UPDATE (4:50pm CT): According to multiple sources, the $25 million by Crane and Cuban is a cash component that is being challenged by the Greenberg/Ryan group. The premise by the group is that due to MLB's approval process, which will be longer than that of the Greenberg/Ryan group, the value will diminish over time due to interest, etc. The Greenberg/Ryan group is looking at a mark-up document of the Crane/Cuban group now. The nature of what this document is is not known, but it is likely the "prepackaged plan" that the Greenberg/Ryan group has had on the table for consideration by the bankruptcy court.
In terms of the clock, reports have the Greenberg/Ryan group coming back at 5:30pm CT with their responce. Judge Nelms, who is overseeing the auction, has said he is willing to work through the night to have the auction completed.
After nearly six hours in a Ft. Worth courtroom, and plenty of backroom haggling over its value, the group of Jim Crane and Mark Cuban has been deemed by William Snyder, the chief restructuring officer, and Judge Helms as having the highest initial bid for the Texas Rangers by $25 million, after discounts in bankruptcy fees.
Tom Lauria, a lawyer representing the group led by Chuck Greenberg and Nolan Ryan, attempted to challenge the offer saying that there is a, "Distinct lack of transparency from (Greenberg/Ryan’s) perspective."
The judge has stuck to the bid saying that it is “qualified” for auction, and it is now a case of determining whether the Greenberg/Ryan group can exceed the initial bid amount by $2 million. The court is in recess as it gives the group an hour to evaluate their position. The group has not seen Crane/Cuba bid in-total.
Judge Nelms, who is overseeing the auction believes that the process will move more quickly in subsequent bids.
In showing how heated matters are, according to Daniel Kaplan of the SportsBusiness Journal, Lauria cursed, ''You told me we were going to get a reasonable amount of time to review the bid. F__ you”, in the hallway outside the courtroom, to which, Louis Streubeck, the attorney for Snyder, “F___ you” back.
Before the auction has proceeded past this initial point, Chuck Greenberg has already said he will appeal its outcome saying that the Crane/Cuban offer was not a qualified bid.
Look for more news as it becomes available.
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