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, […]
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MLB: McCourt not acting in best interests of Dodgers
Frank McCourt is pushing for bankruptcy court to approve an onerous hedge-fund financing plan instead of a lower-interest loan from Major League Baseball because he’d personally be on the hook for fees, according to papers filed yesterday. The battle between McCourt and Major league Baseball is getting intense and nasty, as the pair are fighting […]
Bankruptcy court denies Dodgers document request — for now
Delaware bankruptcy Judge Kevin Gross denied a request by Los Angeles Dodgers attorneys to have Major League Baseball produce a wide-ranging set of documents designed to show Bud Selig treated Frank McCourt differently than other MLB owners. Not a complete surprise. The Los Angeles Dodgers are seeing bankruptcy protection and have arranged $150 million in […]
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 […]