A Delaware bankruptcy judge held that the Los Angeles Dodgers owner Frank McCourt must negotiate with MLB over the terms of a loan, citing the more favorable terms of the deal. McCourt had arranged $150 million in Debtor-in-Possession (DIP) financing from a JP Morgan hedge fund, Highbridge Capital, under some pretty onerous terms — 10+% interest, […]
Tag Archives | bankruptcy
Dodgers: Selig was unfair toward team ownership
In a signal that Frank McCourt’s lawyers are planning on playing hardball during bankruptcy proceedings, they’re asking Major League Baseball to hand over a raft of documents about how Commissioner Bud Selig has treated other teams during troubled financial times — information MLB lawyers will surely fight to keep private. McCourt’s attorneys are obviously attempting […]
McCourt files for bankruptcy on Dodgers, Dodger Stadium
Frank McCourt has filed for Chapter 11 bankruptcy protection this morning for the Los Angeles Dodgers, Dodger Stadium and three related holding companies in an attempt to keep control of the team in the face of a potential takeover from Major League Baseball. Chapter 11 bankruptcy provides corporations protection as they attempt to restructure their […]
Cocoa Expo poised for return to business
Cocoa Expo, the former spring-training home of the Houston Colt .45s/Astros and regular-season home of the Cocoa Astros (High Class A; Florida State League), could reopen after a new owner rescues it from bankruptcy. The facility, which in recent years has served as a youth-baseball facility and eyed as the potential home of a summer-collegiate […]
Could Rays declare bankruptcy to escape Trop lease?
Though there’s been no indication by the Tampa Bay Rays ownership that bankruptcy is an option, the City of St. Petersburg is wary enough of the potential lease-ending legal move that it’s looking at hiring bankruptcy counsel to counter any possible action by the team. Declaring bankruptcy to avoid a lease isn’t exactly unknown in […]
Greenberg, Ryan land Rangers — will ballpark changes be in the offing?
The U.S. Bankruptcy Court overseeing the sale of the Texas Rangers by Hicks Sports Group ended up almost exactly where it began: with Chuck Greenberg and Nolan Ryan controlling the team, the winners of a bidding process forced by Tom Hicks’ creditors. We’re not going to get into the specifics here — they ended up […]