One Of Kings' Original Sacramento Owners' 7 Percent Stake In Team Up In Air

Bob Cook was one of the original investors who helped bring the Kings to Sacramento. He's an area developer, and currently* owns a 7-percent stake in the team. Why the asterisk? Because he could be losing the stake via bankruptcy. From the Sacramento Bee:

Cook's financial troubles stem from the construction of Le Rivage, the upscale hotel he opened on the Sacramento River in 2008. The hotel defaulted on its debt last year, and Cook filed for Chapter 11 personal bankruptcy protection in August.

Ramping up the financial pressure, one of his creditors is trying to drag into Bankruptcy Court the partnership through which Cook holds his Kings ownership stake. [...]

Cook put up his Kings stake as security when he borrowed $10 million from Omni four years ago, according to court records. He defaulted on the debt, which now totals $13 million.

Cook denies that the stake in the Kings can be seized in bankruptcy proceedings, so it'll be interesting to see how this shakes out. (Another creditor is also laying claim to the stake; check the story for details.) Anyone have $13 million laying around? If Cook really wanted to keep the Kings in Sacramento, perhaps he'd sell that stake and his debt to Darius Anderson or Ron Burkle. Just a thought.

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