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Tom Hicks sued, accused of looting the Rangers to buy parking lots

Aug 16, 2011, 11:35 AM EDT

Tom Hicks

A baseball owner is being accused of looting his team for tens of millions of dollars in order to buy parking lots.  Yeah, you know who I’m talking about.

Oh, no. Actually it isn’t Frank McCourt.  It’s the Rangers’ former owner, Tom Hicks:

Former Rangers owner Tom Hicks was sued Monday by the team’s post-bankruptcy administrator, who says the wealthy Dallas investor “stole” tens of millions from the major-league franchise to acquire what are now highly lucrative parking lots near Rangers Ballpark in Arlington and Cowboys Stadium.

The money he used was supposed to go to players and those on deferred compensation schedules, the lawsuit says.  Hicks, not surprisingly, denies the claims.

Nothing ever ends when rich guys fight over cash. Ever.

  1. Charles Gates - Aug 16, 2011 at 11:57 AM

    Don’t want to imply that I’m defending Hicks at all, but what’s the line between looting a team and taking profits from that enterprise and investing/using them for something else, even if it’s personal?

    • paperlions - Aug 16, 2011 at 12:14 PM

      Just guess…my interpretation is that when have a business loan, you are not allowed to take money out of that business (the collateral) for which you borrowed money and use it to make outside business purchases that are outside of the bankruptcy filing. You are essentially stealing money from the creditors because that money would have gone to help pay them off.

  2. adenzeno - Aug 16, 2011 at 1:00 PM

    As long as you are making the loan payments, why does it matter? Or is it only when you stop/can’t make the loan payments that people start to ask questions?

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