blank'/> Liberally Lean From The Land Of Dairy Queen: Rangers Sale Going Through?

5.24.2010

Rangers Sale Going Through?

Not that anyone cares that much, but the Rangers are about to do some strange voluntary bankruptcy which will allow Tom Hicks creditors to be paid (I think. Edit: Someone is going to get ripped off.) There is a press conference at 1:00 or so and someone has already used the line, "Prepare for your eyes to glaze over."
But the Morning News did post the above factoid a second ago which is pretty amazing.
Edit: These boys think A-Rod will on see pennies on the dollar as an unsecured creditor.
Edit: Disregard that. As a commenter pointed out, the Player's Union is too strong to let that happen. The new buyers had agreed to payout any player's deferred money. Bottom line: Some creditors are getting screwed if this goes through. Tom Hicks should be ashamed. Woefully ashamed.

7 comments:

HHL said...

yeah, when I heard "voluntary bankruptcy" I knew they were planning to screw someone. makes sense that it would be a-rod.

but i doubt they have run this plan by anyone at the player's union. because those folks are going to land on someone's head like a ton of bricks over this. if hicks thought he had been getting raked over the coals before, just wait until the MLBPA gets ahold of this -- they will make monarch capital look like girl scouts trying to collect on an unpaid cookie order.

Anonymous said...

Yet another Bush bankruptcy!

Anonymous said...

Could not have happened to nicer fellow..........

Anonymous said...

And Bush caused the oil spill, Tennessee floods and Oklahoma tornadoes.

wordkyle said...

A-Rod should go to the front of the list. Ever since the Obama administration put unsecured debt (United Auto Workers) ahead of secured debt (lenders and bondholders) in the Chrysler bankruptcy, the old rules are thrown out. Each judge can now do what he personally thinks is "fair," without regard to legality or precedent. Obama made this a nation of men, and not of laws.

Anonymous said...

Those boys are not paying attention.
The key is that the rangers have 75 mil owed to creditors. This bankruptcy has that entire 75 mil paid. They mentioned something like a clean bankruptcy.. meaning there aren't any normal bankruptcy strings because everyone is getting paid 100%. All this bankruptcy does is protect the rangers from the Hicks Sports Group and separates them from the 525 mil that Hicks owes. The creditors don't want that because the Rangers are the most valuable asset in the group.. Hicks - about a month ago- decided to do whatever he needed to do to get the sale done so that MLB didn't take control of the team and thus screw him in the process.

Goober said...

I am surprized anyone would expect anything less than this convoluted, screwed up mess from an arrogant money-hungry UT graduate. (And the agg's are o better)