Oct 11, 2010, 10:30 AM EST
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.
- Report: Red Sox make $95 million offer to Pablo Sandoval 72
- White Sox sign Adam LaRoche to two-year, $25 million deal 34
- Report: Red Sox offer Jon Lester six years, $110-120 million 72
- Report: “There is a 90 percent chance that Pablo Sandoval will sign with the Red Sox” 130
- A’s sign Billy Butler to three-year, $30 million contract 84
- Cardinals reportedly joining pursuit of Jon Lester 65
- Giancarlo Stanton’s contract is backloaded. REALLY backloaded. 148
- Braves and Cardinals swap Jason Heyward and Shelby Miller in blockbuster deal 157
- Braves and Cardinals swap Jason Heyward and Shelby Miller in blockbuster deal (157)
- Giancarlo Stanton’s contract is backloaded. REALLY backloaded. (148)
- Blue Jays sign Russell Martin to five-year, $82 million deal (135)
- Report: “There is a 90 percent chance that Pablo Sandoval will sign with the Red Sox” (130)
- Sexual assualt charges reinstated against Tigers pitcher Evan Reed (128)