Elkin B. McCallum made his fortune producing fabrics for the US automotive industry. He, George D. Behrakis and Gilbert G. Campbell were awarded an AHL expansion franchise in 1996. The franchise was named the Lowell Lock Monsters. It was slated to hit the ice in 1997-1998, but, without a suitable arena, this was postponed to 1998-1999.

Not a success on ice, nor off the ice, McCallum sold the franchise to the owners of the , New Jersey Devils, Mike Gilfillan, Peter Simon and Jeff Vanderbeek. He remained a minority owner with a 20 percent stake in the franchise that was renamed after its NHL parent in the process. Behrakis and Campbell had sold their stakes in the franchise to him in 2002.