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http://www.usatoday....cy_N.htm?csp=34
This post has been edited by BigSlick: 25 May 2010 - 12:02 PM
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Texas Rangers file for bankruptcy
Could ARod lose some of the $25 mil they still owe him?
#1
BigSlick
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Posted 25 May 2010 - 12:01 PM
This has previously happened to both the Cubs and Orioles with no real effect on the game. There is a potential, but unlikely, effect on those they have unsecured debt with, like former players with blue lips.
http://www.usatoday....cy_N.htm?csp=34
http://www.usatoday....cy_N.htm?csp=34
MultiQuote
#4
BigSlick
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Posted 25 May 2010 - 08:45 PM
Renton, on 25 May 2010 - 06:56 PM, said:
How do they still owe Mickey Tettleton money?
You never can tell with the way contracts are written. If I remember correctly, the Mets are paying Bobby Bonilla through 2025.
#5
rominer
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Posted 25 May 2010 - 08:54 PM
BigSlick, on 25 May 2010 - 08:45 PM, said:
You never can tell with the way contracts are written. If I remember correctly, the Mets are paying Bobby Bonilla through 2025.
Right, but that's Bobby Bonilla.
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roidrage
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Posted 25 May 2010 - 09:18 PM
BigSlick, on 25 May 2010 - 08:45 PM, said:
You never can tell with the way contracts are written. If I remember correctly, the Mets are paying Bobby Bonilla through 2025.
2035, actually. Bonilla will be 73 years old. Tettleton could not possibly have done less with the Rangers than Bonilla did with the Mets.
For that contract alone, I love Steve Phillips.
#9
Edmund Dantes
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Posted 26 May 2010 - 08:20 AM
Don't worry about ARod and others. Part of the structured bankruptcy is that the actual Rangers and Ballpark are unaffected. They will still get their money under the pre-packaged bankrupcty. Hicks is basically using this to get the HSG holding company debts wiped out, sell the team, and use the proceeds to partially pay off the creditors with out being forced into sell to whoever at whatever price. Plus one of the creditors that gets paid off just so happens to be a group that Hicks also owns (the property around the stadium).
It's partially why the other debt holders are not at all happy with how much they are getting paid. I'm guessing they figure that Hicks shouldn't get to clear his debts for HSG while also pocketing $75 million himself.
On another note, it's still bizarre to me that MLB is able to get away with consistently selling their Teams to groups pre-approved by Selig and his cronies even when the winning bids are much lower than from other groups. I guess it's the beauty of anti-trust immunity and other partnership rules.
It's partially why the other debt holders are not at all happy with how much they are getting paid. I'm guessing they figure that Hicks shouldn't get to clear his debts for HSG while also pocketing $75 million himself.
On another note, it's still bizarre to me that MLB is able to get away with consistently selling their Teams to groups pre-approved by Selig and his cronies even when the winning bids are much lower than from other groups. I guess it's the beauty of anti-trust immunity and other partnership rules.
This post has been edited by Edmund Dantes: 26 May 2010 - 08:21 AM
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