The Charlotte Observer
THE HORNET'S LAST GASP: A TICKET WORTH 57 CENTS?
The Charlotte Hornets filed for bankruptcy Monday under a plan that would return some money to ticket-holders - perhaps as little as 57 cents a ticket.
Almost all other creditors of the team are expected to get their money. Those who invested in the team are not.
There are about 2,900 season ticket-holders and 50 other creditors listed in the bankruptcy petition.
According to a Hornets spokesman, all but about 15 creditors will be paid in full. The exceptions are creditors owed more than $400. They will receive $400 or 30 percent of the debt, which is greater.
The Hornets died Oct. 22 when the World Football League folded.
The payments plan submitted to U.S. District Court Monday must be approved by the creditors and bankruptcy Judge Joseph R. Cruciani. It states that $10,000 has been set aside to reimburse ticket-holders.
According to Upton Bell, president of the team, there were about 2,900 season ticket-holders and there were five home games left when the Hornets folded. That means season ticket-holders have 14,500 tickets. At least 3,000 more single-game tickets had been sold for future games. If claims were filed for all of the 17,500 tickets, each would be worth 57 cents. The fewer the claims, the more each will be worth. Most of the tickets sold for $8.75.
(The Charlotte Checkers, the city's Southern Hockey League, has agreed to exchange Hornets tickets for $2.50 general admission tickets to Checkers games at the Coliseum.)
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