Found July 27, 2012 on The 6th Sens:
PLAYERS: Bobby Butler
TEAMS: Ottawa Senators
The noon deadline has passed and Bobby Butler has gone unclaimed after the Senators put him on waivers. Having cleared, the next step for the Senators to rid themselves of Butler's contract is to buy him out. (Update: And as I was writing the final paragraph of the post, the Senators have officially announced that they have bought him out.) In the second year of a contract that would have paid him $1.2 million this season, because Butler is younger than 26 years of age, the Senators can buy him out at one-third of his contract value. Such a buyout would be spread out over the course of the 2012/13 and 2013/14 seasons.The Senators will pay Butler $200,000 in real money but according to Capgeek, the cap hit on a potential Butler buyout will be $50,000 in the first year of the deal and $200,000 in the second. (Note: Steve Lloyd has reported that the Butler's cap hit will actually be $75,000 in the first year of his deal and I'm not sure what accounts for the discrepancy. No...
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Breaking: Bobby Butler Placed On Waivers

Although Twitter is experiencing some technical difficulities today, Bruce Garrioch's technological aptitude has somehow permitted him to tweet the following: Bobby Butler has been placed on waivers _ likely for purpose of a buyout. #Sens — Bruce Garrioch (@SunGarrioch) July 26, 2012 Butler's future with the Senators organization became clouded once Kaspars Daugavins...
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