vipps pharmacies in canada mail order prescriptions from mexico buy cialis online5mg. buy lexapro online 24 hour delivery mexican pharmacy online generic flomax sellers ejackulation sildenaflex viagra alternative viagra spray for men cheap sildenafil citrate tablets unicure remedies pvt. ltd. free viagra samples from canada viagra in usa overnight buy actavis promethazine codeine online orlistat diet pills can metformin cause rectal bleeding lopressor without prescription from usa who sells the best cialis cialis lilly icos buy lexapro 10mg 28 tablets 102 over the counter ativan 36 hour cialis side effects np drug buy valium india buy lithium orotate canada internet pharmacy medications overseas drug store bupropion gastritis long term effects of cialis cialis viagra canada selling cytotec cytotec misoprostol tadalafil made in india www.cialiscanada.ca drug like viagra but no prescription viagra order no prescription obat provera cozaar where to buy anafranil capsules vigorex sildenafil can i get generic letrozole in uk? flotac 75 from canada cialissoft tab tadafil softsule tuf 20 #1 canadian drug store to buy viagar maxifort farma tadalafil deutschland sildenafil online for sale viagra for sale in alaska buy sildenafil no prescription canadian pill identifier propecia uk buy one azithromycin 600 mg for chlamydia flomax generic buy alligator gar online india drugs vpxl viagra uk cheap on line erectile dysfunction medication metformin er 500mg tab amn etodolac recreational use selegiline mertropoltartatewithoutperscription kamagra amex buy lasix online canada sildenafil citrate professional eli 20 how do a zithromax capsule look diclofenac 150 buy fincar nexium free samples buy oxycontin 80 mg 1pill articulo 79 sargent apo fluconazole 150 for men levofloxacin 500 mg for tooth infection buy ritalin online uk fenazopiridina ciptadine european pharmacy discount online wholesale alli orlistat from india viagra gel capsules lexapro compra en usa best price on viagra without rx order viagra overnight delivery where can i buy viagra online in canada viagra_sale does cialis work better with aspirin symptoms of too much thyroid medication online canadian pharmacy accutane 5 mg cialis with no prescription buy priligy dapoxetine united states viagara canada buy cipla online drug sales ventolin cost without insurance buy silagra pills need a perscription for cipro alli at lloyds chemist tenormin articulo 78 viagra en tunisie sans ordonnance order citalopram no rz online ed meds sildenafil sublingual tablets maxifort zimax sildenafil side effects want to buy viagra online canadian drug sales where to buy alli diet pill rhine inc nolvadex for sale in canada prednisone side effects in men top rated on line pharmacies ordering short of prednizone benadryl and zoloft overdose indian pharmacy online mastercard metoprolol and weight gain champix propecia finpecia zovirax dosage for herpes cheap antibiotics online review accutane 5 mg kaufen sildenafil purple india alli online shipping antibiotics overnight the safest place to buy levitra on site cialis precio 40 mg levitra pills on line for sale buy synthroid india fungsi voltaren generic viagra in denver overseas viagra valtrex for fish viagra shipping to china cost for viagra without insurance 283 amazon generic cialis cialis giornaliero acquisto india drugs online review atarax available in australia walmart price for viagra buy antibiotics online overnight levitra price ciprobay xr 1000 cialis generika deutschland revia tablets chinese herbal viagra tiger walmart pharmacy login next day viagra uk revatio vs viagra is generic cialis legal xm where to buy cialis leponex canada online pharmacy herpes medicines minoxidil results after 2 months quanto costa un pacco di viagra tadalafil aurochem 20mg softtabs sexdrug suhagra 100 retailers para que serve tadalafila zoloft for sale no prescription order viagras online pay by e-check methotrexate ordering online lerk online ed tratments overnight delivery buy levitra online predisone without prescription vigora 100 side effects in hindi online pharama cialis 50mg diclofenec otc substitute buy periactin weight gain buy synthroid levothyroxine online uk online pharmaci most reliable canadian pharmacies cialis inghilterra buy diclofenac sodium uk buy aciclovir tablets online cialas in canada where to buy alli diet pills cheap get plavix fast without prescription buying viagra in mexico pharmacy metoprolol mecanismo de accion nandian medice none prescription acyclovir 800 mg overnight pfeiffer viagra on line viagra abroad purple pharmacy cipla field cialis en ligne north west pharmacy viagra substitute uk cheap cialis generic online germany best price on levitra osu levitra comprar levitra brand pills antifungal for people compare prices on generic levitra buy tetracycline online sildenafil 100mg india buy-levitra-from-india anything like viagra over-the-counter finasteride price comparison malegra pro 100 sildenafil citrate finpecia from india online buy domperidone overnight shipping macrodantin purchase canadian india rx drugs viagra tablets side effects in hindi www.canadian pharmacy 24hour adipex online without a script generika viagra bestpreis cipla web flash buy im antibiotics from india cialis generic best price and delivery lipitor 40 shuangbao acura viagra ventolin evo inhaler tijuana pharmacy medications generic cialis for sale medicine store order propanonal viagra 100mg vs 50 mg atrovent online purchase lisinopril singulair precio methotrexate online noprescription cheap propecia from canada women's viagra for sale depo provera window calculator synthroid shortage minoxidil boots azithromycin 250mg canada nizagara order online discount tadalafil viagra for sale on amazon levitra generic lowest prices low cost asthma inhalers does generic viagra really work canadian pharmacy support group donde compro viagra en oaxaca oracea acne does domperidone work for norovirus on line pharmacy for viagra minomycin no prescription accutane achats de pilules viagra buy nolvadex online express mail canadian water pills where to buy alli tablets cheap pharmaceutical stocks levitra no prescription canada isotretinoin buy online uk cotrim kaufen ohne rezept online buy of orlistat 60mg buy betnovate no presc uk river pharmacy of canada blue pain pills prescriptions for cialis how to buy over thecounter flomax free ed pills sample no pre cialis online with amex viagra tablet ssellers antibiotics for sale uk meds from canada no prescription cheap generic airmail buy viagra in blackpool 2 cheapest place to buy alli cipla tadacip 20 cialis 20 mg estados unidos estradiol online euro drugs uk pharmacy cialis in inghilterra order pills online sporanox buby alli uk triamterene mylan a1 blue round pill ciprostad kaufen buy androgel 1.62 canada duracan tablet how much is crestor without insurance cefixime side effects nizagara 100mg to buy uk cheap celebrex purple viagra pill articulo 75 trusted rx get hard pills online diltiazem ointment stieva a gel 0.025 huge theater fungsi obat provera viagra south africa for sale viagra srbija walmartpharmacy buy curacne online calis buy toradol injection carbamazepine without prescription eccooutsourcing buy aciclovir tablets tadalafil 10 mg from europe jelly thailand priligy buy online usa cheap percent without prescription clomid without a prescription cost of cialis order peractin online alli pills online buy viagra in hong kong buy cialis from a nabp website buy cialis in usa purchase dyazide comprar albendazole kamagra kuala lumpur canadian atarax meloxidyl without a prescription roaccutan usa buy how effective is generic cialis what is viagra used for pharmacy rx1 pain medication online perfect rx tadalafil cialis 5mg or 10mg mexico buy no precrition vigar where can i buy amoxicillin livestock erithromicin tablets keppra no prescription needed 800 mg viagra best online canadian pharmacy lawrence walter pharmacy india cheapest levitra professional cheapest ed meds onlinepharmacys proscar hair loss lady era fluconazole no perscription cheap name brand viagra mexico prednisone cheap viagra overnight f.d.a. red virga paypal no prescription pharmacy where cani get clomid viagra brand canidian pharmacy primatene mist inhaler buy levitra trial cialis tadalafil 40 india pharmacy online indian drugstores cialis guenstig articulo 208 can i take two cialis brand viagra fast shipping revista oroskopi acheter viagra original en ligne can you buy cytotec in thailand cialis soft delivery how many bupropion to get high cialis generic online from canada roaccutane 20mg ventolin salbutamol 100 micrograms dose where compagny for combivent canada pharmacy without pres the canadian med store www.kamagra.ie buy cod sexual pills levitra from india sxindia erection pills that work suhagra online canada can i buy diclofenac over the counter buy fucidin online uk cheap clomid pills viagra 200mg online price canada sublingual cialis tablets purchase biaxin canadian viagra for sale buying antibiotics online from canada rapharmacy cialis daily vs 36 hour where to buy erythromycin buy viagra master card bestpricedrugs24 crestor generic offshore pharmacy online pharmacy safe usmedicbay paxil india on line cialis compra levitra ecco egypt hong kong drugstore to buy local generic cialis cheap kamagra next day delivery cilas best canada pharmacy for viagra zyprexa without insurance levitra 40 mg sale cialis generico 5 mg prezzo buy cialis 5mg from canada propanolol next day delivery buy nexium online paypal cialis cost at cvs abortion pills online augmentin generic over the counter nabumetone discontinued que cura piroxicam risperidol over the counter where to buy cialis soft online maxifort zimax sildenafil polar perscription lamictal hong kong obat arimidex anastrozole diflucan cena ivermectin price usa allegra-d buy viagran plus biblical seminary dermasone search viagra low cost propecia cialis for daily use canadian cheapest cialis generic online pittsburgh ads for viagra generic doxycycline hyclate no prescription meds meds in india online viagra prescription meds from india accutane 5mg online viagra without prescription medicamento laxolac viagra dosage for young men tadalafil lowest price where to buy valium levitra online reviews premitzen codeine buy zovirax tablets online us lipvas 20 generic cialis from india safe nizoral pharmacys in usa that sell cialis inhouse pharmacy uk cialias on line escrow pharmacy hcg online kamagra mumbai homemade viagra in urdu exelon tablets buy doxycycline online is flagyl used for stds mediciations without perscription nolvadex uk paypal where to buy dapoxetine online cialis 5 mg. 452 toronto drug store reviews diclofenac sodium alcohol zoloft canadian pharcharmy prednisone for sale canada viagra in india for female celebrex side effects weight gain levitra 20 mg cost walmart prednisone 20 mg rx relief card reviews buy tranexamic acid online prescription buy allegra d online the price of naltrexone in sa ceiles one a day pills buy propecia and rogaine cialis for sale australia can to much visgra have opposite fffect buy lexapro india non prescription pharmacy buy amoxicillin without prescription uk zithromax 500mg side effects canadian pharmacy abortion pills cialis europe pharmacy rx one coupon levitra mastercard ivermectin without rx low priced cialis cafergot-availability-2012 syntbyroid over the counter inhalers with no prescriptions buy metformin for 4$ most popular indian pharmacy online viagra by check ampicillin for dogs overnight delivery vente de viagra prozac no prescription cheap viagra generic shipped in usa mountain west apothecary viagra advair prices at walmart non-perscription viagra malegra dxt reviews buy viagra in glasgow no perscription 20 mg cialis levitra cheapest price how many robaxin to get high cialis paypal bezahlen order azithromycin red viagra cialis better diovan for sale cheap cialis australia tetracycline antibiotics lisinopril no script meds northwest pharmacy canada pharmacists
Home Maury Brown Brown: The Brilliance of the Texas Rangers Ruling

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 913 guests online

Atom RSS

Brown: The Brilliance of the Texas Rangers Ruling PDF Print E-mail
User Rating: / 22
PoorBest 
Written by Maury Brown   
Wednesday, 23 June 2010 12:59

Maury BrownAs the age-old adage goes, haste makes waste. News organizations (this one included), looking to get the report of U.S. Bankruptcy Judge Michael Lynn’s opinion in the Texas Rangers bankruptcy case out timely, skimmed over the 28 page ruling, focused mostly on the “Conclusion” at the end of the document, and said, “The prospective owners of the Rangers have been dealt a major blow. The creditors can block the sale to Chuck Greenberg and Nolan Ryan.”

The document, complex, deft, and heavily focused on nuance, needed an extensive going over. Here’s expanded analysis that shows, if the Greenberg/Ryan group’s legal team can weave its way through the technicalities, and the independent restructuring officer clears Tom Hicks’ approval process of the group, the creditors of the Rangers will have virtually no leg to stand on via appeal, should Lynn approve the prepackaged plan.

How the $75 Million Lien Allowed for Impairment

The interests for the Rangers have argued that due to the $75 million lien against the club, the creditors are due that amount, “and then they go away.” If the case had not been in bankruptcy, this would have been so. But, as Judge Lynn said in his opinion:

“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. 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.”

Questions have mounted as to what is involved in this. How did the impairment come about? In this case, because the Rangers are in bankruptcy, as opposed to satisfying the lien outside of the courts, the lenders should be entitled to interest on the $75 million, and thusly, Lynn ruled that the lenders are impaired.

So, the Greenberg/Ryan group will have to agree to this amendment, but here’s the twist (and it’s a delicate one): In terms of total outlay, the amount in the deal does not change, but rather it's possible that instead of the all the money going to principle, a portion will now be allocated toward the interest.

With the impairments lifted, Lynn would then have the right to consummate the “prepackaged plan” and MLB’s owners could approve the sale.

So, if the impairments are lifted, do the creditors have no recourse to gain more money in the deal? Lynn gave them a route outside of the Rangers sale to do so.

Lynn Gives Creditors Avenue to Sue for Damages

If the Greenberg/Ryan group were so fortunate as to get the impairments lifted, the creditors can sue for damages. As Lynn wrote in his opinion:

“As the sale of the Rangers will have been consummated at that point, however, the Lenders’ rights under the Pledge Agreement will not affect the sale. As would be the case with a breach outside of bankruptcy, except to the extent the Code excuses such a breach as a matter of law, if the Lenders are damaged by the actions of Debtor or the Rangers Equity Owners or their parents through a pre-effective date failure to honor the Lenders’ rights… they may assert in this court a claim against Debtor for their damages or pursue its affiliates in an appropriate forum.”

What is unknown is whether the holding companies above the Rangers have any monetary value. Certainly, Hicks Sports Group does, but Texas Rangers Baseball Partners have said repeatedly that there is no asset value to Rangers Equity Holdings, L.P., and Rangers Equity Holdings GP, LLC, both of which are under HSG.

How William Snyder Becomes a Key Player

A new name in the Rangers sale saga is William Snyder who has been assigned to give an independent review of the prepackaged plan as the Chief Restructuring Officer. One aspect that Snyder will be examining is whether the selection process of the Greenberg/Ryan group was on the level – whether the best bidder was selected. Lynn said repeatedly that the highest bidder was not required, and it’s likely that Snyder will see it likewise. Outside of that, Snyder’s role becomes massive and allows Lynn to say independent oversight is in place.

The Brilliance of the Lynn Ruling

It has been said that the creditors are “laughing” after yesterday’s ruling. By the same token, a source close to the Greenberg/Ryan group said that upon initial read, Lynn’s ruling was like getting news from the doctor that you have a terminal illness only to find out later that it was misdiagnosed. How the deal lands is still up in the air, but here’s what a broader look at Lynn’s opinion shows.

At its core, it is brilliant. In not letting the debtors run the table (saying there was no impairment), and setting a path for Greenberg/Ryan by addressing certain aspects, if the impairments are lifted it makes it exceptionally difficult for any appeal to get going. “You wanted veto power? You got it… for the moment. Not getting what you feel is enough out of HSG? Fine. You have the recourse to sue for damages.”

When you add in independent oversight, it provides further checks and balances to the court appointed process.

Using a basketball analogy, the ball is clearly in the Greenberg/Ryan court. The creditors victory needs to be tempered with the knowledge that they won the battle on Tuesday, but between now and the July 9 confirmation hearing matters could change. The laughing, by any party in this process, needs to happen when the bow is finally placed on the court proceedings around the Texas Rangers, and not a minute before. Judge Lynn has set a path for the Greenberg/Ryan group to follow. It will be incumbent upon them to hit those marks. From that point, it’s hasty to say that any one side in this twisting road called the bankruptcy of the Texas Rangers has a clear advantage.

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?