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June 22, 2010

Judge deals apparent setback to Rangers' hope for quick sale

A federal judge has ruled that Rangers owner Tom Hicks cannot sell the team to a group including Nolan Ryan without satisfying the banks that loaned Hicks more than $525 million.

(Read staff writer Barry Shlachter's take on today's proceedings.)

The ruling handed down Tuesday at the federal courthouse in Fort Worth appeared at least initially to deal a crushing blow to a "prepackaged bankruptcy plan" announced by the team with much fanfare last month.

At that time, Hicks said he hoped the sale could be completed by the All-Star break. The Rangers and their fans have expressed hope that the deal could be done no later than the major league trade deadline, which is July 31.

With the complicated sale still pending, the Rangers are operating under a budget set by Major League Baseball, meaning they could have problems taking on large contracts in a trade.

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Comments

Gee, it would seem that MLB could revoke HIcks' franchise, pay him the $75 mil of actual Ranger debt, sell to Ryan/Greenberg, and then give the sale money ($500 mil deducting the $75 mil) ti Hicks and say "you're on your own cowboy."

but that's too easy and it certainly WON'T help the team before the end of July.

Hicks, man-up and sell to Ryan at a loss and give your lenders their due. It was your mistakes (A-Rod)that got you here. Quit trying to short change them and keep some of the cash for yourself.

Tom please go away

Tom will not be walking away with any money. The sale price doesnt include any money going to Hicks or his partners its going to current and former players who are owed money and Hicks current debt. Hicks will be walking away with a loss.

Folks, if you'd read the opinion you'd see that this is not the "devastating blow" it's being made out to be. Actually, I'd argue that it gives the Rangers' side a kick in the pants to pacify the lenders to a certain extent, but also indicates that the lenders should sign off on this deal with some minor changes made to the proposed bankruptcy plan.

Tom Hicks will walk away losing millions of dollars? Put that on the cover of "Who Gives a Flip" magazine. He and his cronies got into baseball for profit, not passion. He gambled, he lost, he needs to be a man about it.

Tom - maybe you don't need to own the most expensive house in Dallas County (according to tax assessment records). Downsize and lay off some of your servants. Sell off some of your profitable companies. Greed and selfishness got you here. It's time you shed those characteristics.

I hope someone can get past his security people to put a flaming bag of dog poo on Hicks' front porch.

Joe Blow,

I agree with you that this is not all that devastating except for the fact that Rangers will likely be sitting on the sidelines during the july trading period and this mess probably won't be sorted out before opening day 2011.

But I'll also bet anyone a steak dinner that HIcks' lawyers (with help from Greenberg's and MLB's) are writing their appeal at this very minute.

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