, including his stake in the team.