It appears that Frank McCourt may be out of his mess with the LA Dodgers...
The founder of the LA Marathon, Bill Burke, along with some Chinese investors, apparently have offered $1.2B for the Dodgers, all associated real estate, and media deals...
The whole f'n show...
The deal is all cash and will be on the table for three weeks. No word on whether or not either Frank or Jamie McCourt has received any correspondence from Burke or any of Burke's representatives.
More when we know more...
But, as a flashback, here's McCourt taking on MLB
((HT: MyFoxLA))
Showing posts with label US Bankruptcy Court. Show all posts
Showing posts with label US Bankruptcy Court. Show all posts
Thursday, September 1, 2011
Friday, July 22, 2011
DEVELOPING: Judge Rejects Dodgers Bankruptcy Plan
A Delaware judge has rejected the Dodgers proposed $150 million bankruptcy financing plan. The judge issued his eight-page decision which will, probably, mean the MLB plan could be the next step in the process.
The team had sought approval of its proposed arrangement with hedge fund Highbridge Capital, but the league's idea had better financing.
The Dodgers rejected MLB's offer thinking and proposing Commissioner Bud Selig was going to take over the team and force a sale to someone not linked directly to Frank McCourt.
More when we know more...
The team had sought approval of its proposed arrangement with hedge fund Highbridge Capital, but the league's idea had better financing.
The Dodgers rejected MLB's offer thinking and proposing Commissioner Bud Selig was going to take over the team and force a sale to someone not linked directly to Frank McCourt.
More when we know more...
Wednesday, July 20, 2011
DEVELOPING: Dodgers Bankruptcy Hearing Underway
((HT: MyFoxLA.com/KTTV))
The Los Angeles Dodgers' proposed $150 million bankruptcy financing plan is now being debated in a Delaware court.
The Dodgers' list of creditors withdrew their initial objection to the team's ideas of getting their money from a hedge fund at a ridiculous interest rate... something like 20-percent to start, but after MLB squawked, it was tweaked.
Major League Baseball and Commissioner Bud Selig still object to the plan.
The Dodgers say the league's offer is simply an attempt to take control of the team. A Dodger attorney told the judge Thursday that he will explain to the court why the team should not be forced to do "a deal with the devil."
Phil Shuman goes over the particulars...
The HQ thinks that once the Dodgers screw things up once and for all, they'll use the "best interest of baseball" clause to pull it out from under him.
As well they should...
The Los Angeles Dodgers' proposed $150 million bankruptcy financing plan is now being debated in a Delaware court.
The Dodgers' list of creditors withdrew their initial objection to the team's ideas of getting their money from a hedge fund at a ridiculous interest rate... something like 20-percent to start, but after MLB squawked, it was tweaked.
Major League Baseball and Commissioner Bud Selig still object to the plan.
The Dodgers say the league's offer is simply an attempt to take control of the team. A Dodger attorney told the judge Thursday that he will explain to the court why the team should not be forced to do "a deal with the devil."
Phil Shuman goes over the particulars...
Dodgers Bankruptcy Hearing Underway: MyFoxLA.com
The HQ thinks that once the Dodgers screw things up once and for all, they'll use the "best interest of baseball" clause to pull it out from under him.
As well they should...
Saturday, July 2, 2011
Ex-Dawg Coach Donnan Files For Bankruptcy
((HT: AJC.com/Stevens))
Former University of Georgia head football coach Jim Donnan has had to file for Chapter 11 bankruptcy protection citing $10-million in debts with $8.25-million to one creditor alone who themselves filed for bankruptcy last spring.
Alexis Stevens and the AJC have found in court documents that the bulk of that debt is connected with GLC Limited. GLC, in their February documents, claim almost 600 creditors ranging from individuals to businesses themselves centering around the money used to invest in liquidation stores in the Appalachians.
The Ironton Tribune has the details hyah...
The Donnans, apparently, owe the Internal Revenue Service $300,000 for 2010 and also owe four banks over a million dollars. In late June, the Donnans entered credit counseling.
No word on the next court date for the former coach...
Here's a flashback on one of Donnan's signature moments as coach- the win in 2000 over Tennessee in Athens where the student body actually got to take the goalposts down at Sanford Stadium...
((HT: ESPN/SEC/youtube))
Former University of Georgia head football coach Jim Donnan has had to file for Chapter 11 bankruptcy protection citing $10-million in debts with $8.25-million to one creditor alone who themselves filed for bankruptcy last spring.
Alexis Stevens and the AJC have found in court documents that the bulk of that debt is connected with GLC Limited. GLC, in their February documents, claim almost 600 creditors ranging from individuals to businesses themselves centering around the money used to invest in liquidation stores in the Appalachians.
The Ironton Tribune has the details hyah...
The Donnans, apparently, owe the Internal Revenue Service $300,000 for 2010 and also owe four banks over a million dollars. In late June, the Donnans entered credit counseling.
No word on the next court date for the former coach...
Here's a flashback on one of Donnan's signature moments as coach- the win in 2000 over Tennessee in Athens where the student body actually got to take the goalposts down at Sanford Stadium...
((HT: ESPN/SEC/youtube))
Tuesday, June 28, 2011
DEVELOPING: Judge Approves McCourt Financing Plan
A Delaware judge is allowing the LA Dodgers and their owner, Frank McCourt, to go ahead and work with a US$150 million financing arrangement- much to the chagrin and disappointment of Major League Baseball. Attorneys for both MLB and the team agreed the Dodgers could go ahead with this financing in front of a July 20th hearing.
Mainly, so the Dodgers could meet payroll on the 30th...
The agreement includes reducing a proposed exit fee for the lending group from $4.5 million to $250,000, and removing earlier deadlines regarding the sale of broadcast rights- initially taken by Fox Networks that McCourt claimed would answer all creditors, but at the same time, would settle his divorce proceeding with his soon-to-be ex wife, Jaime.
Commissioner Bud Selig didn't like that idea saying it wasn't in the best interest of the sport and just gave the McCourt family more money instead of the Dodgers themselves...
Here's the introduction of the gambit by Phil Shuman in Los Angeles
((HT: KTTV /MyFoxLA))
Between now and the 20th, look for MLB to try and find a way for McCourt to get out in one piece and get the Dodgers brand back where it belongs...
As far away from the carpet-bagger as humanly possible...
Mainly, so the Dodgers could meet payroll on the 30th...
The agreement includes reducing a proposed exit fee for the lending group from $4.5 million to $250,000, and removing earlier deadlines regarding the sale of broadcast rights- initially taken by Fox Networks that McCourt claimed would answer all creditors, but at the same time, would settle his divorce proceeding with his soon-to-be ex wife, Jaime.
Commissioner Bud Selig didn't like that idea saying it wasn't in the best interest of the sport and just gave the McCourt family more money instead of the Dodgers themselves...
Here's the introduction of the gambit by Phil Shuman in Los Angeles
((HT: KTTV /MyFoxLA))
Dodgers File For Bankruptcy Protection: MyFoxLA.com
Between now and the 20th, look for MLB to try and find a way for McCourt to get out in one piece and get the Dodgers brand back where it belongs...
As far away from the carpet-bagger as humanly possible...
Monday, June 13, 2011
BREAKING: Dykstra Pleads Not Guilty...
Naturally...
Lenny Dykstra has pleaded not guilty in the federal case where he's accused of embezzling money from a bankruptcy estate.
Federal prosecutors are charging Dykstra "hid, sold or destroyed" more than $400,000 worth of items from an $18.5 million mansion without permission of a bankruptcy trustee.
He is being held in an LA County jail after California prosecutors filed grand theft auto and drug possession charges against him and two others about a month ago...
All the above breaker really does is give us the excuse to post the "HBO/Real Sports" segment again with Bernie Goldberg...
((HT: TheYoungTurks/HBO Sports))
Lenny Dykstra has pleaded not guilty in the federal case where he's accused of embezzling money from a bankruptcy estate.
Federal prosecutors are charging Dykstra "hid, sold or destroyed" more than $400,000 worth of items from an $18.5 million mansion without permission of a bankruptcy trustee.
He is being held in an LA County jail after California prosecutors filed grand theft auto and drug possession charges against him and two others about a month ago...
All the above breaker really does is give us the excuse to post the "HBO/Real Sports" segment again with Bernie Goldberg...
((HT: TheYoungTurks/HBO Sports))
Wednesday, August 4, 2010
BREAKING: Ryan Outduels Cuban In Offensive Battle; Gets Rangers For $385M
((HT: MyFoxDFW/Fox 4 Dallas))
Two groups are vying for control of the Texas Rangers in a Dallas bankruptcy court: one headed by Dallas Mavericks owner Mark Cuban with Houston businessman Jim Crane as a partner, and the other currently running the team with Nolan Ryan and Chuck Greenberg.
There was talk that FoxSports would be interested in the Rangers and the Dallas Stars, but it didn't materialize by the deadline.
Ryan's team questioned Wednesday morning whether Cuban's bid was qualified. The judge in the case decided it was.
The amount of the Cuban-Crane bid exceeded the Ryan/Greenberg bid by US$25-million, but the folks at MLB are wanting the Ryan/Greenberg bid to be the one they choose.
MLB has even threatened to dissolve the franchise if they don't get their way.
Brandon Todd from MyFoxDFW is in the courtroom, and has released through his Twitter account, that the judge is giving Ryan/Greenberg until 1715 local to figure a counter-bid out...
CBS11 in Dallas did an interview with their bankruptcy attorney on retainer...
((HT: KTVT-TV))
Follow their live blog here...
1820 UPDATE: Ryan/Greenberg is reviewing the Cuban/Crane bid...
1845 UPDATE: Ryan/Greenberg, after reviewing the Cuban/Crane bid, came back with a US$320M bid in cash. Cuban/Crane responded with a US$335M bid. The debtors are in the process of reviewing the proposals until 1915EDT
PM UPDATE: The Chief Restructuring Officer, the judge, and the two parties dickered for most of the evening over the bids. Cuban/Crane even went as far as bumping their bid up another $US20M to US$355M. The Ryan/Greenberg group went on record as saying that the auction process wasn't an auction anymore... as evidenced by this piece that comes from our friends at WFAA-TV in Dallas...
Chris Hawes was outside the courtroom...
0039 EDT UPDATE: The Cuban/Crane bid went up to US$356M cash. Ryan/Greenberg, as the next step, went up to US$365M and want to eliminate the escrow portion of their bid.
0110 UPDATE: The Cuban/Crane bid went up to US$390M while cutting US$12M in escrow. The minimum bid had to be US$388M from Cuban/Crane to continue.
0145 UPDATE: The Cuban/Crane bid gave the team to Rangers' Express (Ryan/Greenberg). There was a standing ovation in the court when this was announced. Ryan/Greenberg get the Rangers for US$385M in cash plus assumed debt in the neighborhood of US$200M.
The courtroom was, somewhat, in shock when the decision to pull the plug was given by Cuban/Crane. Jim Crane did not hang around the courtroom long after the decision was announced. Mark Cuban did hang around the courtroom to answer questions for the Metroplex media. Chuck Greenberg was left to shake hands in the room.
The auction took 15 hours to complete...
More when we know more...
Two groups are vying for control of the Texas Rangers in a Dallas bankruptcy court: one headed by Dallas Mavericks owner Mark Cuban with Houston businessman Jim Crane as a partner, and the other currently running the team with Nolan Ryan and Chuck Greenberg.
There was talk that FoxSports would be interested in the Rangers and the Dallas Stars, but it didn't materialize by the deadline.
Ryan's team questioned Wednesday morning whether Cuban's bid was qualified. The judge in the case decided it was.
The amount of the Cuban-Crane bid exceeded the Ryan/Greenberg bid by US$25-million, but the folks at MLB are wanting the Ryan/Greenberg bid to be the one they choose.
MLB has even threatened to dissolve the franchise if they don't get their way.
Brandon Todd from MyFoxDFW is in the courtroom, and has released through his Twitter account, that the judge is giving Ryan/Greenberg until 1715 local to figure a counter-bid out...
CBS11 in Dallas did an interview with their bankruptcy attorney on retainer...
((HT: KTVT-TV))
Follow their live blog here...
1820 UPDATE: Ryan/Greenberg is reviewing the Cuban/Crane bid...
1845 UPDATE: Ryan/Greenberg, after reviewing the Cuban/Crane bid, came back with a US$320M bid in cash. Cuban/Crane responded with a US$335M bid. The debtors are in the process of reviewing the proposals until 1915EDT
PM UPDATE: The Chief Restructuring Officer, the judge, and the two parties dickered for most of the evening over the bids. Cuban/Crane even went as far as bumping their bid up another $US20M to US$355M. The Ryan/Greenberg group went on record as saying that the auction process wasn't an auction anymore... as evidenced by this piece that comes from our friends at WFAA-TV in Dallas...
Chris Hawes was outside the courtroom...
0039 EDT UPDATE: The Cuban/Crane bid went up to US$356M cash. Ryan/Greenberg, as the next step, went up to US$365M and want to eliminate the escrow portion of their bid.
0110 UPDATE: The Cuban/Crane bid went up to US$390M while cutting US$12M in escrow. The minimum bid had to be US$388M from Cuban/Crane to continue.
0145 UPDATE: The Cuban/Crane bid gave the team to Rangers' Express (Ryan/Greenberg). There was a standing ovation in the court when this was announced. Ryan/Greenberg get the Rangers for US$385M in cash plus assumed debt in the neighborhood of US$200M.
The courtroom was, somewhat, in shock when the decision to pull the plug was given by Cuban/Crane. Jim Crane did not hang around the courtroom long after the decision was announced. Mark Cuban did hang around the courtroom to answer questions for the Metroplex media. Chuck Greenberg was left to shake hands in the room.
The auction took 15 hours to complete...
More when we know more...
Monday, July 19, 2010
Selig Would Rather Terminate Rangers Than Get Higher Sale Bid
((HT: NYTimes- Sandomir, Belson))
The HQ thinks this is a dangerous game that Major League Baseball is playing with the courts these days where the sale of the Texas Rangers is concerned.
We all know Tom Hicks was hemorrhaging money and wanted to sell. His losses in the soccer world in Liverpool and with the Dallas Stars forced him, like any other smart businessman, to want to restructure his debt load...
Of US$525-million... after he defaulted on those loans...
Here was the story at the time of the default, thanks to our friends at MyFoxDFW
James Rose was outside for the story in April...
So, then the Rangers go up for auction... and the team files for bankruptcy protection back in May.
The group led by Nolan Ryan and Chuck Greenberg agree to a purchase price not once, but twice, and the plan for Hicks was to make sure that his liability was capped at $75-million dollars. That idea, in June, surely, annoyed all Hicks' creditors who feel they're owed closer to US$450-million.
Major League Baseball went even as far as to float a US$40-million loan so the team could make its 2010 expenses- which include paying Cliff Lee.
The whole process is now heading for an August 4th auction, and Mavericks owner Mark Cuban is seen as a possible competitor for Ryan/Greenberg, who have sued Hicks for negotiating behind their back for a better bid.
MyFoxDFW caught up with Dallas attorney Clint David...
And now JP Morgan has jumped in to sue the team for transferring its lease- a violation of loan agreements.
There is a better bid on the table, fully financed, from Houston businessman Jim Crane, but Selig wants nothing to do with the Crane dollars.
And the Commissioner has made it publicly clear he wants the Ryan/Greenberg group and no one else... How far...???
Get this, from the New York Times article:
Selig has blocked Hicks from seeking higher bids, and he has threatened to invoke the “best interests of baseball” clause to accelerate the sale. When Hicks voiced doubts in April about whether lenders would approve the Ryan-Greenberg offer, baseball officials issued a statement later that day affirming that it was running the sale and that Selig would deal “appropriately” with interference from Hicks or anyone else.
One of Selig’s lawyers vowed profanely in a conference call that if the judge did not approve the team’s prepackaged bankruptcy plan, which would have sped approval of the Greenberg-Ryan bid, M.L.B. would terminate the franchise, according to a person on the call.
Selig thinks that he can choose the owners- regardless of financial status or solvency... and ignore the court system...???
What do you think the US Government has to say about that idea...???
Just axin'...
TUESDAY UPDATE: A court-appointed official says the August 4th auction should be delayed.
The restructuring officer, William K. Snyder, testified that potential buyers probably wouldn't be able to secure financing by that time. Interested bidders have to come up with at least $500 million.
Snyder suggested that a mediator pick the date after talking to all potential bidders.
The bidding procedures set the Greenberg-Ryan group's offer as the opening bid, but their financing guarantee is set to expire August 12th.
So, if the auction is set past the 12th, Ryan/Greenberg may be out on their ass. That could set in motion the Selig gambit mentioned above, a messy court battle with Hicks' creditors, and a messy court battle with the winner of the auction.
Or Choice D) All of the above...
The HQ thinks this is a dangerous game that Major League Baseball is playing with the courts these days where the sale of the Texas Rangers is concerned.
We all know Tom Hicks was hemorrhaging money and wanted to sell. His losses in the soccer world in Liverpool and with the Dallas Stars forced him, like any other smart businessman, to want to restructure his debt load...
Of US$525-million... after he defaulted on those loans...
Here was the story at the time of the default, thanks to our friends at MyFoxDFW
James Rose was outside for the story in April...
So, then the Rangers go up for auction... and the team files for bankruptcy protection back in May.
The group led by Nolan Ryan and Chuck Greenberg agree to a purchase price not once, but twice, and the plan for Hicks was to make sure that his liability was capped at $75-million dollars. That idea, in June, surely, annoyed all Hicks' creditors who feel they're owed closer to US$450-million.
Major League Baseball went even as far as to float a US$40-million loan so the team could make its 2010 expenses- which include paying Cliff Lee.
The whole process is now heading for an August 4th auction, and Mavericks owner Mark Cuban is seen as a possible competitor for Ryan/Greenberg, who have sued Hicks for negotiating behind their back for a better bid.
MyFoxDFW caught up with Dallas attorney Clint David...
And now JP Morgan has jumped in to sue the team for transferring its lease- a violation of loan agreements.
There is a better bid on the table, fully financed, from Houston businessman Jim Crane, but Selig wants nothing to do with the Crane dollars.
And the Commissioner has made it publicly clear he wants the Ryan/Greenberg group and no one else... How far...???
Get this, from the New York Times article:
Selig has blocked Hicks from seeking higher bids, and he has threatened to invoke the “best interests of baseball” clause to accelerate the sale. When Hicks voiced doubts in April about whether lenders would approve the Ryan-Greenberg offer, baseball officials issued a statement later that day affirming that it was running the sale and that Selig would deal “appropriately” with interference from Hicks or anyone else.
One of Selig’s lawyers vowed profanely in a conference call that if the judge did not approve the team’s prepackaged bankruptcy plan, which would have sped approval of the Greenberg-Ryan bid, M.L.B. would terminate the franchise, according to a person on the call.
Selig thinks that he can choose the owners- regardless of financial status or solvency... and ignore the court system...???
What do you think the US Government has to say about that idea...???
Just axin'...
TUESDAY UPDATE: A court-appointed official says the August 4th auction should be delayed.
The restructuring officer, William K. Snyder, testified that potential buyers probably wouldn't be able to secure financing by that time. Interested bidders have to come up with at least $500 million.
Snyder suggested that a mediator pick the date after talking to all potential bidders.
The bidding procedures set the Greenberg-Ryan group's offer as the opening bid, but their financing guarantee is set to expire August 12th.
So, if the auction is set past the 12th, Ryan/Greenberg may be out on their ass. That could set in motion the Selig gambit mentioned above, a messy court battle with Hicks' creditors, and a messy court battle with the winner of the auction.
Or Choice D) All of the above...
Thursday, July 15, 2010
7 And The Angry Trustee
The trustee in Michael Vick's bankruptcy case is seeking repayment of at least $2 million that Vick gave to friends and family members just before he was sent to federal prison.
A complaint filed in U.S. Bankruptcy Court in Newport News, Virginia says Vick knew his career was in jeopardy and that he would be facing huge bills.
So, what does 7 do...??? Apparently, keep giving money and gifts to his mother, brothers and sisters, fiancee and friends that should have gone to the folks he owed money to in the first place.
Vick's bankruptcy attorney, Paul Campsen, has not commented publicly yet...
Here was the story at the time his bankruptcy plan was approved back in August of 2009, thanks to our friends at WAVY-TV...
Andy Fox got to stand in front of a monitor at the time...
A complaint filed in U.S. Bankruptcy Court in Newport News, Virginia says Vick knew his career was in jeopardy and that he would be facing huge bills.
So, what does 7 do...??? Apparently, keep giving money and gifts to his mother, brothers and sisters, fiancee and friends that should have gone to the folks he owed money to in the first place.
Vick's bankruptcy attorney, Paul Campsen, has not commented publicly yet...
Here was the story at the time his bankruptcy plan was approved back in August of 2009, thanks to our friends at WAVY-TV...
Andy Fox got to stand in front of a monitor at the time...
Friday, September 18, 2009
Moyes Wants Court-Ordered Mediation
((HT: Arizona Republic))
Beleaguered Phoenix Coyotes owner Jerry Moyes has asked a federal bankruptcy judge for an emergency hearing to order the NHL to mediate the "key sale issues" in the complicated case.
The request was made Thursday in U.S. Bankruptcy Court by the attorneys who filed for Chapter 11 protection on behalf of Moyes on May 5.
The proposal came as Judge Redfield T. Baum considers whether to award the team to the NHL or to Canadian billionaire James Balsillie, who would move the team as soon as possible to Hamilton, Ontario, over the vehement objection of the league.
The filing says the NHL rejected mediation in an e-mail to Moyes' attorneys on Wednesday.
Beleaguered Phoenix Coyotes owner Jerry Moyes has asked a federal bankruptcy judge for an emergency hearing to order the NHL to mediate the "key sale issues" in the complicated case.
The request was made Thursday in U.S. Bankruptcy Court by the attorneys who filed for Chapter 11 protection on behalf of Moyes on May 5.
The proposal came as Judge Redfield T. Baum considers whether to award the team to the NHL or to Canadian billionaire James Balsillie, who would move the team as soon as possible to Hamilton, Ontario, over the vehement objection of the league.
The filing says the NHL rejected mediation in an e-mail to Moyes' attorneys on Wednesday.
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