The Flyers' 40th year anniversary season turned out to be the worst in franchise history. Having lost Michal Handzus in a trade with Chicago, Kim Johnsson to free agency and Eric Desjardins and team captain Keith Primeau to retirement in the off-season, the Flyers found themselves without many leaders to guide the team. Peter Forsberg replaced Primeau as team captain, but a chronic foot injury had him in and out of the lineup throughout the season and limited his effectiveness. Eight games into the regular season and with a record of 1-6-1, General Manager Bob Clarke resigned and head coach Ken Hitchcock was fired. Assistant coach John Stevens replaced Hitchcock and assistant general manager Paul Holmgren took on Clarke's responsibilities on an interim basis. The changes did little to improve the Flyers fortunes in 2006-07 as setting franchise records for futility became the norm. They had several multiple-game losing streaks including a franchise worst 10-game losing streak and a 12-game home losing streak that stretched from November 29 to February 10. Ultimately, the Flyers finished with a 22-48-12 record, the most losses in franchise history and the worst record in the league. They also set the NHL record for the biggest points drop off in the standings in a one-year span (101 points in 2005-06 to 56 points in 2006-07, a difference of 45 points). With the team clearly on the verge of missing the playoffs for the first time in 13 years, Holmgren set his sights on rebuilding the team and preparing for the future. Forsberg, unwilling to commit to playing next season, was traded to Nashville for Scottie Upshall, Ryan Parent, and 2007 1st and 3rd-round draft picks. Veteran defenseman Alexei Zhitnik was traded to the Atlanta Thrashers for prospect defenseman Braydon Coburn and disappointing off-season acquisition Kyle Calder was sent to the Detroit Red Wings via Chicago in exchange for defenseman Lasse Kukkonen. The Flyers also acquired goaltender Martin Biron from the Buffalo Sabres for a 2007 2nd-round pick. Given wide praise for his efforts, the Flyers gave Holmgren a two-year contract and removed the interim label from his title. In the off-season, the Flyers made a June 18th trade which sent the first round draft pick they had acquired in the Forsberg trade back to Nashville for the rights to negotiate with impending unrestricted free agents Kimmo Timonen and Scott Hartnell. Both were signed to six-year contracts. After much speculation as to whether the Flyers would trade the 2nd overall pick in the 2007 NHL Entry Draft, the Flyers stayed put and selected New Jersey native James vanRiemsdyk. The Flyers wasted no time in addressing their free agent needs. On July 1, the Flyers signed Buffalo co-captain Daniel Briere to an 8-year, $52 million contract. Continuing to revamp their defensive core, Joni Pitkanen and Geoff Sanderson were traded to Edmonton for Oilers captain Jason Smith and Joffrey Lupul. On October 1, 2007, Smith was named captain, while Simon Gagne and Mike Richards both received the alternate captain designations.