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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- And That Happened: Monday’s scores and highlights 66
- Cubs acquire Austin Jackson from Mariners 22
- Unknown Cuban ballplayer sleeps outside of Dodger Stadium, hoping for a tryout 34
- And That Happened: Sunday’s scores and highlights 74
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- Dan Patrick: When does ESPN cut ties with Curt Schilling? (202)
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