Texas Rangers have Chapter 11 as part of sale

[IrishTex]

I suppose this is a good thing if it helps getting the team sold to Nolan Ryan and Chuck Greenberg.



"The Texas Rangers say the club's sale will be accomplished by midsummer through a voluntary bankruptcy plan that will fully pay the lenders of Tom Hicks' financially strapped ownership group.

The club said Monday the plan was previously negotiated between Hicks and the new ownership group, Rangers Baseball Express, led by Pittsburgh attorney Chuck Greenberg and team president and former player Nolan Ryan.

"With the support of Major League Baseball, we've chosen to implement the sale through a voluntary, "pre-packaged," court-supervised process under Chapter 11 of the U.S. Bankruptcy Code. This is the best way to complete the sale and smoothly transition to new ownership, which we expect will occur by mid-summer," said Ryan in a prepared statement Monday morning."


Source (http://www.nbcdfw.com/news/sports/Chapter-11-Now-Part-of-Rangers-Sale-94745464.html)http://media.nbcdfw.com/images/410*307/723726.jpg

[Pick6]

Originally posted by IrishTex



Source (http://www.nbcdfw.com/news/sports/Chapter-11-Now-Part-of-Rangers-Sale-94745464.html)http://media.nbcdfw.com/images/410*307/723726.jpg

Best grass in this part of the country.

[SintonFan_inAustin]

Originally posted by Pick6
Best grass in this part of the country. them empty seats is the reason its being sold :D

[Farmersfan]

Hicks will walk away with MILLIONS in his pocket for selling a bankrupt team!!!! Maybe they can get a bailout too!

[Pick6]

Originally posted by Farmersfan
Hicks will walk away with MILLIONS in his pocket for selling a bankrupt team!!!! Maybe they can get a bailout too!

Hicks will not end up with much at all, the lenders are getting just about all of it.

[Old Tiger]

Rangers suck...



Astros suck...



Red Sox suck...

[ronwx5x]

Originally posted by Old Tiger
Rangers suck...


Rangers are currently 2 games ahead , in first place, in the American League West!

[IrishTex]

Yeah, 1st place Texas Rangers! (http://www.youtube.com/watch?v=HSnfDJ0msgA)

[crzyjournalist03]

And the Rangers finally find a way after all these years to get back at Alex Rodriguez, by costing him about $25 million in the filing...:D :clap:

[PHS Wildcats]

Originally posted by ronwx5x
Rangers are currently 2 games ahead , in first place, in the American League West!

Yea, in what is probably the wrost division in baseball:clap:

[IrishTex]

Originally posted by crzyjournalist03
And the Rangers finally find a way after all these years to get back at Alex Rodriguez, by costing him about $25 million in the filing...:D :clap:

Actually, they are going to pay all of their creditors...even A-Rod.

[eagles_victory]

Originally posted by PHS Wildcats
Yea, in what is probably the wrost division in baseball:clap: Should the Rangers apologize for that if they were in the AL Central last year they would of made the playoffs. Its part of it.

[IrishTex]

Originally posted by IrishTex
Actually, they are going to pay all of their creditors...even A-Rod.

I stand corrected. My apologies.

Link (http://www.zerohedge.com/article/texas-rangers-file-bankruptcy-alex-rodriguez-lose-25mm-deferred-comp-largest-unsecured-credi)

[Keith7]

Originally posted by eagles_victory
Should the Rangers apologize for that if they were in the AL Central last year they would of made the playoffs. Its part of it.

Don't play along with the asstros fans.. They are upset they won't get the boot for a fourth straight year..

Heck they should just rename the boot the "Texas Rangers Boot".. Would seem a lot more fitting considering the Rangers win it every year..

[Farmersfan]

Originally posted by Pick6
Hicks will not end up with much at all, the lenders are getting just about all of it.



You don't become a billionaire by NOT protecting your own interests. Even with a bankruptcy Hicks will greatly increase his intial investment.............

[Pick6]

Originally posted by Farmersfan
You don't become a billionaire by NOT protecting your own interests. Even with a bankruptcy Hicks will greatly increase his intial investment.............

Go read the info on the sale, after the lenders are paid that leaves little to no money at all. The sale is for what $545 million, he defaulted on a $525 million loan last year. That leaves $20 million but I'm sure the interest on the loan will take most of that.

[Pick6]

Originally posted by Pick6
Go read the info on the sale, after the lenders are paid that leaves little to no money at all. The sale is for what $545 million, he defaulted on a $525 million loan last year. That leaves $20 million but I'm sure the interest on the loan will take most of that.

I hope that doesn't get censored :rolleyes:

[crzyjournalist03]

Originally posted by Pick6
Go read the info on the sale, after the lenders are paid that leaves little to no money at all. The sale is for what $545 million, he defaulted on a $525 million loan last year. That leaves $20 million but I'm sure the interest on the loan will take most of that.

The lenders aren't getting $525 though...I thought I read somewhere that they'd only be seeing about half of that, which is why the Rangers had to take the step. The lenders weren't getting near the return on their investments that they felt they should.

[IrishTex]

FAQ (http://texas.rangers.mlb.com/news/article.jsp?ymd=20100524&content_id=10391996&vkey=news_tex&fext=.jsp&c_id=tex) Rangers sale

Also.

Official Press Release (http://texas.rangers.mlb.com/news/press_releases/press_release.jsp?ymd=20100524&content_id=10391964&vkey=pr_tex&fext=.jsp&c_id=tex)

[Pick6]

Originally posted by crzyjournalist03
The lenders aren't getting $525 though...I thought I read somewhere that they'd only be seeing about half of that, which is why the Rangers had to take the step. The lenders weren't getting near the return on their investments that they felt they should.

From my understandings the leaders thought that there was money left on the table, higher bidders out there. They think Jim Crane has a higher bid on the table. It really doesn't matter, MLB would never approve Crain. At this point MLB wants the Greenberg-Ryan ownership.

[Maroon87]

I read somewhere that the Rangers still owe Mickey Tettleton $1.4 million. He hasn't played in nearly 15 years.:eek: :doh:

[DDBooger]

Originally posted by crzyjournalist03
And the Rangers finally find a way after all these years to get back at Alex Rodriguez, by costing him about $25 million in the filing...:D :clap:
http://sports.yahoo.com/mlb/blog/big_league_stew/post/Rangers-still-owe-A-Rod-Mickey-Tettleton-and-ot?urn=mlb-259084

yup