Atlanta Spirit investor Michael Gearon Jr. yesterday said that operations for the Hawks and Thrashers will "continue as is" following Monday's ruling that the ownership group's contract to buy out investor Steve Belkin was "too ambiguous ," according to Sekou Smith of the ATLANTA CONSTITUTION. Belkin "began feuding" with Atlanta Spirit's seven other investors in '05, but Gearon said, "One thing people fail to realize is that over the course of these last four years, we’ve been operating these franchises and making decisions ... which Steve has participated in. Steve has actively participated in meetings that we’ve had, in which our [GMs] have made recommendations and there hasn’t been a situation where there was contention." Court documents show that should he decide to "stay in the group as a minority owner, Belkin would be required to pay his partners" $25.8M, representing his 30% share of "cash calls made during litigation." Smith notes Belkin can appeal the court's ruling, but would "likely have to post a multi-million dollar bond." Belkin also could "exercise what amounts to an opt-out clause in the Spirit's original partnership agreement and ask his partners to buy him out." Gearon said of a potential settlement with Belkin, "There was a lot of dialogue at different points during the last three or four years, but nothing that was ever close enough where we could say this matter was going to be settled." Meanwhile, Gearon yesterday "dismissed rumors that the Thrashers are for sale, insisting that the Spirit is simply 'looking for other investors'" ( ATLANTA CONSTITUTION, 8/19 ).
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