The sad spiral of the San Angelo Colts (independent; United League Baseball) continues, as Texas Attorney General Ken Paxton asked for and was granted a shift of the team’s bankruptcy filings from reorganization to liquidation. (more…)
Tag Archives | bankruptcy
Colts bankruptcy opposed by court trustee
A bankruptcy filing by the owners of the San Angelo Colts (independent; United Baseball League) is opposed by the court-appointed trustee, who says the team has not met legal conditions for approval. (more…)
Mired in bankruptcy, Colts will end home season early
Operating under bankruptcy protection, the San Angelo Colts (independent; United League Baseball) will end its home season this Friday and switch eight remaining games to other ULB venues. The move, as well as recent court decisions, put the future of the team in doubt. 1st Community Federal Credit Union of San Angelo, a lienholder on […]
San Angelo Colts file for bankruptcy protection against creditors
The San Angelo Colts (independent; United League Baseball) filed for Chapter 11 bankruptcy protection Tuesday, preventing a bank from foreclosing on the Foster Field mortgage. 1st Community Federal Credit Union had initiated foreclosure on Foster Field, with the team missing payments on a $384,000 mortgage. The ballpark was privately financed 14 years ago. From the […]
Canseco signs with Rio Grande, misses first game
Just days after declaring bankruptcy, Jose Canseco signed a contract with the Rio Grande Valley WhiteWings (independent; North American League) — and promptly missed his scheduled debut. Canseco, who parted ways with the Worcester Tornadoes (independent; Can-Am League) earlier this season after just 20 games, was scheduled to make his WhiteWings 2012 debut Saturday night […]
Jose Canseco files for bankruptcy
Jose Canseco, the flamboyant baseball star who started the season with the Worcester Tornadoes (independent; Can-Am League), has filed for Chapter 7 bankruptcy. Canseco filed yesterday in Las Vegas. The filing listed $20,850 in assets and $1.686 million in liabilities, including $506,000 owed to the IRS. Canseco, still listed on the Tornadoes roster as an inactive […]
Kasten, Johnson group to buy Dodgers, Dodger Stadium for $2 billion
In a stunning financial transaction, an investment group led by Earvin Johnson and Stan Kasten, funded by Guggenheim Partners, have agreed to buy the Los Angeles Dodgers and Dodger Stadium for $2 billion. The deal was finalized just hours after Major League Baseball owners approved three potential buyers of the team and the storied ballpark. […]
Torre quits MLB post to pursue Dodgers
You can add Joe Torre’s name to a list of Los Angeles Dodgers suitors, as he joins Rick Caruso in one of the 16 groups seeking to buy the troubled franchise and Dodger Stadium. Formerly manager of the Dodgers. Torre had been MLB’s Executive Vice President for Baseball Operations since last February, overseeing things like […]
O’Malley: I want to bring the Dodgers home
Peter O’Malley has informed MLB Commissioner Bud Selig about his intent to form an investment group to bid on the Los Angeles Dodgers, Dodger Stadium, and related entities. Late last night Frank McCourt and MLB reached an agreement for the team and its related companies to be sold at auction, with a sale overseen by […]
McCourt looted $189 million from Dodgers: MLB
Frank McCourt has raided Los Angeles Dodgers and Dodger Stadium financial coffers improperly to the tune of $189.16 million, according to MLB attorneys, in anticipation of bankruptcy-court proceedings next week. The battle lines are emerging in the Delaware bankruptcy proceedings: MLB attorneys say McCourt isn’t fit to run and own the team; Fox opposes McCourt’s […]
Dodgers lower season-ducat costs for 2012
The Los Angeles Dodgers, operating under a cloud as owner Frank McCourt and MLB fight it out in court, go on the offensive by lowering season-ticket pricing for 2012. That 2011 was a very miserable year for one of baseball’s flagship franchises is an understatement: announced attendance was down some 18 percent, to 36,236 per […]
Jamie to Frank: The Dodgers are yours
Perhaps sensing this is the best way to get some cash out of her divorce to Frank McCourt, Jamie McCourt has agreed to let him keep the Los Angeles Dodgers and Dodger Stadium as part of a settlement and will support his effort to sell the team’s media rights. The McCourts have been embroiled in […]
Weirdness bubbles to surface in Dodgers bankruptcy
A lawyer representing five Los Angeles Dodgers season-ticket holders — including the Frank Sinatra estate — is asking a Delaware bankruptcy court to force the team to pay for her representation of fans in the court proceedings. The Sinatra heirs control eight primo season tickets at Dodger Stadium. Bankruptcy attorney Robbin L. Itkin is asking […]