Hicks' sales of MLB team in jeopardy.

[Whaddapie]

This prick can't even get this right...

Bottom line is that there are two major stumbling blocks:

1. He reportedly has more than 40 creditors, each of whom must sign off on the deal before it can happen, and...

2. Because they owe money eveywhere, including MLB itself, the $570m is far closer to $300m by the time the creditors get to it, which would see them getting repaid at barely 50c in the dollar.

At least one creditor has said that they'll go to bankruptcy court before accepting that deal.

And the beat goes on...

 

[Wilko7]

Excellent. Good news!

 

[darkstarexodus]

Seems such a far cry from the days when he took the Stars from mid-league obscurity, built them a new arena, won a Stanley Cup and seven division titles along the way...

 

[TheBunnyman]

[quote author=Whaddapie link=topic=38764.msg1048211#msg1048211 date=1265132602]
This prick can't even get this right...

Bottom line is that there are two major stumbling blocks:

1. He reportedly has more than 40 creditors, each of whom must sign off on the deal before it can happen, and...

2. Because they owe money eveywhere, including MLB itself, the $570m is far closer to $300m by the time the creditors get to it, which would see them getting repaid at barely 50c in the dollar.

At least one creditor has said that they'll go to bankruptcy court before accepting that deal.

And the beat goes on...
[/quote]

The shape of things to come?

 

[Rosco]

did a bit of googling ...

A segment of the 40 lenders who hold $525 million in Hicks Sports Group debt will raise objections today in New York to the proposed sale of the Rangers.

According a report in the Sports Business Journal, key lenders are upset over the final agreement that was reached Jan. 23. The report lists the final sale price at $570 million, $390 million of which is cash.

Both figures were dismissed by sources as inaccurate.

Representatives from Rangers Baseball Express will take part in the meeting at Major League Baseball headquarters, but a baseball source said that neither Chuck Greenberg nor Nolan Ryan will be in attendance.

The fact that Greenberg, who has led the group in negotiations, won't be at the meeting should serve as an indication that he doesn't believe the lenders can seriously impede the sale.

Greenberg said Friday that he plans to spend this week in the Dallas-Fort Worth area.

The lenders are attempting to get more money, according to a source, but a likely outcome is that they will again have to squabble with Hicks Sports Group.

Also, the lenders don't have much legal recourse based on the recent dealings with the Phoenix Coyotes.

A judge deemed that the rules governing NHL franchises can't be circumvented by bankruptcy and agreed that the league did not violate antitrust laws in blocking the sale to Canadian billionaire Jim Balsillie.

http://www.dallasnews.com/sharedcontent/dws/spt/baseball/rangers/stories/020210dnsporanglede.385089d.html