Jun 28, 2011, 8:25 AM EDT
Today is only Day Two in what will likely be a lengthy set of legal proceedings for the Dodgers, but it’s a pretty big day. Why? It’s the day of the initial hearing in the bankruptcy case and it’s the day on which the judge could very well decide if Frank McCourt is going to be able to continue to run the Dodgers while they’re in Chapter 11.
As we mentioned yesterday, Frank McCourt has secured a loan — a terrible one, but a loan nonetheless — of $150 million to keep the team operating during bankruptcy. That has to be approved by the judge, however, and according to multiple reports out there, Major League Baseball is expected to offer an alternative financing solution. One that, one presumes, will not cost the Dodgers 10% a year in interest with a $4.5 million nuisance fee like McCourt’s plan. At the same time, baseball’s plan will likely come with the proviso that McCourt be kicked to the curb and the team be sold to the highest bidder.
The devil is in the details and we don’t know any details to MLB’s alternative financing plan so, no, it’s not certain that the judge would prefer baseball’s plan to McCourt’s. But he could. If he does, it will likely mark the beginning of the end for him. If he lets Frank take his $150 million loan, it will likely be a much longer road ahead. At least for those of us who want to see Frank McCourt removed from power.
- Tigers acquire closer Joakim Soria from the Rangers 9
- Phillies officials “have contemplated the possibility of paying off” and releasing Ryan Howard 29
- The dizzying intellect of Tom Glavine 17
- Verducci: baseball should think about an “illegal defense” rule to combat shifts 158
- Chase Headley plays the hero in his first game in pinstripes 30
- And That Happened: Tuesday’s scores and highlights 29
- Rockies place Troy Tulowitzki on the disabled list 18
- Rob Manfred “heavily favored” to be Bud Selig’s replacement 29
- Verducci: baseball should think about an “illegal defense” rule to combat shifts (158)
- Luke Scott released from Korean team after calling coach a “liar” and a “coward” (108)
- Yankees acquire Chase Headley from Padres (108)
- Who is the next Face of Baseball? (97)
- David Ortiz passes Carl Yastrzemski on the all-time home run list — is he a Hall of Famer? (92)