Part of Kings’ Complaint Gets Withdrawn : NHL: Bankruptcy trustee decides not to block proposed financing.

Recognizing that the Kings desperately need an infusion of $10.5 million, Bruce McNall’s bankruptcy trustee withdrew his request Monday for a restraining order against the proposed financing from Colorado billionaire Philip F. Anschutz and developer Edward P. Roski Jr.

R. Todd Neilson, the trustee who controls 28% of the team through L.A. Kings, Ltd., did not withdraw a suit that seeks to have last year’s sale of the team voided.

“The underlying complaint is still alive and well,” said U.S. Bankruptcy Court Judge Lisa Hill Fenning.

In another development, a second offer for the team was submitted by an investment group headed by Harry Ornest, Hollywood Park’s vice chairman. Ornest, former owner of the St. Louis Blues and Toronto Argonauts of the Canadian Football League, is believed to have made a cash offer of $50 million for 100% of the team as well as to assume the Bank of America obligation.

Ornest confirmed he made the offer on Monday but declined additional comment.

“I’m sure it will be considered,” said Neilson’s lawyer Leonard Gumport.

Said King co-owner and chairman Joseph Cohen: “Everybody will be happy to look at it. But the Majestic-Anschutz people have been looking at this since December. They were thrown off the track once already and still came through. [Today] they satisfied BofA and a lot of people. [The Ornest] offer is the beginning of a conversation and nowhere near the end of a conversation.”

For the Kings’ immediate future, all parties agree the assistance from Anschutz and Roski--a move subject to NHL approval--will help stabilize the cash-starved team. Cohen said the organization will begin issuing playoff ticket refunds and accelerate its search for a new coach.

Former Calgary Coach Dave King was told he would be interviewed after the situation had stabilized. And King President Rogie Vachon, who was at the hearing, said there had been contact with Pierre Page, who was once the general manager and coach in Quebec.

Almost all activity in the Kings’ operations had come to a halt during this round of litigation. The $10.5 million gives the Majestic-Anschutz group less than one percent ownership of the Kings. Bank of America loaned Majestic-Anschutz $10 million.

Monday’s transaction, however, makes the group one of the team’s three shareholders--along with Cohen and co-owner Jeffrey Sudikoff and the trustee. Every shareholder has the right to match any offer, Cohen said, but that the shareholders agreement prevents a sale of the team until Jan. 31, 1996 unless all parties agree.

“It helps the asset,” said Richard L. Wynne, McNall’s bankruptcy lawyer. “It’s like Joe and Jeffrey putting in money [before] they bought it. They want to buy it in better shape than it is.”

Gumport said in court that Sudikoff and Cohen created a “self-induced emergency,” by failing to live up to an agreement to put $20 million into the franchise.

Bennett L. Silverman, a lawyer for Sudikoff and Cohn, told Judge Fenning that the parties had come to agreement on every issue except one.

“Mr. Neilson has never disputed that this company needs the money,” Gumport said. “But his view is what the company now has is a $10-million mortgage when it should have had $20 million in equity capital.”