Jun 22, 2010, 3:30 PM EDT
The judge in the Texas Rangers bankruptcy case ruled today and — contrary to the statements he made from the bench last week in which he suggested he was leaning in the Rangers’ favor — held that the creditors’ interests are “imparied” by the bankruptcy plan. That means they can vote to accept or reject the prepackaged plan that the team had come up with. Of course, the creditors have said they would reject the
prepackaged plan, so unless something dramatic happens soon, they probably will.
I haven’t read the entire decision yet — Maury’s got it in case you’re interested — and I will obviously update with nuances that matter, but the upshot of this is that the plan for the Rangers to emerge from bankruptcy quickly (i.e. before the trading deadline) is in serious jeopardy. It also means that the whole sale of the team to Chuck Greenberg and Nolan Ryan could unravel, and the team could be put up for bid again. Obviously if the team doesn’t emerge from bankruptcy and isn’t sold before the end of July the Rangers will be in no position to make any big moves before the deadline.
That sound you hear is every Rangers fan in the world screaming bloody murder to the heavens above. Once they get done venting, however, they should refocus those screams at Tom Hicks because he’s the one that got everything in such a mess to begin with.
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