Mario gets $21 million

Lemieux to get $21 million in Penguins' bankruptcy settlement

October 19, 2007

PITTSBURGH (AP) -- Penguins co-owner Mario Lemieux will get $21 million as
part of the team's settlement of its 1990s bankruptcy, the Pittsburgh Post-
Gazette reported Friday.

Lemieux was owed $32 million in deferred compensation when he retired as a
player in 1997. He won't get additional money on the contract and is
believed to be the only unsecured creditor to get less than 100 percent of
money owed.

California businessman Ron Burkle, who shares control of the franchise with
Lemieux, and the other investors who purchased a piece of it when it came
out of bankruptcy in 1999, will be given varying percentages of their
original outlay as part of the refinancing. The distribution of money comes
with a stipulation that if the team experiences major financial problems,
the investors must put their money back into the franchise. The refinancing
won't not affect the ownership structure of the team.

Lemieux couldn't immediately be reached for comment. Team spokesman Tom
McMillan declined to discuss the settlement and refinancing.