Tuesday, August 16, 2011

Former Texas Rangers owner sued for stealing from team

Tom Hicks
((ht: star-telegram.com))

Interesting. According to a lawsuit filed Monday in the Dallas area, the former owner of the Texas Rangers, Tom Hicks, is being sued by the team's post-bankruptcy administrator.

According to a story in the Fort Worth Star-Telegram, the suit charges Hicks with misdirecting at least $30.5 million from the team to Hicks's real-estate business.

This all has something to do with Hicks purchasing parking lots next to his former team's stadium in Arlington and a lot next to Cowboys stadium. That purchase apparently caused the team to not pay some deferred compensation for players, which they are required to do.

It's a bit confusing, so read the original story RIGHT HERE

For his part, Hicks denies the charges and says they look forward to challenging the allegations in court. ((Note- We are guessing that's the lawyers talking. Right or wrong, they make money if this gets to a courtroom))

As many of you know, Hicks has had some money issues and those problems forced the Rangers into bankruptcy just over a year ago. The team was bought at a bankruptcy auction, which apparently took care of most of his debts.

Strange but true, stories like this never end well. And really, it is just a chance for rich people and rich lawyers to make even more money off of each other.

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