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.
- Giants acquire Jake Peavy from Red Sox 29
- Maximum stay on Hall of Fame ballot changed from 15 to 10 years 46
- Jon Lester is willing to return to the Red Sox as a free agent even if they trade him 22
- Jose Abreu is third-fastest in MLB history to reach 30 career home runs 7
- Settling the Score: Friday’s results 26
- How’d he do that? Magician Maddux fooled hitters all the way to Hall 23
- And That Happened: Thursday’s scores and highlights 46
- MLBPA files grievance against Astros in regard to draft pick situation 35
- Expert’s Corner: How to troll fans of all 30 teams (200)
- Verducci: baseball should think about an “illegal defense” rule to combat shifts (163)
- Yankees acquire Chase Headley from Padres (108)
- Who is the next Face of Baseball? (97)
- David Ortiz passes Carl Yastrzemski on the all-time home run list — is he a Hall of Famer? (92)