Oct 11, 2010, 10:30 AM EDT
Hey, if you don’t ask for it, you’re never going to get it, right? SportsBusiness Journal reporting:
Mark Cuban and Jim Crane want payment of $2.65 million in legal fees and
other expenses stemming from their failed bankruptcy bid for the Texas
Rangers in August . . . Cuban and Crane argue that had they not been bidding, the team would
have brought $98 million less at auction than the $593 million price for
which the club was ultimately sold.
As always, I invite the bankruptcy experts among you (and I know there are a few) to weigh in here, but that sounds completely nuts. If the frustrated bidder in a bankruptcy auction gets paid like that, doesn’t it create a huge incentive for people to bid when they’re not truly interested in winning? Because, believe me, there’s fat built in to any figure for “legal fees and expenses.” Doesn’t it also artificially inflate the value of the subject of the bidding? Doesn’t it also take money out of the creditor’s pockets when banckruptcy is supposed to benefit them above all others?
Maybe this has happened before, but I kind of doubt it. It certainly makes Cuban and Crane look like a couple of vultures.
- Frank Wren fired as Braves GM, John Hart to take over on an interim basis 41
- AND DOWN THE STRETCH THEY COME! Sizing up the final week of the regular season 36
- Must-Click Link: Derek Jeter opens up. Seriously, he really does. 44
- And That Happened: Sunday’s scores and highlights 58
- Must-click link: Tommy Harper and the Red Sox’ racist past 56
- Settling the Score: Saturday’s results 34
- Matt Garza ejected after hitting Andrew McCutchen a second time 34
- Tigers hang on for second straight win against Royals 8
- Geddy Lee’s baseball obsession makes it really hard for me to hate Rush (123)
- It certainly looks like Barry Bonds’ criminal conviction is going to be overturned (107)
- Ron Washington claims he resigned because he cheated on his wife (103)
- Giants CEO Larry Baer thinks advertisements on uniforms are coming soon (88)
- Umpire ejects jackwagon fan heckling Bryce Harper in Atlanta last night (85)