can bupropion get you high xeloda overnight pharmacy comprar seroquel 300 mentat generic 2013 drugs how to import windows live mail account to outlook 2010 what is ranitidine for babies with reflux quanto costa cialis da 20 mg diclofenac discount no prescription finpecia without a prescription from australia buy synthroid viagra for sale northern ireland where purchase celexa myambutol coupon code lotrisone ointment research nolvadex buy what do amantadine capsules look like genuine fosamax best price entocort ec coupons trimox 100mg buy online rx drugs how often to take pyridium ventolin solution pediatric dose fucidin tablets price what does xenical do natural antibiotics for horses buy robaxin without rx voveran sr discount medications prednisona kern pharma 10 mg efectos secundarios buy fincar without rx best price for premarin cream adalat without a script depakote birth control online india buy diclofenac 50 ramipril generic for altace canadian family visa processing time buy cheap drugs net allopurinol and azathioprine interactions buy rumalaya forte mg online uroxatral cost in canada can buy dutas online reviews on wellbutrin for anxiety lasix drug for sale pharmacy brand name ayurslim online buy suprax lowest price accutane direct pharmacy can order moduretic canada get azulfidine toronto where xenical tofranil tablets us online sertralina vademecum peru buy altace 5mg what is the over the counter equivalent to protonix is avalide available over the counter kegunaan obat voltaren what is kamagra chewable for levitra dosages cheap synthroid arjuna buy without tegretol generic side effects can i buy biaxin in canada can order zithromax online who hash the best prices for viagra forzest without insurance bioidentical testosterone cream bodybuilding rosuvastatin order by phone benzac no prescription canada buy nitrofurantoin online no prescription us discount mentat generic form of baclofen flonase without a prescription from us colchicine tablets side effects of zovirax 800 mg buy generic lamisil online drugs lanoxin low dose birth control perrigo tretinoin cream .05 reviews cheap lady era pills pictures of crestor pills lisinopril 20mg tab pharmacy inline with no percription celebrex drugs like buy myambutol inhaler canada cheap adderall online no rx cialis rx group index what is the medication paxil used for claritin tablets uses generic brand for strattera how to take soviclor what is phentermine hcl safe robaxin no precription allopurinol contraindications cautions safe buy cafergot online ranitidine tablets side effects rumalaya gel shopping prilosec medication side effects over the counter medicine that acts as vermox ketoconazole shampoo side effects us pharmacy online minipress how much is generic zofran bactrim 480 mg dawkowanie med online pharmacy nature;s organics acaitrim reviews diflucan pills pregnancy cheap zyvox pills can you buy toprol xl canadian celexa lasix drug interactions legal to buy amantadine buying quibron-t fast compazine deleviery nootropil online usa no prescription order albenza overnight how does ditropan oxybutynin work nosh aspirin for sale mentat himalaya prospect buy canada no prescription for hydrochlorothiazide brahmi online meds prednisolone recommended dosage purim coupons zithromax 500mg uk what is hoodia gordonii buy genuine xenical uk buy cheap doxycycline pills nizoral with american express order cefixime online uk purchase lotensin 10 mg buy zyvox without a script buyers of norvasc canada ordering low dose tenormin anafranil 10mg side effects purchase female cialis on line in usa buy cialis jelly lowest price van you buy oxycontin at mexican pharmacies rimonabant withdrawal fda generic yagara cost nitroglycerin order canada evecare shoppers drug mart vasotec indications use zithromax buy online ireland into oregon state university orlistat birth control online canada where to amoxil dilantin annual sales long term side effects of taking lisinopril where to innopran xl suprax generic form tadacip online coupon code long term side effects of taking singulair voltaren diclofenac sodium dosage order does alli work ship womens sex enhancement pills buy viagra professional online reviews side effects of avapro irbesartan amaryl cost how often to use advair diskus trial erection packs 3 no prescription retin a online pharmacy uk similar to inderal? side effects of cordarone x 200 cheap alligator clips for hair bows legal buy prescription drugs online mexico maxalt from mexico cabgolin tablets online dipyridamole 50 mg tablet cost of paxil generic reviews on differin gel 0.1 generic pharmacy franchise price is it safe to take viagra while drinking alcohol best price antivert buy maxalt visa can your buy cialis professional in ireland online drug shop purchase minocycline cheap generic asacol generic 2013 yagara for purchase betnovate rd ointment in pregnancy what does saas mean alli simpson difference between viagra professional and viagra super active amaryl comments can you take levitra daily ventolin express canada buy lioresal paypal canada rx online reviews powakaddy sport lithium best price
Home MLB News MLB Club Sales Upon Further Review, Texas Rangers Bankruptcy "Plan" Could Move Forward Shortly

Like Shoot to Thrill - An AC/DC Tribute on Facebook!

An authentic tribute of AC/DC that covers the best of the Bon Scott era and the best of Brian Johnson's material

Who's Online?

We have 1230 guests online

Atom RSS

Upon Further Review, Texas Rangers Bankruptcy "Plan" Could Move Forward Shortly PDF Print E-mail
User Rating: / 8
PoorBest 
MLB Club Sales
Written by Maury Brown   
Tuesday, 22 June 2010 19:19

Texas RangersAfter further inspection, press reports regarding a U.S. Bankruptcy judge’s ruling saying creditors had veto power over a “prepackaged plan” that would exit the Texas Rangers from voluntary bankruptcy may not be as detrimental as initially believed.

While Judge Michal Lynn said in his conclusion, “The court will not direct any changes to the Plan. However, unless the treatment of the Lenders is modified, the Plan (as modified to date) will not be confirmable absent acceptance by the Lenders, the only class of creditors that is impaired under the present iteration of the Plan,” he left the window open for TRBP to amend the Plan to address the needs of the Lenders, and setting up a situation where veto power could be revoked.

On page 28 of the ruling Lynn writes, “In the context presented to the court, this, in turn, presents the question of whether a plan providing for the sale of the Rangers, to leave the Lenders unimpaired, must give effect to sections 4.4.1(c)(i)(3) and 4.4.2(b)(i) of the Pledge Agreement. In other words, must the plan grant the Lenders an effective veto over any proposed sale of the Rangers? The court concludes section 1124(1) does not so require.”

Lynn said that the Plan needed to be modified to allow the creditors the same rights as Texas Rangers Baseball Partners.

“The Lenders, however, have rights vis-à-vis Debtor other than just payment of the $75,000,000 for which Debtor is obligated to them.30 Debtor is part of the HSG family of entities, and, as such, it has assumed obligations to the Lenders in addition to the guaranty. In order for the Lenders to be unimpaired, their treatment under a plan must recognize and preserve those rights.”

As part of the process of meeting the goals of Judge Lynn’s opinion, the Lenders and Rangers Baseball Express, LLC, the group led by Greenberg and Ryan have agreed to continued mediation. In Lynn's ruling it is noted that the court has appointed Russell F. Nelms to serve as mediator.

Texas Rangers Baseball Partners, released two statements regarding today’s ruling.

“We are pleased that the Judge remains committed to completing the sale of the Rangers expeditiously and we are confident that necessary changes to the plan can be made to achieve that outcome,” adding, “Texas Rangers Baseball Partners wants what is best for the Rangers and supports an independent review of the Greenberg-Ryan transaction.  During the review, Nolan Ryan and the Rangers management team will continue to direct and administer the Club under Mr. Hicks’ ownership.”

Major League Baseball also released a statement solidifying their position in support of the Greenberg/Ryan group.

“We are encouraged that Judge Lynn ruled that the Texas Rangers do not need to seek the maximum value for the team in the current bankruptcy case. We also remain confident that the procedure to be put in place to evaluate the plan previously submitted to the court for the sale of the team will permit the sale on a timely basis to the team’s chosen bidder, the Greenberg-Ryan Group.”

A statement by Rangers Baseball Express, the propective investor group led by Chuck Greenberg and Nolan Ryan were expected to release a statement shortly.

In keeping with trying to have the sale completed as hastily as possible to allow the club to be active at the trade deadline, Judge Lynn made it very clear that he wanted the case wrapped up by July 31,

READ THE 28 PAGE OPINION FROM JUDGE LYNN

EDITOR'S NOTE: Maury Brown will be on KTCK The Ticket in Dallas (1310AM and 104.1FM) following the conclusion of Tuesday’s Rangers game to talk today’s events.

RELATED CONTENT:


Maury BrownMaury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey, as well as a contributor to Forbes SportsMoney blog. He is available for hire or freelance. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.

Follow Maury Brown on Twitter Twitter

Follow The Biz of Baseball on Twitter Twitter

FacebookFollow the Business of Sports Network on Facebook

 
 
Banner

Poll

Should MLB Force Jeffery Loria to Sell the Marlins?