The basketball season is over for the Oklahoma City Thunder and creditors line up in estate fight.
When oilman Aubrey McClendon, who owned a 20% stake in the Oklahoma City Thunder NBA franchise, passed away it was learned his complicated web of companies had diminished in value and it wasn't going to be easy to pay his creditors, according to a Business Insider report "The case of a dead oil and gas mogul takes an unexpected turn, and it involves the Oklahoma City Thunder."
At the time of his death McClendon owned a 20% stake in the Oklahoma City Thunder NBA franchise. Because of the decreased value of McClendon's business interests some of his creditors believe that the basketball team ownership stake might be the estate's most valuable asset. This has caused them to intervene in the estate case.
The creditors fear that the estate will sell the ownership stake to McClendon's widow at less than market value and they are asking the court to make sure that does not happen. Attorneys for the estate suggest that the creditors are jumping the gun as the stake has not been sold yet and any sale would have to meet with the approval of the NBA.
Reference: Business Insider (May 28, 2016) "The case of a dead oil and gas mogul takes an unexpected turn, and it involves the Oklahoma City Thunder."
