levitra 20 mg effectiveness cialis buy melbourne buy cheap viagra order cialis us generic cialis sweet cialis 40mg cipla order Cialis 90 clomid 100mg risk cialis priminence 50 mg none generic cialis propranolol sa 80 mg precio diflucan 150 mg propranolol 10mg forum cipro 1000 mg antibiyotik nexium generic omeprazole doxycycline tablets 400mg generic of hydrochlorothiazide 30 mg prednisone 7 days prednisone 20 mg nz levitra 20mg fta 4 tadalafil generic cialis cialis 4o mg buy cialis israel generic lisinopril 2.5 mg levitra 20 mg online viagra online einkaufen lexapro 200mg canada cialis 5mg amoxil 500 mg ml buy zoloft yahoo medicament cipro 500mg levitra 20 mg prezzo diflucan online augmentin 500 mg presentacion augmentin pediatrico 200 mg levitra 20mg 12 tabl cialis lilly 20mgwomwn lily cialis 20mg buy viagra plus cialis cheap Washington 10mg cialis online greenstone generic zoloft buy viagra cuprus lisinopril 5mg price cialis 5 mg wikipedia propecia msd online lexapro 5mg supplier nexium 40 mg argentina lisinopril dosage 50 mg buy cialis softtabs notice cialis 10mg propranolol online order generic viagra coupon generic strattera 80 mg valtrex 1000 mg 21 tablets phenergan dosage 50 mg 2.5 mg of lisinopril viagra 100 mg italia buy zoloft medication has generic lexapro viagra price cheapest cialis 20mg pakistan wellbutrin tablets mg clomid ile mg levitra online sicuro viagra 25 mg satis kamagra canada 50mg the cheapest clomid cialis tadalafil 80mg lisinopril 2.5 mg works 40 mg lasix iv 90 wellbutrin xl 300mg doxycycline hyclate 25 mg pharmacy cialis online 420 mg prednisone withdrawal nexium generico precio pcos clomid 50mg doxycycline 100 mg treatment cialis 2.5 mgm only nolvadex 20 mg filmtabletten augmentin antibiyotik 625 mg diflucan dosage mg prednisone 5 mg qualitest 15 mg of buspar levitra 5 mg kullanimi glucophage 1000mg merck generic cialis 30mg kamagra 100mg cena lisinopril stada 5mg zithromax 600 mg egypt levitra 20 mg precios viagra how 2 buy singapore online viagra cialis 10mg fta lisinopril 40mg wholesale strattera order lexapro tab 20mg viagra 50 mg effetti strattera online india generic augmentin 500mg viagra generic company lisinopril ivax 10mg levitra 20mg used buy viagra thailande viagra sale 25mg propecia kopa online propecia 2mg levitra india buy what mg cialis diflucan 150 mg forum order erythromycin online buy viagra zurich buy propranolol uk viagra 100 mg etkileri levitra 10mg dosage billig kamagra online cialis maxman 1800 mg xenical 120 mg price buy lasix solution order cialis india mims amoxil 500 mg viagra 50 mg prospecto strattera capsules 40 mg online philippines viagra zovirax suspension 200 mg zithromax dosage 600mg buy cheap viagra viagra australia cheap wellbutrin 300 mg high lexapro 5mg price wellbutrin xl mg nolvadex generic online generic24 propecia buy propecia price prednisone 50mg price buy zovirax 200 mg lexapro 10 mg pharmacy medicamento xenical 120mg 20mg cialis boner 5 mg cialis review 80 mg strattera online doxycycline 50 mg australia nexium generic ranbaxy clomid 20 mg cialis 5 mg effect legit clomid online wikipedia cialis generico lisinopril 10 mg indicaciones buying cialis 5mg prednisone 50 mg tab zovirax 800mg dosing viagra 25 mgs viagra 100 mg sale viagra kaufen 25 mg cialis 5mg information viagra 50 mg coupon erythromycin 500mg indications cipro epocrates online levitra 5 mg wirkung doxycycline generic online nexium 80 mg dose strattera lilly 3228 25 mg buy nolvadex ireland kamagra online wellbutrin generic wpi 839 glucophage brand generic medicamento wellbutrin 150 mg viagra online gb levitra 20mg vardenafil celebrex mg prezzo viagra 100 mg buy lasix online metformin 500 mg cm generico do viagra 2011 bactrim de 80 mg generic medicines viagra propranolol gador 40 mg bactrim ds mgs buy 50 mg clomid lisinopril 80 mg viagra 600mg 150 mg clomid follicles cialis 25 mg argentina cheapest bulk viagra viagra difference mg clomid 100mg gemeos prednisone apo 5 mg nexium 10 mg otc generic diflucan reviews cialis 2.5 mg review 2.5mg cialis online mg clomid lisinopril 20 mg bid nexium 20mg posologie nexium 40 mg pregnancy levitra 10 mg orodispersibili generic viagra etkisi buy zithromax 1200 indicacion cialis 5mg cytotec 200 mg pfizer clomid 25 mg online cheap kamagra deals 20 mg propranolol pregnancy took 2 cialis 20 mg 12.5mg viagra amoxil 500 mg 10 days buying viagra thailand online viagra pharmacies 150mg zoloft dosage augmentin bid 100 mg nexium dosage 80 mg buy nolvadex india thuoc glucophage 500mg cialis cheap uk xenical 120 mg avis augmentin 50mg spray cialis buy propranolol 40mg bula kamagra buy manchester order hydrochlorothiazide 25 mg 1000 mg cipro gonorrhea cheapest kamagra tablets nexium ec 40 mg cheap cialis bangkok phenergan tablets 25 mg generic cialis plus kamagra uk generic fake viagra 100mg 10mg of kamagra 200 mg zoloft anxiety periactin 4 mg cyproheptadine generic cialis softtabs generic cialis 100mg order nexium online cipro 500 mg bula generic medicine viagra strattera available generic overview diflucan 150 mg cialis 5 mg citalopram generic viagra revue philippine cialis online cialis 20 mg cut viagra 50 mg 4x nexium 400 mg nedir 5 mg cialis dosage synthroid dosage 0.075mg doxycycline 100 mg wsw generic valtrex wikipedia kamagra 100mg eu bactrim milk 960mg levitra 20mg suppliers augmentin antibiotic 1000 mg cialis online cypress prednisone 5 mg dosing clomid autoimmune disorders propranolol tablete 40 mg buy cheap clomid australian generic viagra 25 mg zoloft effects buy cialis amsterdam levitra online india buy discount levitra 1000 mg of augmentin doxycycline for cheap viagra 100 mg blue viagra 50 mg phuket buy zovirax 400 cialis brasilia buy 75mg viagra cialis 20 mg boite nolvadex for cheap celebrex 100mg tablets buy amoxil generic cialis 20mg 121doc cost 75mg viagra cialis 50 mg price order viagra spain cialis 5mg blind nolvadex 20mg dosering viagra 100mg wholesale kamagra 100mg bijwerkingen nolvadex 20 mg controindicazioni lasix online buy nolvadex 40mg buy viagra generic hinta cipro generic substitute bula lisinopril 20 mg kamagra 100mg qatar vega generic viagra lexapro 80mg cheap authentic viagra prednisone online cheap buying diflucan online oral doxycycline 20mg buy metformin 500 mg zovirax 5 cream generic hydrochlorothiazide 25 mg alcohol xenical 120 mg rezeptfrei cipro uk buy lpr nexium 40mg Online Levitra 30 pills buy clomid au amoxil 500 mg wiki generic lexapro 10 propecia 0.2mg cialis de 2.5 mg lasix 40 mg po order lexapro lexapro doxycycline online mastercard cialis buy dubai clomid 50 mg composition augmentin suspension 600 mg buy now viagra 8080 lexapro ssri generic viagra online opinioni lexapro tablets 20 mg buy doxycycline thailand lisinopril 10mg 1000tab nexium 40 mg kaina xenical 120 mg contraindicaciones doxycycline online europe kegunaan zithromax 500 mg cialis 10 mg etkisi zovirax generic drug viagra generico pt is 40mg cialis clomid 50mg twins 2012 prednisone 1mg shop buy 2.5 mg cialis cialis dublin buy buy periactin 4 mg propecia 5mg prices buy phenergan 25mg prednisone 5 mg doesepak levitra 5mg pris 300 mg doxycycline dosage levitra 40 mg amex myth generic viagra doxycycline 500mg sale glucophage 1000 mg fiyat cialis to buy lexapro 15mg bula antibiotic cipro 500mg recensioni cialis generico zoloft 25 mg alcohol lisinopril 10 mg g 101 buy lisinopril 5 mg amoxil suspension 125 mg 150 or 300 mg wellbutrin prospect celebrex 100mg viagra fta 50 mg lexapro 20 mg ratings cheapest viagra gauranteed mail order zithromax cialis 20 mg torrinomedica kamagra 50 mg 1 tableta buy valtrex australia cipro 500 mg muadili cheap lisinopril 40 mg generic cialis reports metformin buy uk viagra canada cheap 1000 mg of prednisone buy kamagra shops order generic clomid prednisone conversion disorder viagra generico comprare viagra femenina online generic levitra articles euro generic viagra gibraltar xenical 120mg prednisone 5mg pak achat cialis 20mg cialis generic prescription kosten nexium 40 mg lisinopril 10 mg watson generic celebrex 200 mg online apotheken viagra there generic valtrex 99cent generic cialis zoloft 100 mg overdose cialis 5 mg diario cheap xenical thailand astrazeneca nexium 40mg indikasi lisinopril 10 mg xenical online sale augmentin 875 mg dose 100 diflucan mg viagra plus 100 mg. nexium 20 mg dosering glucophage 850 mg forum buy cialis cebu generic brand viagra prednisone 2.5 mg information generic viagra edmonton celebrex 200 mg prijs augmentin 400 mg chewable buy periactin syrup lexapro generic paronia 50 to 100 mg zoloft priligy online italia buspar 5 mg bula cytotec 100mg celebrex 200 mg buy buy propecia 1mg propranolol 40mg ansiedade clomid 50 or 100 mg cytotec 50 mg pfizer uti augmentin 875 mg doxycycline 500mg tablets generic viagra ray taking 150mg viagra testing generic viagra 5 mg lexapro works buy cialis online 40 mg cialis power viagra 800 mg nolvadex 10mg pct buy amoxil england generic viagra alternative cialis 100mg preis valtrex 500 mg prospecto zithromax online australia lisinopril accord 20 mg cialis 5mg x28 cialis buy 5mg phenergan 25 mg tablets cialis philippines online buying viagra counter nexium 40 mg medicamento metformin 1000 mg preis buy kamagra pattaya image lasix 12.5 mg cialis online definition viagra 150 mg cipla 40 mg cialis dosage cipro 1000 mg kullananlar wirkungsweise cialis 5mg dapoxetine cheap uk amoxil 500 mg online viagra profecional 150mg merck generic propecia unmarked nolvadex 20 mg buy cheap viagra 32 viagra online apotheke viagra online saudiarabia cialis 20mg pharmacie lexapro hoeveel mg utilizzo cialis 5 mg prednisone 20 mg cortancyl prednisone 100 mg day order viagra viagra diflucan buy overnight generic cialis symptoms xenical 120 mg comprar levitra 20mg georgien tadalafila cialis 5 mg doxycycline bp 100mg strattera 100mg dosage augmentin 400 mg sciroppo metformin hcl 500 mgs cytotec tablet 200 mg viagra levitra buy cialis 5 mg medline viagra 200 online google levitra 20 mg. 40mg strattera erowid viagra 50 mg drug canada levitra online zovirax generic cost prednisone 20mg bula lexapro 30 mgs amoxil online europe cheap cialis 20mg cialis online beograd lisinopril 5 mg bijwerkingen cialis, 40mg, india cialis meds online cialis nere 800 mg 40 mg citalopram buy nolvadex dianabol propecia cheapest buy zovirax generic about zithromax 1000mg bangkok viagra de 15 mg celebrex generic availability cialis 20 mg tagliare discount viagra order cheap viagra mexico cialis 20mg bula nexium msr 40 mg augmentin generic walmart jual levitra 10mg cialis online accessrx order nexium caps cialis 20 mg pris 25 mg zoloft depression cap doxycycline 100mg cialis 100 mg 2 cialis 20 mg
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 480 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?