Jul 8, 2010, 10:13 AM EST
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.
- MLB, NPB nearing new posting system agreement 4
- Report: Talks between the Mets and Curtis Granderson have “intensified” 28
- Yankees agree to seven-year, $153M contract with free agent outfielder Jacoby Ellsbury 155
- Marlins sign free agent catcher Jarrod Saltalamacchia to three-year, $21 million contract 42
- Carlos Beltran likely to land with the Royals? 17
- Yankees agree to seven-year, $153M contract with free agent outfielder Jacoby Ellsbury (155)
- When will the Yankees regret the Jacoby Ellsbury contract? (90)
- Yankees’ Jacoby Ellsbury signing to pay big dividends… for now (79)
- Robinson Cano met with the Mariners in Seattle (78)
- Robinson Cano says he never asked for $300 million (69)