I don't know what will happen in regards to Hendry getting an extension, but there is talk they are looking to get something done. I assume their is a possibility the ownership change could put a hold on this, but this is what I would do:
I would give Hendry an extension through 2010 (which would match Piniella). There are some signs that the long/poor track record of position player development could be improving and I think you need to give this group a couple more years to show that is indeed the case. My other thought is this; the core of this team has a window that is about 2 years long to get something done. Lee, Soriano and Ramirez are your big position player contracts and between the three, Lee and Soriano are probably on the downhill side of their careers and Ramirez will be there as well by 2010. If they don't win by that time and have not had a couple of young guys come up that are performers, you may very well to be in a position where the club is not going to be a playoff competitor, without continuing to spend an enourmous amount of money.
Hendry has had his fingers on the farm system since 94, and for this team to be a legit playoff contender for years to come, you can't keep going to the FA and trade route to get it done. If things aren't looking good by the end of 2010, the new owner would have to go in a different direction.