|
JPMorgan Chase, one of the first-lien lenders in the Texas Rangers bankruptcy case has challenged a section of the Asset Purchase Agreement that was altered after the group led Chuck Greenberg and Nolan Ryan won at auction last week for the purchase of the club. The challenge will not prevent ownership transfer which is expected to made official by vote of MLB’s 30 owners on Thurs.
At issue are $1.9 million in aircraft lease payments that were removed from the APA after the auction. The motion by JPMorgan claims the Greenberg-Ryan group (Rangers Baseball Express), Texas Rangers Baseball Partners, and William Snyder, the CRO in the case, removed the lease terms with Hicks Sports Group in “a process that lacks transparency and ignores the rights and interests of (JPMorgan Chase).” The banking institution had asked for an emergency hearing on the matter on Weds. with Judge Michael Lynn.
In an objection filing, representatives for RBE said, “Put simply, a dispute about relatively small lease payments (totaling approximately 0.3% of the purchase price) that will not be made for three weeks or more does not create an emergency necessitating that the Court set a hearing on 12 hours notice.”
The court agreed adjourning “to a later date and will be re-noticed accordingly.”
More news as it becomes available
RELATED CONTENT:
- Cardinals-Reds, Yankees-Rangers Games Set Ratings Records on 3 RSNs
- Texas Rangers Sale Approval Top Item of MLB Owners Meetings
- PLAN APPROVED, TEXAS RANGERS EXIT CHAPTER 11 BANKRUPTCY
- Texas Rangers Confirmation Hearing Reveals Details from Auction
- GREENBERG-RYAN WIN TEXAS RANGERS AUCTION AFTER CUBAN-CRANE CONCEDE
- Texas Rangers Auction Update: Greenberg/Ryan Bids $320M, Only to Have Cuban Bump to $335M in Cash
- TX Rangers Auction Update: Crane-Cuban Have Initial Highest Bid, Greenberg Says They Will Appeal
- Texas Rangers Auction Update: Yet Another Delay
- Texas Rangers Auction Update: Sal Galatioto Blocked Sale to Greenberg/Ryan Last Night
- Texas Rangers Auction Update: Is Crane/Cuban Bid Qualified?
- An FAQ on the Texas Rangers Auction
- Greenberg-Ryan Group Terminates Land Deal Just Before Texas Rangers Auction
- Greenberg Evokes Anniversary of Ryan-Ventura Tussle on Auction Day
- A Primer on the Texas Rangers Auction, News Corp Out of Bidding
- What’s In Store for the Texas Rangers Auction (FanGraphs)
- Mark Cuban Looks to Force MLB’s Hand on Approval in Texas Rangers Sale
- Up to 9 Mon. Delay if Greenberg/Ryan Not Auction Winners for Texas Rangers
- Outcome in Texas Rangers Auction Could Mean Losing Cliff Lee, Others
- Mark Cuban is Sleeping with the Enemy in Texas Rangers Sale, FOX May Bid on Club
- Judge Keeps Aug 4 Auction For Texas Rangers, After Enhanced Bid Offer Rejected
- Greenberg-Ryan Group Enhances Bid for Texas Rangers, Cuban Officially Pursuing
- From Alex Rodriguez to the MLBPA, Objections Fly in Texas Rangers Case
- Sizing Up Mark Cuban; Potential Owner Of The Texas Rangers (FanGraphs)
- Nolan Ryan Says Texas Rangers in Danger of Losing Josh Hamilton if Stuck in Bankruptcy
- Creditors Would Rather Have Greenberg/Ryan Out of Picture on Texas Rangers Sale
- Get The Show On The Road With The Texas Rangers Bankruptcy Case (Forbes)
- Brown: Adding Mark Cuban to Bidding Group for Texas Rangers Ill-Advised
- Greenberg/Ryan Group Say Full Amount for Texas Rangers Purchase in Escrow
- Document Archive: Texas Rangers Bankruptcy
 Maury 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 FanGraphs and Forbes SportsMoney. 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 
Follow The Biz of Baseball on Twitter
 Follow the Business of Sports Network on Facebook
|
MLB News 
Subscribe to this comment's feed
