TSN reports that:

In the 21-page document he [Judge Baum] said the court didn't believe there was enough time to resolve all the various issues before the sale of the insolvent team to Balsillie for US$212.5 million that was due to close June 29.

If this is the critical point on which his judgment is based, it basically settles nothing relative to legal precedent around these types of maneuvers. More to follow as details develop!