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.
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- Angels activate Garrett Richards for Sunday debut 2
- Settling the Score: Saturday’s results 35
- Video: Watch Kris Bryant get his first major league hit and RBI 12
- Yordano Ventura ejected for hitting Brett Lawrie with a pitch 38
- Pete Rose joins FOX as a baseball analyst 25
- Settling the Score: Friday’s results 55
- Josh Hamilton’s teammates say he’s in great shape and ready to play 28
- The Commissioner’s Office thinks that the Angels could indeed go after Josh Hamilton under his contract (153)
- “Why Ted Cruz is like the Atlanta Braves” (150)
- “We no longer need the terrorists. We’re now so good at terrorizing ourselves.” (143)
- Another argument in favor of making the DH universal (127)
- When it comes to Josh Hamilton, Arte Moreno is a craven opportunist, not a “smart businessman” (116)