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Old 05-01-2007, 01:13 AM   #1
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Default Steelers PSL's - BK public auction.


By John Harris
Tuesday, May 1, 2007

Let the bidding begin.

Steelers personal seat licenses rarely are available to the public through conventional methods since Heinz Field opened in 2001. And it's been extremely difficult to acquire them even through unconventional methods.

Until now.

At approximately 1:30 p.m. May 8 in Courtroom B of the U.S. Bankruptcy Court for the Western District of Pennsylvania, located on the 54th floor of the U.S. Steel Tower in downtown Pittsburgh, six Steelers personal seat licenses will be made available to the public in an auction.

The opening bid for each PSL is -- hold your breath -- $4,000.

According to Robert Slone, a trustee for the bankruptcy court that has handled bankruptcy cases in Westmoreland, Fayette and Armstrong counties for nearly three decades, it's the first time in his approximately 18,000 cases that a personal seat license has been listed as personal property.

In this unusual instance, Slone said, six PSL's in two separate Chapter 7 bankruptcies filed in January 2007 were listed as such.

Jeffrey Sikirica, a bankruptcy trustee who works cases in Allegheny County, said he's never seen a single Steelers PSL listed in the approximately 7,000 cases that he's handled.

"This is an unusual asset being sold," Sikirica said.

The PSLs will be auctioned off individually to raise money to satisfy creditors, Slone said.

"I represent the creditors," Slone said. "My job is to get as much money as I can, so the creditors can get paid. Those licenses are part of the bankruptcy. As trustee, it's my duty to liquidate the assets and disperse that money to the creditors."

One of the bankruptcies has four PSLs, Slone said. The other has two.

The four PSLs in one bankruptcy are located in section 514, row Y, seats 13-16. Each of those seats are $60 per game in 2007. The other two PSLs are located in section 114, row H, seats 14-15. Each of those seats are $70 per game next season.

In bankruptcy cases, certain personal items such as furniture and clothing can be exempted. But because the individuals in these two cases didn't have enough exemptions, the licenses have to be sold, Slone said.

A Steelers PSL gives the owner the right to buy a season ticket for a single seat at Heinz Field, which sells out every game. The owner can keep the license into perpetuity, will it to family members or sell it.

If the owner doesn't sell the license and does not renew the season ticket, the owner forfeits the license back to the team. The Steelers had no comment about the PSLs being sold at auction.

Given the Steelers' overwhelming popularity, PSLs don't become available often. Team spokesperson Dave Lockett said the waiting list, rumored to be in the thousands, is "extremely long."

"I think once before we had some Steelers season tickets to sell when the team played at Three Rivers Stadium," Slone said. "The licenses are just since the beginning of Heinz Field."

Slone, who advertised the PSL's in a local newspaper, said he set the opening bid at $4,000 after receiving an offer for that amount.

Upon receiving the offer, Slone filed a motion to sell, which resulted in the May 8 hearing.

"I have a first bid where somebody actually gave me that offer," Slone said. "They called on the phone, and I said if you're interested, just mail me a written offer. I didn't give them a price. I told them if they looked on eBay, there were some sales from $3,000-$6,000, depending on where the seats were located."

Four Steelers PSLs in section 127, row W, seats 9-12 are being offered on eBay for $44,900.

"If no one else shows up (May 8), they'll get it for $4,000," Slone said. "If other people are there, it will be like an auction. It will go back and forth until the highest bid is made.

"Those licenses are special because if you buy them, you own them. You can sell them to anybody, for any amount."
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Old 05-01-2007, 01:40 AM   #2
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Default Re: Steelers PSL's - BK public auction.

Yeah I saw that....

they are going to go for a lOT of money I think!!
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