Jun 23, 2011, 10:30 AM EDT
One possible strategy — outside of extreme and acrimonious litigation — Frank McCourt could pursue to thwart Major League Baseball’s seizure of the team when he fails to meet payroll is to put the team into bankruptcy. I’m not a bankruptcy expert — not by a longshot — but generally speaking a bankruptcy filing puts the brakes on everything related to the asset in question. It stays pending lawsuits and collection actions and, in all likelihood, would temporarily halt Bud Selig from kicking McCourt out of the ownership chair.
Of course, that halt in the action would be intended for the bankruptcy court to get a handle on the assets and liabilities of the club, and during that time it would be incumbent upon McCourt to demonstrate how, exactly, he planned to get the team out of bankruptcy and up and running again. And to that end, there’s a complication. As usual, here’s Bill Shaikin of the Los Angeles Times:
Fox would not stand by Frank McCourt if the Dodgers owner were to ask a bankruptcy judge to order approval of the television contract rejected this week by Commissioner Bud Selig, two people familiar with the matter said Wednesday.
The Fox position would “severely complicate” any plans McCourt might have to file bankruptcy as a way to retain control of the Dodgers, said Rob Kampfner of White and Case, the firm that represented the incoming owners of the Texas Rangers through that club’s bankruptcy proceedings last year … “Frank would go in and wouldn’t have an exit strategy,” Kampfner said.
This is totally Richard III territory here. I love that part at the end where the dude gets abandoned by his allies, he can’t find a horse on Bosworth Field and then he gets hacked down.
- And That Happened: Thursday’s scores and highlights 19
- The Nationals extend their winning streak to 10 games with another walk-off victory 10
- Garrett Richards out 6-9 months with torn patellar tendon 13
- A pitch clock in Major League Baseball? No thanks. 92
- And That Happened: Wednesday’s scores and highlights 81
- Garrett Richards suffers ugly left knee injury 28
- Giants win protest, will complete rain-halted game at Wrigley Field on Thursday afternoon 46
- Royals might actually know what they are doing 33
- Mike Matheny addresses turmoil in Ferguson: “It’s a sad situation. It’s a tough situation for our city” (127)
- A pitch clock in Major League Baseball? No thanks. (92)
- Here’s today’s dose of barfy Derek Jeter sentiment (82)
- And That Happened: Wednesday’s scores and highlights (81)
- Let’s speed up the pace of play. But let’s not be gimmicky about it. Let’s just enforce the rules. (74)