<div class="quote_poster">Quote:</div><div class="quote_post">Here we go again. The bitter battle within the Hawks and Thrashers ownership group appeared to end in August, when Steve Belkin agreed to sell his stake in the teams to his partners. But now the feuding owners are back in court, this time battling over terms of their still-pending divorce. Belkin, who took his partners to court in Massachusetts during the summer, has filed a new lawsuit against them in Maryland, alleging "a concerted campaign . . . to pay him substantially less than fair market value" for his stake in the teams. The August agreement called for the price of Belkin's 30 percent interest to be determined by a series of independent appraisals. The new lawsuit centers on a dispute over those appraisals and contends that Belkin should have the right to buy a controlling interest in the teams, rather than to sell, if his co-owners don't complete the buyout by mid-February. Asked Friday if there is a chance Belkin could wind up buying out his partners, rather than vice versa, co-owner Michael Gearon Jr. said: "There is no chance, period." Belkin responded to requests for comment with an e-mail: "Sorry, but I am not giving any comments at this time about the lawsuit." The co-owners named as defendants in the suit --- Bruce Levenson, Ed Peskowitz, Gearon and Rutherford Seydel --- have not yet submitted their answer to the latest legal salvo, which was filed this week in Montgomery County Circuit Court in Rockville, Md. The case has been assigned to Judge Eric Johnson, who held a conference with lawyers in his chambers on Friday. A hearing is scheduled for Feb. 24. "We do not think it appropriate to respond in the media to Steve Belkin's version of events as characterized in his latest legal action," Levenson said. "We will file an answer and are confident justice will be served in the court in Maryland, just as it was ultimately served in a Boston courtroom in August." In that highly publicized case, a judge ultimately allowed Belkin's partners to replace him as the Hawks' NBA governor, clearing the way for a controversial trade that Belkin had opposed for guard Joe Johnson. Belkin then agreed to sell his stake in the teams to his partners for a price to be set by up to three appraisals. Belkin's new lawsuit contends the first appraisal --- conducted by a firm of his choosing, The Citigroup Private Bank, and completed on Nov. 23 --- was "grossly undervalued" because of interference by his co-owners. The lawsuit claims Levenson, Peskowitz and Gearon "threatened and harassed" the bank and provided "false and misleading information." After objecting to the first appraisal, Belkin retained J.P. Morgan Securities to perform a second appraisal, which was completed Dec. 17, according to the lawsuit. His partners refuse to recognize this apparently higher appraisal, contending they, not Belkin, were entitled to select the second appraiser. Under the August agreement, if the first two appraisals did not lead to an agreement on price, a third appraisal was to be conducted by an investment bank chosen in a drawing by the NBA. Belkin's lawsuit contends the deadline for hiring a third appraiser passed on Dec. 30 and that the Dec. 17 appraisal should stand. The court documents do not disclose the value put on the franchises and Philips Arena operating rights by either appraisal. However, Belkin's most recent court filing discloses that he estimated the value of the three assets at $500 million in August. When Time Warner sold the teams and arena rights in 2003, it valued the deal at $250 million</div> Source
