Jul 8, 2010, 10:13 AM EDT
I imagine there have been worse “prepackaged” bankruptcies in the history of Anglo-American jurisprudence, but there hasn’t been one that got as much press as the Rangers’ has.
The latest: The Texas Attorney General urged the bankruptcy court yesterday to reject the team’s current reorganization plan. Add this to the fact that the bankruptcy trustee wants the Rangers’ lawyers off the case, that the creditors are objecting to the whole plan and that, rather than have this thing go through on greased skids, the restructuring officer has recommended that the team simply be auctioned, and you have an absolute mess.
The likelihood of this thing being done before the trade deadline has to be about nil at this point. The likelihood of Chuck Greenberg and Nolan Ryan actually being the next owners of the Rangers is still high, but those odds are sinking.
The likelihood that Major League Baseball learns anything from this process such as, oh, I dunno, the folly of letting owners put their teams in the kind of debt Tom Hicks allowed the Rangers to get into? No man can say.
- Astros acquire Carlos Gomez and Mike Fiers from Brewers 38
- Pirates bolster bullpen, pick up Joakim Soria from Tigers 10
- 2015 MLB Trade Deadline Tracker 4
- The extraordinarily odd, 13-player Dodgers-Marlins-Braves trade is done 62
- Blue Jays acquire David Price from the Tigers 111
- Both the Phillies and the Rangers did well in the Cole Hamels trade 72
- Rangers land ace left-hander Cole Hamels from Phillies 106
- Mets, Brewers call off reported Carlos Gomez trade 78
- The MLBPA is considering withholding cooperation with ESPN, Fox over Colin Cowherd’s comments (157)
- The Cubs are in discussions with the Phillies on Cole Hamels (146)
- Major League Baseball rips Colin Cowherd in an official statement (123)
- Blue Jays acquire David Price from the Tigers (111)
- Rangers land ace left-hander Cole Hamels from Phillies (106)