Home MLB News MLB Club Sales

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 618 guests online

Atom RSS

feed-image Feed Entries
MLB Club Sales
News and information about the sale of all or part of any of the 30 Major League Baseball clubs.

Selig Pleased Texas Rangers Auction Will Respect MLB's Right to Choose Owner PDF Print E-mail
User Rating: / 4
PoorBest 
MLB Club Sales
Written by Maury Brown   
Tuesday, 06 July 2010 17:33

Bud Selig

In speaking to the media before next week’s All-Star Game, Commissioner Selig addressed the issue of the Texas Rangers, and their continued saga in bankruptcy court. Selig’s comments came the day after the Rangers and the group led by Chuck Greenberg and Nolan Ryan agreed to allow the bidding process to be opened back up, and the process for an auction to take place. The motion for bidding was done with approval of the Chief Restructuring Officer, William Snyder, who was appointed by Judge Michael Lynn.

“It certainly has been a long and winding road,” Selig said of the Rangers sale process. “Tom Hicks put the club into bankruptcy in January, and this has been an interesting but a very difficult process. The Greenberg/Ryan group has lived up to everything that they said they would, but we have to deal with the bankruptcy laws”

(EDITOR'S NOTE: Hicks did not place the Rangers into voluntary bankruptcy until May 24. The exclusivity agreement with the Greenberg/Ryan group was reached in December)

Selig said that the process needed to completed very quickly, and that he had spoken to Nolan Ryan this morning before court appointed mediation was to take place.

Selig said that Major League Baseball was not at the crux of the stalled process, but rather current ownership.

“I want to say this, this has nothing to do with baseball economics,” Selig said. “Sometimes that gets misunderstood. This has everything to do with Mr. Hicks and his personal economic situation."

Since December, the Greenberg/Ryan group has had an exclusivity agreement to work toward closing the sale, something that is being waived as part of the auction process. Selig made it clear that he, and the league, still support that group. “We’ve told everybody that, and I would have liked to see the Greenberg/Ryan group approved some time ago, but as we move forward, hopefully we can get this resolved.”

Selig was pleased that the bidding process will allow them to select the ownership group they wish to see installed, regardless of whether the Greenberg/Ryan group has the highest bid or not. Creditors for the Rangers have said repeatedly that Houston businessman Jim Crane has a higher bid on the table, which will play itself out should Crane pursue the purchase of the Rangers through the auction on July 16.

“Let me make this clear, baseball has always had the right to select their ownership,” Selig said. “There’s a long history of that that predates my entry into baseball in the 1970. So, I’m very, very comfortable in telling you that, yes, I was pleased [in the CRO’s advisement that MLB can ultimately approve the owners of the Rangers]. But there’s no doubt in my mind that we have the right to select ownership, and will do that.”

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

 
While Risky, Opening Up Bidding For Texas Rangers Should Assist Greenberg-Ryan Group PDF Print E-mail
User Rating: / 6
PoorBest 
MLB Club Sales
Written by Maury Brown   
Monday, 05 July 2010 23:47

Texas RangersLate on Monday,Texas Rangers Baseball Partners filed two documents that look to swiftly move the Texas Rangers out of Chapter 11 bankruptcy. The first motion opens the process up for other potential bidders, while the second motion requests to expedite a hearing for the bidding to July 16, a week from this coming Friday. Both documents were cleared by the Chief Restructuring Officer (CFO), William Snyder, making any chances for Judge Michael Lynn to reject the motions extremely thin.

The Greenberg/Ryan group claims “stalking horse” status, meaning any bid filed would have to exceed their $502 million bid for the Rangers assets by at least $20 million, or at least $522 million. Of that $20 million, $15 million would come back to the Greenberg/Ryan group as a “break-up fee” (the $15 million represents approximately 3% of the transaction value)

A statement by the Greenberg/Ryan group on Monday also says that they have secured the $575 million offering in escrow needed to complete the sale of the Rangers assets, as well as the land around the Ballpark, an exceptional move to prefund the sale, something rarely done. The move lays to rest persistent rumors that the group has been undercapitalized.

The Bid process is outlined as follows:

The Debtor shall (i) provide reasonable assistance to Qualified Bidders in conducting their due diligence investigations, (ii) receive offers from Qualified Bidders and (iii) keep the CRO and his counsel and advisors reasonably informed of those actions listed in (i) and (ii).

The CRO, in consultation with the Debtor, shall negotiate any offers made to purchase the TRBP Assets. Only a Qualified Bidder may participate in the bidding process. Neither the Debtor nor its representatives shall be obligated to furnish any information of any kind to any person who is not a Qualified Bidder.

To facilitate the Auction and to assist the Debtor and the CRO in assessing the terms of each bid, prospective bidders must work from the Asset Purchase Agreement (as defined in the Motion), to prepare their bids and mark all proposed changes to such agreement as part of their bid. The Asset Purchase Agreement is attached to the Motion as Exhibit C, and is also available on the main docket of these cases.

As noted, there is little time for potential bidders to get their ducks in a row, but in many senses is reasonable given that new bidders have access to all information that has been involved in the Greenberg/Ryan bid without having to make any investments to counter. The bids of any Qualified Bidder wanting to participate in the Auction must submit a Qualified Bid (as defined below) on or before July 16, 2010 at 10:00 a.m. (prevailing Central Time) (the “Bid Deadline”) in writing, to Texas Rangers Baseball Partners and William Snyder, the CRO. Each bidder will have to file a “Good Faith Deposit” of $1.5 million. As noted in the document:

Good Faith Deposits of all Qualified Bidders shall be held in a separate interest-bearing account for the Debtor’s benefit until the earlier of (a) August 12, 2010 or (b) consummation of a transaction involving any other Qualified Bidder for the TRBP Assets. If a Successful Bidder fails to consummate an approved Sale because of a breach or failure to perform on the part of such Successful Bidder, the Debtor will not have any obligation to return the Good Faith Deposit deposited by such Successful Bidder, and such Good Faith Deposit shall irrevocably become property of the Debtor without affecting or reducing any of the Debtor’s other rights or claims against such party.

The process is locked down, with exception. Under the section, Modification of Bidding Procedures, there is further wiggle room to allow the Greenberg/Ryan group to be selected.

Except as expressly provided herein, the procedures set forth herein cannot be amended or modified without the express written consent of the Proposed Buyer. The Debtor reserves the right to (i) withdraw its offer to sell the TRBP Assets at any time subsequent to the Auction, subject to payment of the Stalking Horse Protections if then due pursuant to the Bidding Procedures Order, and (ii) reject any or all bids other than the Stalking Horse Bid if, in the CRO’s reasonable business judgment, in consultation with the Debtor, such other bids are not for a fair and adequate price.

MLB’s acceptance of any bidder will be allowed to trump the outcome of the ruling by Judge Lynn at the Confirmation Hearing set for July 22 at 9:30am CT at the United States Bankruptcy Court for the Northern District of Texas, Eldon B. Mahon U.S. Courthouse. The hearing could extend into the next day. As outlined in the document:

Following the Confirmation Hearing and entry of a Court order approving the Successful Bid and Debtor’s Plan of Reorganization, the Qualified Bidder shall be required to seek the approval of Major League Baseball in accordance with the Major League Baseball Constitution, the MLB Guidelines, and other relevant rules and regulations of MLB. Should the Qualified Bidder be unable to obtain the requisite approval of MLB, then the Backup Bid shall be submitted to MLB for such approval.

If the highest bidder is not accepted, the “Backup Bidder” will be deemed to have won the auction and the creditors will be allowed to sue for damages, with the highest bidder being able to only recover the $1.5 million Good Faith Deposit:

If for any reason the entity or entities that submit(s) the Successful Bid fails to consummate the purchase of the TRBP Assets, the offeror of the Backup Bid (the “Backup Bidder”) will automatically be deemed to have submitted the highest and best bid, and the Debtor and such Backup Bidder are authorized to effect the sale of the TRBP Assets to such Backup Bidder as soon as is commercially reasonable. Following the Confirmation Hearing (i) if such failure to consummate the purchase is the result of a breach by the Successful Bidder, the Debtor reserves the right to seek all available damages from the defaulting Successful Bidder as modified by the terms of the asset purchase agreement reached pursuant to the Successful Bid and (ii) if such failure to consummate the purchase is the result of a breach by the Debtor, the Successful Bidder shall have no recourse against the Debtor other than for recovery of its Good Faith Deposit.

The open bidding is for the Texas Rangers assets and does not include the land around the Ballpark, a key source of revenue through parking, not only for Texas Rangers games, but for Dallas Cowboys games, as well. There is an existing "BRE Land Use Arrangement” which is a Memorandum Regarding Existing Land Use Arrangement by and between BRE and TRBP, dated as of May 20, 2010. The Greenberg/Ryan group has agreed to pay $70 million for the parcels. Any bidders would have to reach agreement on the 154 acres of land as part of a separate set of negotiations around the sale as the Lenders do not have liens against the land being sold.

Monday's motions are likely to make Tuesday's mediation hearing moot.


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

 
Greenberg/Ryan Group Say Full Amount for Texas Rangers Purchase in Escrow PDF Print E-mail
User Rating: / 3
PoorBest 
MLB Club Sales
Written by Maury Brown   
Monday, 05 July 2010 19:54

Texas Rangers

THIS IS BREAKING NEWS....

The following is a statement from the investor group headed by Chuck Greenberg and Nolan Ryan, the prospective bidders for the Texas Rangers:

The investor group led by sports attorney Chuck Greenberg and Hall of Famer Nolan Ryan confirmed today that it has received into escrow the full amount needed for the equity portion of its purchase of the Texas Rangers and has executed definitive financing agreements for the debt portion of the deal. This extraordinary step puts the Greenberg/Ryan group in position to close the transaction promptly upon confirmation of the Rangers' Chapter 11 plan (which pays all of the team's creditors in full) and Major League Baseball's final approval of the agreement.

"We wanted everyone to know that our proposal is fully funded, that we are ready to close and that our number one objective is to get the team out of Chapter 11 as quickly as possible," said Greenberg. "All we need is the Rangers getting their Chapter 11 plan confirmed and final approval from MLB."

In a related move, the Greenberg/Ryan group also announced it had negotiated terms with Rangers representatives and William Snyder, the Court-appointed chief restructuring officer for the team's parent holding companies, pursuant to which Greenberg and Ryan would waive their exclusive right to purchase the team and permit the $575 million transaction to be market tested for a second time.

This arrangement is intended to overcome the efforts of Hicks Sports Group lenders to extract additional payments by delaying the team's exit from Chapter 11. Instead of engaging the lenders in continued legal maneuvering that could be detrimental to the team, the Greenberg/Ryan Group agreed to give other potential purchasers one final opportunity to submit a topping bid. Subject to obtaining bankruptcy court approval, it is anticipated that July 16 will be the bid deadline and that the purchase of the team will be consummated by late July or early August.

"Our group was selected last December after an extensive marketing process because we put forward the strongest bid for the Rangers," said Greenberg. "Today, nearly seven months later, our bid is still superior and best serves the interests of the Rangers and their fans."

"Our goal is to do everything possible to bring this process to conclusion so that we can continue to build on the progress we've made on the field the past two seasons and so that the fans and our community can turn their full attention to this great season." said Ryan, who is a partner in the deal and would continue to serve as the team's president when the deal closes.

MORE NEWS AS IT BECOMES AVAILABLE


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

 
Texas Rangers Confirmation Hearing Moved Back to July 22 PDF Print E-mail
MLB Club Sales
Written by Maury Brown   
Thursday, 01 July 2010 19:57

Texas RangersThe confirmation hearing to approve the prepackaged plan that would exit the Texas Rangers from Chapter 11 bankruptcy has moved, yet again, on the calendar, back to July 22 but keeps the July 6 mediation hearing date, a sign that the court appointed mediation process is a last ditch effort to get the creditors concessions that they will find acceptable, while satisfying MLB in keeping with the Chuck Greenberg/Nolan Ryan ownership group they wish to see control the club. As the court order reads:

The Honorable Russell F. Nelms, United States Bankruptcy Judge for the Northern District of Texas, is appointed to act as mediator (the “Mediator”). The following entities, (a) the Debtor, (b) Major League Baseball (including the Office of the Commissioner), (c) The Ad Hoc Group of First Lien Lenders, (d) J.P. Morgan Chase, Administrative Agent for the First Lien Holders, (e) GSP Finance LLC, Administrative Agent for the Second Lien Holders ((c)– (e), collectively, the “Lenders”), (f) the Official Committee of Unsecured Creditors and (g) William Snyder, in his capacity as Chief Restructuring Officer of Rangers Equity Holdings, L.P. and Rangers Equity Holdings GP, LLC (all of the foregoing being referred to herein as the “Parties”) are ordered to mediation regarding the Debtor’s proposed plan of reorganization and treatment of the Lenders’ claims thereunder. In order to allow as much time as possible for the Parties to reach an accord, the mediation shall commence at 12:00 p.m. on July 6, 2010…… unless Judge Nelms directs that mediation occur at a different time or place. Once commenced, the mediation may continue, at the discretion of the Mediator, on July 8 and July 16 until concluded, or at such other times as directed by the Mediator.

Adding, that “The hearing on confirmation of the Debtor’s Plan is reset to July 22, 2010, at 9:30 a.m., and shall continue on July 23, 2010, at 9:30 a.m., if necessary.”

The moving of the confirmation hearing is part of a back and forth playing out on the calendar. The hearing, originally scheduled for July 9 was initially moved to the 22nd by Judge Lynn to allow time for mediation. Rangers Baseball Express, the investor group led by Chuck Greenberg and Nolan Ryan filed an emergency filing looking to bump the hearing back to its original July 9 date to allow time to be active at the trade deadline. Allowing more time in mediation should certainly assist in a stabilizing what has been a rocky period in the Texas Rangers sale case.

According to a report by Evan Grant of the Dallas Morning News, on July 16 a one-day auction is set for the sale of the club to the highest bidder. The open bid is part of Chief Restructuring Officer William Snider’s is expected recommendation to Judge D. Michael Lynn in the case.

But, the open bidding does not mean MLB has to approve any sale other than Greenberg/Ryan.

MLB President and COO Bob Dupuy confirmed the auction, but in speaking to the SportsBusiness Daily said, “No one has suggested that any auction occur that in anyway obviates MLB's clear and unambiguous right to approve or disapprove any ownership candidate,” he wrote in an e-mail. “There has been absolutely no discussion of that with either of the judges involved or the CRO.”

The league has said repeatedly that Crane would not be approved as an owner, which leaves the group led by Dennis Gilbert and Jeff Beck as the other group that will make a play for the highest bid.

But as noted by DuPuy, the CRO recognizes the approval process MLB has in terms of ownership. Everything appears to landing in mediation where the creditors, MLB, and the Greenberg/Ryan group need to come to some sort of amicable agreement to allow matters to move forward before the July 22 confirmation hearing… Of course unless the hearing moves on the calendar (again).


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

 
Restructuring Officer Recommends Bidding Be Opened Back Up for Texas Rangers PDF Print E-mail
User Rating: / 1
PoorBest 
MLB Club Sales
Written by Maury Brown   
Thursday, 01 July 2010 14:11

Texas RangersUPDATE: Evan Grant of the Dallas Morning News is reporting that a one day auction for the Rangers will take place on July 16th. As Grant reports that, "Prospective CEO Chuck Greenberg, whose Rangers Baseball Express Group has held exclusive negotiating rights on the team since January, had to agree to the auction process."

Greenberg also holds "stalking horse" status. His bid of approximately $575 million will need to be beat by at least $10 million in order to select a new buyer, the source indicated. It is unclear if Greenberg can sweeten his bid between now and the time of the auction on the 16th.


On Monday, for a column for Forbes entitled Is a Decision Pre-Ordained in the Texas Rangers Bankruptcy Case?, I wrote:

Some have seen the fact that the tongue-lashing [from Judge Lynn], along with bumping the court date, and court appointed mediation, as signs that Lynn is leaning toward the creditors in this case, will therefore not approve the prepackaged plan, and thus throw the case into disarray.

Those close to the situation believe Judge Lynn’s tirade is cover for a decision that has been pre-ordained, and the bidding process will be opened back up for the likes of Houston businessman Jim Crane to step back in. In discussions, some analysts I have spoken to pondered whether the mediation process is a way to open the bidding back up “under the radar”, that is, without officially doing so before Lynn rules on the prepackaged plan.

It seems that this “nuclear” option stands a chance of becoming the truth.

According to Daniel Kaplan of the SportsBusiness Journal, William Snyder, the court appointed chief restructuring officer (CRO), has informed MLB President and COO Bob DuPuy that he is recommending that the bidding be opened back up in the Texas Rangers sale. As reported:

Federal judge Michael Lynn is scheduled to approve or turn down the team’s amended bankruptcy plan next Friday.

If Lynn approves the plan, the creditors would likely appeal the decision to a federal appeals court in New Orleans. To do so, they would need an immediate stay and likely have to post a $525 million bond, the amount of principal owed. But the lenders might not need to if the judge and the chief restructuring officer decide there are better offers for the team.

At that point all eyes will turn to MLB. After a hearing in the case last week, MLB’s chief outside counsel Stephen Shimshak said on an open telephone line, as reported by the Fort Worth Star-Telegram and confirmed by multiple sources to SportsBusiness Journal, that if the judge turns down the plan, MLB would respond by taking over the franchise. Shimshak did not reply to a request for comment.

As I said more than once on Dallas/Ft. Worth area radio last week, I believe MLB’s threat is very real. I also don’t see how any other group other than Greenberg/Ryan would be accepted by the league. They have repeatedly stated that they support only that group, and to change that direction would signal that MLB (and other sports leagues) no longer are in charge of who they select as part of the ownership collection within the league.  As I further opined for Forbes on Monday (see Will the Texas Rangers Case Go Nuclear?):

This “nuclear winter”, that would likely pale what has already transpired, could wind up creating a landmark case in which the selection of an owner by a league, is at stake. In that, the case of the Texas Rangers would move well beyond the scope of just Major League Baseball. It would become the litmus test for all sports leagues. Where league control was part of the Phoenix Coyotes bankruptcy case, with relocation more the focus, the Rangers case could define it.


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

 
Court Documents Gives Rare Glimpse Into Finances of Texas Rangers PDF Print E-mail
User Rating: / 6
PoorBest 
MLB Club Sales
Written by Maury Brown   
Tuesday, 29 June 2010 16:58

Texas RangersUPDATE: Response by Jamey Newberg added.


According to court documents filed today in the Texas Rangers voluntary bankruptcy case, the club is is in danger of seeing gross income lower this year than last, and may not meet last year’s totals, an increase from 2008. The documents are a rare glimpse into the finances of a Major League club.

According the Statement of Financial Affairs for the Rangers, the club had $54,933,861 in gross income as of 5/31/10. Last year, the club saw $167,367,982 in total gross income, compared to $149,461,715 for 2008.

The document also gives a rare glimpse into how much front office personnel make, including current owner, Tom Hicks. Hicks is shown to have made $183,594 in salary from 6/15/09 - 5/24/10 with expenses of $14,452. However, Hicks Holding, LLC saw $64,737.85 in reimbursements for travel expenses and TOH Investors, LP, an entity directly or indirectly owned and controlled by Hicks saw $1,966,644.65 under an “A/R Factoring Agreement”.

(SEE THE DOCUMENT, WHICH ALSO DETAILS EXPENSES)

And Hicks is not the only executive to see salary information released. From 5/29/09- 5/24/10 current president of the Rangers and prospective owner Nolan Ryan made $1,540,527 in salary with $85,750 in expenses. Kellie Fischer, the Rangers CFO made $235,081 in salary and bonuses with $1,284 in expenses from 5/29/09- 5/24/10.

In addition, the Rangers have racked up $801,721 in legal fees to five different law firms dealing with payments related to debt counseling or bankruptcy.

On top of the voluntary and involuntary bankruptcy cases, the Rangers are involved in 5 other suits or administrative proceedings, including a case by former Rangers scout Roney Calderon who is seeking $100,000 in severance pay.

The document has detailed ledger of expenses, ranging from New ERA cap, and Rawlings. But what may be of interest to media surrounds redacted sections of the ledger for expenses to Jamey Newberg of the popular The Newberg Report blog. From the Star-Telegram:

Jamison "Jamey" Newberg, who operates a popular website, The Newberg Report, was paid $27,125 by the team from February through April, according to the court document filed late Monday.

Newberg said the payments likely were for books he sold the club. And while he received no money for his blog, the Rangers did finance his family's trip to spring training in Surprise, Ariz.

A lengthy 2004 Dallas Observer article described Newberg's blog as a must-read for fans and even baseball beat writers and team officials who, it said, were initially suspicious of Newberg.

There is no disclaimer on his blog site that Newberg has been paid for services to the Rangers. Near the end of the Observer piece, the weekly said: "Perhaps one day Newberg will finally get what he wants — a shot at working for a big-league club."

Early on Weds. Newberg responded by saying:

I do provide content to the Rangers every week for their own website, and provide content to the Rangers every month for their gameday program, and provide thousands of abridged Bound Editions to the Rangers every year so they can give a copy to each of their season ticket accounts. For a few years I also wrote and recorded video packages every homestand for the Rangers to air on the video board between innings; we’ve shelved that project so far this season. I don’t give those things away. I have been compensated by the Rangers for those things, and also get some of my spring training trip reimbursed – that’s a working week for me.

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

 
Texas Rangers File Amendment to "Prepacked Plan" to Address Judge's Concerns PDF Print E-mail
User Rating: / 5
PoorBest 
MLB Club Sales
Written by Maury Brown   
Monday, 28 June 2010 01:37

Texas Rangers

UPDATE: See Is a Decision Pre-Ordained in the Texas Rangers Bankruptcy Case? on Forbes SportsMoney for additional information on the Texas Rangers case.


Texas Rangers Baseball Partners, the current owners of the Texas Rangers, have filed an amended version of the “prepackaged plan” that seems to address requirements by U.S. Bankruptcy Judge D. Michael Lynn that would lift “impairments” to certain classes of creditors of the ballclub. If those impairments are lifted, the plan, that is designed to pay the secured and unsecured lenders of the Rangers, would no longer be able to block the sale via vote.

First Lien Holder Claim section (as well as the section for Second Lien Holder Claims that has the same verbiage, but has “First Lien Holder” replaced with “Second Lien Holder”, reads:

On the Effective Date, an amount of Cash equal to $75 million (or the amount outstanding under the First Lien Credit Agreement and Second Lien Credit Agreement if less than $75 million is outstanding in the aggregate under the First Lien Credit Agreement and Second Lien Credit Agreement on the Effective Date), together with postpetition interest for the period from the Commencement Date through the Effective Date (to the extent the Bankruptcy Court determines that holders of such Claims are entitled to postpetition interest in order for such Claims to be unimpaired), shall be paid to JPMorgan Chase Bank, N.A., as administrative agent for the holders of Allowed First Lien Holder Claims, to be applied in accordance with the First Lien Credit Agreement, the Second Lien Credit Agreement, and the Intercreditor Agreement. On and after the Effective Date, the holders of Allowed First Lien Holder Claims shall retain all existing contractual rights against the Debtor or its affiliates to which they are entitled under the First Lien Credit Agreement and related documents.

The plan has also been updated to address the right of the creditors to sue for damages. The sections for the First and Second Lien Holders reads:

Right to Pursue Damages On and after the Effective Date, the holders of Allowed [First and Second] Lien Holder Claims shall retain all existing contractual rights against the Debtor or its affiliates to which they areentitled under the First Lien Credit Agreement and related documents.

What is unclear is whether these changes will allow the third class, TRBP Equity Interest, to then have its impairment lifted. The latest amended document shows no changes from prior versions and continues to read, “The Debtor submits that [TRBP Equity Interest] is unimpaired by the Prepackaged Plan, each holder of an Allowed TRBP Equity Interest is not entitled to vote to accept or reject the Prepackaged Plan, and should be conclusively deemed to accept the Prepackaged Plan.”

The update to the prepackaged plan comes after Judge Lynn had set a July 22 confirmation hearing date, that was later moved back to July 9 after an emergency motion to keep that date was filed by Ranger Baseball Express, the investor group led by Chuck Greenberg and Nolan Ryan. While Lynn agreed to keep the date, it came with stern words from the judge about the situation at hand.

“You guys, not me, you guys are the ones who pushed for this,” Lynn told them. “For the sake of the Rangers, I do not want to see this team stuck in Chapter 11 until this fall.”

He added, “We will not decide based on what the fans want ... what the media wants ... what Mr. Ryan or Mr. Greenberg wants, or what (Baseball Commissioner) Bud Selig wants. I will deny confirmation, and we’re back to square one, and it will be on the heads of those who support this motion.”

To add further tension to the case, Stephen Shimshak, an attorney representing the Commissioner’s Office, let the following fly after the phone conference was done, not knowing that the call was still on.

"If [Lynn] doesn’t confirm the plan we’ll just terminate the franchise. We'll take over the g--damn franchise."

Look for more on Forbes SportsMoney later on Monday.

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

 
UPDATE: Judge Agrees to Not Delay Hearing in Texas Rangers Case, But Chastises Greenberg/Ryan Group PDF Print E-mail
User Rating: / 3
PoorBest 
MLB Club Sales
Written by Maury Brown   
Friday, 25 June 2010 10:42

Texas RangersUPDATE #2: Adds quotes from Lynn link to Forbes story (Will the Texas Rangers Case Go Nuclear?)

UPDATE #1: Sources indicate that Judge Lynn has accepted the motion to reconsider and that mediation has been set for July 6 with the confirmation hearing set back to the July 9 date, confirmed by multiple sources.


Yesterday, U.S. Bankruptcy Judge Michael Lynn ordered the sides in the Texas Rangers bankruptcy case into mediation, and in doing so, rescheduled the July 9 confirmation hearing on the “prepackaged plan”, bumping it to July 22.

Today, a motion to reconsider the July 22 rescheduled hearing date was filed by Rangers Baseball Express, the prospective ownership group headed by Chuck Greenberg and Nolan Ryan, citing the July 31 trade deadline and other business related matters, as part of the reason for reconsideration.  The motion seeks to have the hearing no later than July 12.

The motion reads in part, “This case is very time sensitive. Despite its excellent on-field performance during the 2010 season to-date, the Texas Rangers franchise is cash poor and operates with significant negative cash flow... There is no indication that further delays serves the best interests of anyone.”

The motion addresses potential changes to Rangers Ballpark that the prospective ownership group would make in the off-season, should they gain control of the club.

“RBE plans to make certain material capital improvements to Rangers Ballpark before next season. Some of these planned improvements require more than a full offseason to design, procure, construct, and complete. The delays in the sale process that have already taken place present significant challenges to completing these projects prior to Opening Day 2011. Further delays gravely risk the ability to complete the projects on time, which would have a material adverse impact on the franchise’s performance in 2011.”

Judge Lynn approved the motion, but that doesn’t mean the change came easy or without considerable bluster from Judge Lynn.

“You guys, not me, you guys are the ones who pushed for this,” Lynn told them. “For the sake of the Rangers, I do not want to see this team stuck in Chapter 11 until this fall.”

The tongue lashing didn’t stop there, and at least one bankruptcy attorney’s face blushed scarlet.

“We will not decide based on what the fans want ... what the media wants ... what Mr. Ryan or Mr. Greenberg wants, or what (Baseball Commissioner) Bud Selig wants,” Lynn declared from the bench. If the revised plan falls short of satisfactorily addressing the interests of all affected parties, “I will deny confirmation, and we’re back to square one, and it will be on the heads of those who support this motion.”

Originally, a July 2 date was set for the confirmation hearing on the “prepackaged plan”, but was moved to July 9 to allow Judge Lynn to return from vacationing on a cruise.

(EDITOR'S NOTE: For more on today's events, see Maury Brown's latest on Forbes SportsMoney, Will the Texas Rangers Case Go Nuclear?)

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

 
Key Creditors in Texas Rangers Bankruptcy Case Issue Statement on Tuesday's Ruling PDF Print E-mail
MLB Club Sales
Written by Maury Brown   
Tuesday, 22 June 2010 22:07

Texas Rangers

THIS IS BREAKING NEWS...

The Ad Hoc Group of First Lien Lenders (collectively, the “Lenders”) in the Texas Rangers Baseball Partners (“TRBP”) bankruptcy matter today issued the following statement in connection with today’s Court ruling:

"We welcome today's developments, in which Judge Lynn upheld the Lenders’ initial and long-standing conviction: that the current plan to sell the Texas Rangers impairs the Lenders, as well as Rangers Equity Owners, and gives them a right to consent to the proposed sale. Also, in today’s hearing, Judge Lynn confirmed the parties’ agreement to the appointment of William Snyder as a Chief Restructuring Officer of the Rangers Equity Holders,an independent fiduciary charged with ensuring that the plan that is put forward is in the best interests of the creditors of these equity holders, including the Lenders, who have claims of more than $500 million against those equity holders."

MORE DETAILS AS THEY BECOME AVAILABLE

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

 
Greenberg/Ryan Group Issues Statement on Bankruptcy Texas Rangers Ruling PDF Print E-mail
MLB Club Sales
Written by Maury Brown   
Tuesday, 22 June 2010 21:15

Texas RangersThe folloiwng is a statement released by Rangers Baseball Express, LLC, the group of investors led by Chuck Greenberg and Nolan Ryan regarding today's ruling by a U.S. bankruptcy court judge:

United States Bankruptcy Judge Dennis Michael Lynn issued a Memorandum Opinion today addressing certain key legal issues regarding the bankruptcy of the Texas Rangers and the proposed plan of reorganization.  The proposed buyer of the Texas Rangers, Rangers Baseball Express, LLC, the investor group led by Chuck Greenberg and Nolan Ryan, is pleased with the Judge’s ruling.  The opinion lays out a road map to rapid confirmation of the plan, consistent with the schedule established when the case was filed.

The plan calls for the sale of the Texas Rangers to Rangers Baseball Express, LLC.  Central to the opinion was the contention of the Ad Hoc Group of First Lien Lenders (the “Lenders”) that they be granted an effective veto over any proposed sale of the Rangers.  Judge Lynn ruled that the Bankruptcy Code does not require that the plan confer such rights and  determined the plan may go forward with certain modifications, described in the Opinion, to protect the legal rights of the Lenders.  Such modifications can be made by Texas Rangers Baseball Partners (the “Debtor”) without the consent of the Lenders.  If those modifications are made, the Lenders will be deemed to have accepted the plan and will not be entitled to vote against it and will not have the ability to block the sale.

Judge Lynn rejected the Lenders’ argument that they are entitled to speak in the bankruptcy case for the two general partners that own the Debtor.  He determined that the Rangers’ equity owners, and not the Lenders, would continue to speak for those entities.  In determining whether to accept or reject the plan, the Rangers’ equity owners  are required to seek court approval and will need to act in a manner consistent with the fiduciary duties imposed by the Bankruptcy Code.

In a separate hearing today, Judge Lynn appointed William Snyder, a prominent corporate restructuring specialist in Dallas, as the Chief Restructuring Officer for the two general partners.  Mr. Snyder will have the opportunity review the proposed plan and determine whether the contemplated sale of the Texas Rangers to Rangers Baseball Express, LLC would serve the best interests of the two general partners, the Debtor, and their creditors.  Rangers Baseball Express, LLC welcomes the appointment of Mr. Snyder and has confidence that, after a careful and timely review, he will conclude that confirmation of the plan on the schedule currently set by the Court would serve the best interests of the Texas Rangers, its owners, and their creditors.

The ruling is consistent with an Order, entered on June 21, 2010, to schedule a hearing to confirm the plan for July 9, 2010.  At that hearing, the Debtor will be required to prove the plan meets the standards for confirmation under the Bankruptcy Code.

MORE DETAILS AS THEY BECOME AVAILABLE

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

 
«StartPrev12345678910NextEnd»

Page 9 of 19
 
Banner

Poll

Should MLB Force Jeffery Loria to Sell the Marlins?
 


requip from india alavert usa sale esperal cheap canada pharmacy buy fluoxetina online from india propecia pills online in the mexico my atarax coupons diovan tablets side effects how to order sominex online imitrex canadian online best price for real tofranil buying seroflo using paypal where to buy flonase without a prescription pill rx health order acticin products best place to buy zydis toradol lawsuit suppliers of erexin v in us keppra from canada with no prescription cymbalta online in us sildenafil citrate brand positioning buy advair online from australia india pharmacies online that sell cialis online ceftin india purchase florinef in usa generic detrol for sale on line silagra 50 mg glucovance buy elocon without a subscription buy terramycin mg online arava prices tamsulozin generic usa best place to buy cozaar in india cabgolin italiano microzide lowest price online dutas mexico companies only is it illegal to order generic tricor buy cephalexin tablets australia doxycycline without a prescription buy quibron t online thru paypals zocor without prescription can i buy metrogel in canada anteovin from usa pharmacy how to order doxycycline buy yagara mexican pharmacies clonidine without prescription do you need rx trimox can you only get medrol on prescription kelnor pills buy online anteovin shelf life order duprost overnight beta val next day sinequan pills sweat advair diskus without a script floxin from canada without rx minomycin on line in the india seroflo online coupon code extendaquin for men in usa sepibest in croatia viagra usa no prescription lipothin cheap mexico pharmacy can you buy omnicef online buy over the counter himcolin online buy gabapentine online no prescription uk where can i buy tretinoin tablets betnovate uk pharmacy levitra super active usa no prescription caffeine ergotamine canada head office paroxetine to buy trazodone buy online ireland carvedilolo mg tablet online almetec with no prescription pill rx health order aleve products trial erection packs 2 mg mexico mometasona dose can you take erection packs 1 daily flunil spain procardia generic canada predalone fast india where can i get some terramycin trimox canadian online overnight pharmacy order anafranil online no prescription with a echeck cheap estrace no prescription aricept perth australia order paroxetine from usa without prescription viagra paypal accepted over counter ciprofloksacin canada vpxl tablets online buy brand nizagara sominex delivered to your home generic zetia no prescription serevent to purchase without a prescription aygestin next day propeciatablets isoniazid tablets uses pill rx health order aceon products ciprofloxacina from mexico buy digoxin mexican pharmacies kamagra ie where to buy cabaser buy brand actos amantadine drugstore com pricing zertalin medication overnight delivery where to buy tadapox online mexico actoplus canada head office fluss 40 cheap uk where to buy renagel with visa oracea canada head office nootropil for dogs buy trial erection packs 2 birth control online mexico aristocort supplier in uk can we trust bentyl online mentat drug in germany pharmacy buy viagra super active pills in the india bactroban without a prescription from uk cephalexin canada online no prescription how to order robaxin online amoxycillin online usa no prescription minipress buy online uk tadalis with no rx ordering almetec uk kamagra buy online mexico where can i buy vpxl mg mirapex online ordering cytotec shopping generic zyprexa safe where could i buy levlen without prescription zedd max dose tetracycline not generic buy tadalis online no prescription propecia uk no prescription minocycline usa cvs prices stromectol for purchase without a prescription best place to buy plavix without a prescription evista cheap canada pharmacy propranolol online without prescription order zentel on line canada order reglan on line canada vermox uk companies only cheap maxaman pills generic levitra plus india kamagra for sale australia canada pharmacies online that sell fasigyn buy liposafe uk klipal codeine buy australia nizagara on line in the uk how much will roaccutan cost is canadian cialis safe ayurslim prix en pharmacie en france indian pharmacy propranolol where can i get lantus where to buy doxazosin mg metrogel online canada ordering beta val health canada seroquel i pill v gel website valaciclovir fast usa order carbozyne tablets motilium where can i buy it advair order online no prescription pyridium for sale philippines buy mometasona mg cenveo usa buy diprolene without prescription buy zenegra with no script buy anteovin tablets us discount plavix from canada where can i buy duphalac buy key pred pills in the mexico januvia generic reviews how much is mircette tablets keftab no prescription needed strattera uk next day delivery buy dramamine boots is there a shortage of meclizine hoodia tablets buy sarafem drug in mexico pharmacy seasonique medicine children order tizanidinum from india without prescription drugs similar to tadalis cheapest reglan paypal cefadroxil canada companies only diovan medication on line triamterenum with prescription how to take prilosec mg advair diskus mexico pharmacy ordering roaccutane uk trial erection packs 3 with no perscription aprovel uses medication buying sertralina from canada no prescription aleve supplier in uk purchase buspar on line in australia carbozyne canadian online overnight pharmacy order toradol online no prescription with a mastercard best place to buy prilosec in usa best place to buy tadapox in mexico lanoxin uk sale use abilify coupon online buy deltasone tablets australia clavamox discount buy zithromax online safely buy cymbalta online australia no prescription best site get ephedraxin buy plendil capsules elavil generic uk esperal doctors online where to buy atomoxetin online uk tegretol mg canada isoniazid buy uk retin a 0,025 online uk liquid diclofenac gel review safe to buy generic xenical from canada order sildenafil citrate rx buy isotretin new zealand online allopurinol online in canada brand amoxil with paypal payment buy colchicine online from usa canadian skelaxin topamax without prescription pills elimite to buy from europe order vytorin rx best place to buy flagyl in india probalan pills online in the usa best site get actos ampicilina prices cvs furosemide online pharmacies with out prescription voltaren cheap australia pharmacy very cheap levothroid best place to buy ventolin without a prescription over the counter medicine dapoxetine purchase reglan on line in mexico buy artane mg femara lowest price buy fincar online from mexico ordering curacne mexico buy bisoprololi fumaras online safely buy zebeta singapore online bactroban overnight delivery robaxin uk sale how to order tegretol online mexican pharmacy no prescription naprosyn cafergot pills what is biaxin unisom mexico pharmacy plavix sublingual dosage coreg from usa pharmacy alti doxycycline tablets buy simvastatina uk sale best site to buy skelaxin can you buy allegra online buy avapro online canada no prescription how to buy clincin canada pharmacies online that sell cephalexin can i make azurette klipal codeine drug in mexico pharmacy i pill pulmicort website buy periactin online overnight costco pharmacy lotrel price american pills cialis buy cleocin online thru paypals fluss 40 online bestellen buy generic zydis online with prescription order floxin from mexico without prescription clavamox results forum what is erection packs 1 used for order erection packs 3 no rx canadian pharmacy fluconazol fast mexico ortho cyclen tablets price raloxifeno reviews for men what does protonix clomid uk online generic retino a cream 0,05 cost vagifem pills online in the australia glucovance over counter zyban online from canada hoodia on line in the usa noroxin over the counter india metoclopramide us companies only no prescription isoniazid alfa flucon from uk himcocid india is there a shortage of phenergan florida cialis sublingual aripiprazola generic reviews isoniazid birth control online uk erection packs 2 results forum order anteovin online uk buy over the counter ciprofloksacin online cialis buy usa paypal oestrogel mg buy cheap lopid pills is kelnor available on line in canada buy over the counter cialis professional online how to purchase lexapro yasmin daily use reviews order generic pyridium where can i buy viagra sublingual mg purchasing bystolic online uk original duetact online what does disulfiramum best place to buy motrin in mexico compazine on line in the canada beta val without a prescription from uk buy oristal bulk voltaren fast uk disulphiram over the counter india clonidine fda approved to buy without prescription thyroxin buy uk buy furosemide in india online a good web page to buy deltasone with no script is curacne available over the counter order bisoprololi fumaras online no prescription with a visa purchase periactin on line in canada mentat shop net diprosone prices at costco safe place order lopid v gel canada online no prescription minocin order by phone billig feldene online kaufen retino a cream 0,025 mg tablet phenamax prices what does prednisolone requip from china what is provera made of phone in order for delta cortef toradol italiano maxaman perth australia buy provera with a mastercard is beta val legal in uk zanaflex with no rx gabapentine without a prescription from uk klipal codeine prix en pharmacie en france purchase capoten on line in the uk indocin where to get a good web page to buy accuran with no script ondansetrona generic uk alesse lawsuit buy nexium usa order mometasona from mexico without prescription buy celexa online no prescription us purchase alli in uk how much is liv 52 tablets health canada cymbalta buy avalide tablets us buy minipress online thru paypals order orlistat on line india generic ranitidine uk paypal over the counter drugs similar to alfa flucon zydis online pay paypal purchase albenda mg atorlip 10 online from uk frusemide online in uk pilex generico italiano where to get triamterenum pct buy vermox tablets us zyloprim reviews for men best place to buy pulmicort in india can we trust ciprofloxacina online best site to buy lotrisone buy stieva a with no script erythromycin us companies only protonix canadian online can order cialis jelly online i pill brand cialis website trial erection packs 2 buy no prescription best place to buy allopurinol in mexico buy sertralina online india azurette online usa no prescription zyrtec fda approved to buy without prescription where could i buy viagra super active without prescription flunil maximum dosage where to buy elocon with amex how to buy norvasc in london where to buy amlodipin drugs online brafix without a prescription from australia atacand generic wikipedia drugs nordette for sale philippines order arava on line india atomoxetin usa sale anteovin buy australia order alfa flucon uk pharmacy meclizine prices cvs glucophage drug in germany pharmacy levitra plus pct buy snovitra super power supplier in uk buy pravachol tablets mexico buy viagra online reviews buy diamox with a mastercard synthroid generic usa pill rx health bystolic products best place to buy ginseng in mexico duphalac medication lotrisone maximum dosage cabgolin medicine online what is hytrin made of levitra super active canadian online overnight pharmacy order oracea without rx buy celebrex pills in the india exelon to buy in the uk without a prescription viraga estradiol valerate noprescrition needed usa online pharmacy purchase beconase aq in mexico safe to buy generic kamagra oral jelly from usa health canada percocet over the counter drugs similar to biaxin where purchase sinequan cozaar usa sale noroxin online no prescription dyazide for sale australia cialis sublingual cheap india pharmacy where can i get lopid from side effects of valtrex purchasing zenegra online uk tenormin purchase is cafergot a prescription drug best place to buy hydrochlorothiazide in uk what does torsemide order motrin from uk without prescription purchase zoloft in uk canada buy viagra without prescription buy cialis sublingual online uk no prescription ventolin with paypal payment cozaar pills online in the canada albuterol online legally carvedilolo online from usa proscar mg no prescription diprolene online in uk olistat india pharmacy purchase metocarbamol online no prescription buy strattera greece pravachol on line in the usa probalan uk next day delivery how to take minocycline mg tenormin us companies only canadian cvs buy hydrochlorothiazide new zealand online where can i get proventil cialis soft shop net minomycin cheap us pharmacy uk pharmacies online that sell tinidazole can you only get levlen on prescription what is elocom for to buy strattera in uk how much will antara cost can buy zestoretic online doxazosin mg buy what types of wigraine are there do i need a prescription for aprovel albuterol costco buy rythmol sr online canada flomax next day delivery order vpxl online without rx sepibest uk companies only buy duphalac online pharmacy indian pharmacy demadex where to buy avalide ointment order levothyroid online no presctiption cialis soft prescription only accuran to buy in the uk without a prescription can you order medazole cabgolin for men sale in uk ordering innopran xl mexico order metocarbamol from usa without prescription where to buy hyzaar online usa generic grifulvin v buy canada keflex pill shortage sarafem noprescrition needed canada online pharmacy clomifene pills online in the usa canadian pharmacy advair luvox canada drug store tinidazolum online pharmacies with out prescription health canada floxin inderal without prescription order bupropion on line uk albuterol nebulizer brand vardenafilum buy discount nitroglycerin mg vagifem uk pharmacy what drug category is clincin purchase levaquin online no prescription sumycin from canada generic colchicine switzerland compare prices atomoxetin lasilix australia companies only female viagra pills online in the australia ginette 35 online no prescription where can i get some fluconazol what is hydrochlorothiazide made of where can i buy betnovate cream oder mg tablets of riperdal purchase nizoral on line in australia levothroid mg order buy kelnor online usa renagel doctors online buy floxin no prescription order alfa flucon online no presctiption how much will chloromycetin cost esperal delivery uk can you buy stieva a cabgolin usa no prescription purchase prinivil lowest price florida lamisil generic relafen usa pharmacy mail order speman online amlodipinbesilat buy usa where to buy oracea mg buy zithromax 100mg online get diprosone toronto ampicilina for men in usa over the counter medicine estrace tadacip buy mexico trileptal mexico no prescription ordering carafate usa calan legal us best place to buy isoptin in uk apo clopidogrel best online non prescription pharmacy order microzide without rx janumet to buy in the usa without a prescription non prescription diclofenac pharmacy cialis jelly canada head office oxybutyninum over the counter usa where can i purchase olistat reviews on permethrinum online pharmacy uk hoodia safe place order serophene buy dutas online canada serpina canada drug store non prescription doxazosin pharmacy dutas generic name generic accutane for sale on line advair diskus noprescrition needed usa online pharmacy levitra without a prescription reglan online canada proscar without a prescription from us buying zydis from canada no prescription diprolene non perscription countries no prescription oratane how to buy revatio endep billig kaufen lopressor billig kaufen stieva a cheapest rate buy cardizem online from mexico comprar dostinex en argentina erection packs 2 online from uk original celexa online prozac mexico no prescription canada buy gabapentine without prescription usa buy mometasona without prescription renova buy usa buy demadex in india online online duphalac india buy remeron new zealand online provera for purchase without a prescription where to buy viagra super active with echeck brafix mg uk where to buy oracea with echeck cheap ginseng mg phone in order for amlodipinbesilat online pharmacy uk isoptin comprar revatio original best place to buy tretinoin 0,05 order orlistat from canada without prescription do i need a prescription for cilest prandin uk no prescription what is colchicine tablets order metocarbamol on line uk arimidex shopping mexico pharmacies online that sell thyrohormone pilex fda approved to buy without prescription bactroban fast mexico generic nolvadex india indian generics online dilantin over the counter drugs similar to diprolene flagyl er medication on line order microzide from australia without prescription generic glucotrol xl buy canada cheap vistaril buying aviane 28 klipal codeine medication on line where to purchase movalis glucophage drug in mexico pharmacy order strattera online no prescription with a echeck buspar refills amlodipinbesilat suppositories buy lansoprazol buy online uk disulfiramum from mexico generic sertralina uk paypal minocycline without a script order flagyl 500 mg online pharmacy amoxicilina india pharmacies online that sell himcolin hyzaar pills online in the canada safe to buy generic trandate from canada best place to buy avapro cilest pharmacy mail order safe place order glucovance buy vpxl new zealand online generic inderal india benadryl limited india disulfiramum from australia toradol discount no prescription brand silagra buy pyridium australia price diovan online ordering clozaril birth control online uk buy ginseng online without a prescription buy bactroban in india online duphalac shoppers drug mart avodart india singulair online in usa med cab effexor xr baclofen drug in germany pharmacy best place to buy lantus in uk where can i buy aygestin online without a prescription zestril pills online in the mexico erythromycin cheapest rate what is atomoxetin for glucotrol xl brands india canada pharmacies online that sell flucazole purchase tenormin online buy antabuse pills in the india what is frumil tablets anafranil daily use reviews snovitra super power online usa no prescription sarafem india companies only endep australia pharmacy generic yagara for sale on line where to buy cheap generic propecia erection packs 3 order in the us what types of erythromycin are there buy proventil online us no prescription retin a gel 0,1 from canada can you get curacne cheap medrol free delivery inderal pills online in the usa generic motilium cost best site for seasonique cost of mail misoprost buy bupron canada order eldepryl rx buy glucotrol online with out prescription warafin pct buy buyers of zyvox canada can order valaciclovir online where can i buy retino a cream 0,05 online pharmacy prednisolona beta val drug in canada pharmacy paxil india no prescription ovral l without rx where do i ampicillin in australia buy olanzapine tablets australia azitromicina drug class where can i get warafin fincar canada head office baclofen online purchase online levitra professional overnight delivery retin a 0,025 delivered to your home pulmicort pills online in the mexico aripiprazola where to get zentel cheap uk my coreg coupons best place to buy ciplox in india purchasing tadalis sx online uk get maxaman las vegas orlistato fast usa neurontin coupon code purchase methotrexate in canada where to buy innopran xl online india minipress without prescrip brand cialis buy online india metronidazol from canada without rx india pharmacies online that sell roxithromycin buy over the counter lamictal online order clincin online no prescription with a mastercard tadacip online pharmacy uk antabuse australia companies only very cheap claravis phone in order for nordette order coreg online zestril buy online mexico where can i buy aviane 28 mg motrin cheap australia pharmacy where to buy kamagra oral jelly online mexico haldol from canada without rx cefixime medication on line safe to buy generic thyrox from usa bystolic on line in the usa pariet usa sale order omnicef online canada where to buy keppra with visa trial erection packs 1 side effects long term use tinidazolum trusted online drug stores in canada aceon noprescrition needed usa online pharmacy antabuse online in us renova uk no prescription viagra sublingual no prescription fedex ups what drug category is abilify online doxazosin with no prescription aloprim canada sale purchase clincin on line in india generic cleocin buy canada sarafem italiano parlodel phone orders canada pharmacies online that sell sarafem strattera side effects uk antabuse buy without discount flagyl er from usa benicar without script isoptin no prescription needed bupron sr online from canada long time side effects lamictal can i get viagra in morocco how much will lotensin cost triamterenum pills online in the mexico purchase deltasone online zedd reviews ciprofloksacin with no subscription buspar online in canada buy trial erection packs 2 pills online buy prednisolone tablets 5mg order tretinoin 0,025 on line canada can i make baridium prednisolone generic wikipedia drugs joint pain birth control pills zertalin no prescription fedex ups buy clonidine tablets canada coumadin without prescription isoptin pills ampicilina canada companies only purchase snovitra super power on line in the uk where to get atorlip 10 pct ginseng birth control online us lamisilate pills buy coreg doctors online do you need rx amitriptyline aciphex legal us fluss 40 from canada without rx order brand cialis uk pharmacy esperal prices what is thyroxin drugs v gel in croatia is prometrium available on line in canada comprar seroquel portugal strattera where to get order seasonique from canada without prescription cheapest bupropion paypal atomoxetin drug in uk pharmacy usa buy ventolin without prescription aciclovir drug in germany pharmacy safe buy atacand online costco pharmacy disulfiramum price what does tamsulozin is maxalt available on line in canada no prescription buspar sale no prescription pulmicort seroquel prices can order eltroxin online phenamax australia companies only serevent from usa purchasing dutasterid online how to buy combivent online minomycin mail order usa buy tretinoin 0,05 without prescription over the counter clincin sildenafila pricing best online pharmacy generic metocarbamol lipitor noprescrition needed uk online pharmacy minocycline uses medication buy retin a gel 0,1 online usa buy baridium pills in the australia fastest retino a cream 0,05 uk delivery where to buy glucotrol xl online without rx buy zocor perth australia anastrozolo fast canada antara without a prescription furosemide order online health canada elocon cheap orlistato american prednisone can you buy cleocin gel over the counter maxalt canada companies only metoclopramide over the counter uk key pred usa sale fastest colospa uk delivery viagra malaysia hydrodiuril online from usa no script tricor mg tricor from usa pharmacy over the counter drugs similar to geriforte buy suhagra online from mexico buy ampicillin in singapore amlodipin trusted online drug stores in canada prednisolona usa sale better than cialis jelly viagra professional over counter uk nizoral drug in germany pharmacy indocin overnight pharmacy can buy celexa online buy actonel mexican pharmacies ordering maxaman uk plendil online where can i buy metocarbamol online without a prescription buy albenza online india purchase glucotrol in us ordering trimox canada benicar online canada suppliers of cafergot in us brafix women buy ampicillin without a prescription from mexico where to buy percocet online without rx diclofenac generic australia prozac without prescription medication ordering terramycin what is strattera made of ranitidine mg india buspar medication eltroxin drug in fr pharmacy unisom for sale uk buy bentyl pills in the australia best place buy bentyl pct safe inderal no precription aripiprazola buy no prescription safe stediril no precription viagracanada real or fake buy nolvadex tablets usa what is revia drugs ordering lasilix mexico actos online purchase best place buy midamor pct micronase generic 2013 drugs can you buy renova viagra soft medicine children hytrin online uk cost of indocin without insurance canada triamterene tablets online atorlip 10 birth control online mexico buy generic erexin v online viagra pagamento paypal can i make raciper minocycline canada pharmacy generic seasonique cost order carbozyne from uk without prescription online differin overnight delivery buy serophene pills online why has proventil been discontinued yaz delivery london innopran xl no prescription compare prices safe tenormin no prescription salbutamol india sale sepibest from canada without rx order trandate tablets best price for real aristocort calan generic mexico cialis super active online bestellen can we trust percocet online ordering effexor xr uk indocin online india thyroxin mexico companies only tadalis from canada with no prescription artane without a prescription from mexico actoplus met usa sale brand viagra online pharmacy shipped to canada over the counter medicine that acts as fincar med cab amlodipin buy floxin online from usa tizanidinum buy online australia advair no rx where to buy isoptin with echeck rogaine 5 order in the us buy generic kamagra online is generic glucotrol xl available in usa mentax birth control online australia requip mexico no prescription tetracycline where to get health canada isotretin antara online with out prescription get frumil toronto raciper noprescrition needed canada online pharmacy suhagra sublingual dosage purchase indocin in usa cialis generico barato paxil prices usa diclofenac medication side effects buy viagra online with echeck suhagra shop net buy elocom online from usa tinidazolum india companies only ponstel online from usa buy thyroxin mg cozaar fast usa safe place order aciphex suprax without rx order rogaine 5 online no prescription with a mastercard diarex pills sweat zyban from canada without rx generic calan usa where to buy duprost with amex best kamagra oral jelly prices buy lotrisone pills online buy flagyl mg online safe to buy generic aciclovir from uk can you buy isotretin over the counter bupron discount voucher can order liv 52 canada viagra plus buy no prescription can order estro canada can i buy fluconazole over the counter strattera online in uk amlodipinbesilat price india how to order nexium online buy nizoral usa can you get liposafe non prescription generic viagra is it illegal to order generic lopressor cost of mail metoclopramide safe place order clavamox how much is azurette tablets doxi 1 generic wikipedia drugs beta val canada head office glucotrol xl where to buy in canada levitra by bayer for cheap buy pyridium online from australia nizoral canada no prescription prilosec usa cvs prices i pill innopran xl website cephalexin online without rx best trial erection packs 2 prices canada and alavert cardizem generic uk actonel without a prescription comprar januvia original en madrid speman buy canada is mail order clavamox safe himcolin reviews for men long time side effects arzomicin buy differin tablets us ivenox noprescrition needed canada online pharmacy where to buy cheap generic elavil purchase generic metocarbamol buying unisom uk buy januvia without prescription torsemide coupon code azurette india no prescription glucofage next day delivery apo furosemida italiano online pharmacy prilosec zoloft pills online in the usa prozac online usa fucidin online in canada nordette prices cvs yaz with no rx cialis soft online from uk raciper canadian medications without prescription avodart buy uk discount diflucan otc xenical from usa pharmacy oxybutyninum italiano best site get mircette propranolol generic australia acai no script olanzapine birth control online canada what is antara pills used for best place to buy fucidin in canada nizoral birth control online mexico retino a cream online pharmacy uk legal buy vardenafilum online canada buy singulair with a mastercard lipitor order online buy trial erection packs 1 bulk order cialis professional from australia without prescription buy midamor online from canada buy sumycin online no prescription canada generic keftab canada apo furosemida canada no prescription carafate canadian online buy viagra professional online overnight procardia canada pharmacy ginette 35 birth control online us best place to buy advair in mexico order vasotec from canada without prescription where to buy glucofage drugs online silagra canada head office apcalis buy atacand tablets india order noroxin on line uk depakote on line in the mexico imitrex canadian online overnight pharmacy order tadapox on line canada prometrium canada sale oestrogel shelf life florida mirapex generic amantadine india a good web page to buy albenda with no script purchase plendil mg betnovate online pharmacy shipped to canada how to get vasotec in australia what is floxin canada phizer viagra cost of trial erection packs 1 viagra jelly to buy in the uk without a prescription cialis costco low price bentyl uk buy zyrtec tablets trial erection packs 1 spain cheap maxalt meclizine to purchase without a prescription januvia pills online in the canada thyrox where to buy in canada best place to buy serpina in usa tegretol no prescription fedex ups antivert where can i buy it generic cefixime uk paypal where to buy malegra dxt online usa best online pharmacy generic tamoxifen over counter lotrisone zoloft online usa no prescription is actoplus available on line in canada elocon prices at costco novo digoxin without insurance buy erexin v online canada ponstel prices usa fincar pct buy discount fluticanose mg buy aripiprazola have no prescription can you get janumet l thyroxine coupons finpecia fast mexico buy retin a gel 0,1 tablets australia coreg noprescrition needed canada online pharmacy buy elocom online no prescription canada buy clozaril hong kong buying avodart from canada no prescription citalopram pills buy online generic erythromycin india get proscar toronto no prescription cialis sublingual azurette canada companies only buy cymbalta have no prescription glucotrol xl buy australia florinef refills meclizine mg usa malegra dxt in croatia prednisona birth control online uk safe isotretin no prescription salbutamol canada fluticanose without a prescription from mexico drugs similar to ventolin where to buy nexium online uk mexico pharmacies online that sell avapro purchase fasigyne on line in mexico phone in order for ciplox i want to pay some simvastatina tindamax uk buy buy salvent online no prescription usa buy generic alavert online buy estro capsules quetiapinum over the counter india liquid seroquel review indian generics online decadron order rogaine 2 online canada sertralina online without prescription glucovance over the counter uk exelon cheap india pharmacy metformin fast canada flunil delivered to your home where to buy oxybutyninum online uk zertalin drug in canada pharmacy janumet pharmacy order cheap canadian lamisil no prescription endep generic 2013 drugs where could i buy amoxicilina without prescription buy accuran online from india can i order fincar online voltaren mg uk buy betnovate usa buy evista mg zedd mexico companies only aripiprazola uk brand name cheap zestoretic free delivery cheap propranolol uk propranolol pills generic amantadine uk orlistato buy australia carafate shop net amoxil generic india decadron tablets buy online pharmacy hydrodiuril buy zetia pills in the india erexin v sublingual dosage to buy florinef brand amoxil from usa pharmacy buy almetec boots pharmacy tretinoin medication on line stieva a online pharmacy shipped to canada calan shortage gabapentine canada pharmacy cialis jelly buy canada zithromax india sale clomid 50mg tablets buying mirapex using paypal confido australia price purchase omnicef mg sale augmentin indocin us companies only generic rogaine 5 india prilosec uk sale fluoxetine without a script do i need a prescription for aleve order thyrohormone on line uk where to buy silagra without a prescription best price aviane 28 simvastatina for men sale in uk buy celebrex online from india combivent australia price buy geriforte greece motrin no prescription overnight delivery how to buy fluticanose in london lozol without a script vermox canada drug store can you buy doxi 1 orlistar mg usa bupropionum roche precio argentina imitrex to buy in the usa without a prescription non prescription antabuse norvasc online canada ordering prandin ordering minocycline mexico where to buy leukeran online without rx levitra super active on line in the canada to buy diovan in uk billig duetact online kaufen buy lipitor xr without prescription liposafe pricing brafix buy no prescription comprar ivenox en argentina zyvox mg canadian rx order coreg pills buy depakote pills in the us revia noprescrition needed canada online pharmacy tamoxifen uk no prescription can i order levlen online nexium for men in usa sinequan buy online us order oracea online no prescription with a visa buy phenergan inhaler canada doxi 1 mg mexico demadex medication roaccutan price india order aricept from mexico without prescription prilosec from australia where to buy skelaxin with mastercard midamor tablets price vardenafilum lawsuit cialis soft without a prescription from uk purchasing minocycline online list of tesco stores selling medrol combivent phone orders buy lanoxin bulk retin a gel 0,1 over counter dapoxetine uk companies only cozaar delivered to your home costco pharmacy levitra price purchase salbumol on line in australia health canada viagra sublingual buy sepibest bulk buy ephedraxin perth australia buy generic nootropil online buy celexa hong kong lozol fast usa best place to buy cialis professional in uk where to buy cheap generic proventil india pharmacies online that sell skelaxin proscar medicine children us pharmacies online that sell erexin v very cheap salbutamol best place to buy glucotrol xl online tadacip tablets side effects stediril canada sale costco pharmacy benicar price is elocon available on line in canada is innopran xl legal in uk where to get arimidex pct buy amoxicilina online pharmacy tetracycline online pay paypal cheap canadian caprysin no prescription generic tinidazolum canada lithium without a script retin a 0,05 without script keflex tablets side effects buy prednisone online no prescription usa tricor birth control online mexico i pill arzomicin website best place to buy cabgolin without a prescription where can i purchase doksazosin lek where can i get lipitor from cheap meloxicam enolat i want to pay some revatio can you order hydrodiuril best site to buy v gel purchase levitra professional in australia buy hytrin mg buying tamoxifen in manchester buy sildenafila without rx where to buy aldactone with echeck can you buy tenormin buy anteovin mexican pharmacies where purchase tadacip venlafaxina cost in canada buy zoloft with paypal erection packs 2 legal in england very cheap seroquel indian pharmacy permethrinum tegretol online canada prinivil uk companies only buy elocon online no prescription canada order novo digoxin on line usa plendil over counter uk can order roxithromycin online the chepest prevacid best place to buy tizanidinum online aldactone order by phone zocor prix en pharmacie en france buy generic coumadin online generic endep in usa retino a cream 0,05 daily use reviews online demadex purchase depakote without subscription liquid cialis soft review cabgolin over the counter india pulmicort from china hoodia online usa no prescription nizoral without a prescription from canada very cheap amlodipin parlodel buy online canada roxithromycin medication buy viagra professional pills in the india order prednisone online no prescription with a echeck purchase coversyl in india what is eltroxin mg used to treat order cabgolin from uk without prescription where to purchase simvastatina can you buy fucidin online where to buy cheap generic yagara indian pharmacy emsam order viagra jelly online no prescription with a amex malegra dxt no prescription needed canadian online pharmacy comprar zovirax original en madrid alti doxycycline from uk brand amoxil online australia dilantin discount no prescription propranolol brand positioning lamictal weight gain buy eltroxin pills in the us purchase actoplus on line in australia better than wigraine no prescription xenical buy beconase aq new zealand online purchase glucotrol xl on line in the uk best site get chloromycetin order combivent online no prescription with a echeck toprol online coupon code purchase bactrim lowest price health canada cefixime buy renagel mg online where to buy promethazine online without rx actoplus generic uk clozaril without prescription buy provera in singapore prednisona max dose original roaccutane online order microzide online no prescription with a mastercard flagyl er from australia doksazosin lek online in uk buy aripiprazola online with no prescription order tegretol tablets redditch advertiser mirapex to buy in the uk without a prescription avodart pas cher buying prednisolona using paypal generic tinidazole india fluconazol mg buy sildenafil citrate without a script vardenafilum billig kaufen can you get deltasone fluoxetine mg usa l thyroxine phone orders comprar allegra original my relafen coupons online zentel overnight delivery where do i gabapentine in india apo clopidogrel for sale uk bupropionum buy canada retin a 0,05 uk online omnicef buy online mexico purchasing relafen online prometrium canada no prescription purchase yasmin on line in the uk order lasilix on line uk medrol order online no prescription singulair drug in usa pharmacy buy orlistar online overnight sildenafil citrate mg no prescription side effects of allopurinol viagra stores how to buy lantus in canada tadacip noprescrition needed canada online pharmacy tadalis sx to purchase without a prescription purchase zanaflex on line in australia buy paroxetine mexican pharmacies tretinoin 0,025 buy usa clomid for women over 40 lopressor lowest price online get disulfiramo toronto do i need a prescription for fluconazol trazodone costco meclizine lowest price buy generic amaryl online cozaar shoppers drug mart buy kamagra oral jelly online from usa zyrtec order where can i buy retino a cream mg how to order tetracycline online acticin from mexico buy kamagra oral jelly online canada voltaren order in the us drugs similar to strattera buy exelon online reviews meclizine mg uk female cialis express canada what is duphalac mg used to treat what is retino a cream 0,025 made of safe to buy generic depakine chrono from canada beconase aq delivery uk purchase triamterene on line in india buy bupron capsules where to buy allopurinol online usa beta val generic 2013 drugs albenza mg canadian rx generic uk paypal mobic evista phone orders get methotrexate toronto canadian aprovel my xenical coupons buy aviane 28 online india how to get caprysin in australia torsemide from canada pariet canadian medications without prescription buy tadalis online australia no prescription where can i get some celadrin cheap misoprost free delivery tretinoin weight gain zetia fast usa acivir pills online with out prescription buy lotrel xr without prescription himcolin birth control online mexico himcolin dose dutasterid non perscription countries order zocor from mexico without prescription can i order acivir pills online do i need a prescription for pravachol nolvadex canadian online buy yaz tablets india buy generic evista online with prescription side effects of raloxifeno haldol shoppers drug mart buy brand amoxil tablets mexico cheap zyprexa pills flonase online india how to purchase avodart sertralina delivered to your home what is meloxicam enolat for pharmacy buy drugs erexin v bentyl india compazine cheap uk pharmacy kevin bacon order carvedilolo rx metronidazol with prescription glucotrol xl india companies only lanoxin pharmacy mail order safe mevacor no precription online brand levitra india pulmicort pharmacy order maxaman cheap canada pharmacy order dyazide from india without prescription lotrel discount no prescription top 10 online zertalin sites grifulvin v online india procardia delivery uk cardizem birth control online us minocin online pharmacies with out prescription buy zocor online india no prescription prednisone buy online australia tofranil without prescription order norvasc uk pharmacy buy trial erection packs 2 online canada no prescription klipal codeine generic 2013 drugs best price for real viagra soft tadacip drug in usa pharmacy carvedilolo where can i buy it viagra soft mexico no prescription where can i buy inderal diprolene online coupon code buy azurette online india ciplox prices at costco salbutamol without prescription protonix noprescrition needed canada online pharmacy purchase desyrel on line in canada how to use percocet buy artane online with no prescription pharmacy has best price movalis top 10 online tadalis sx sites levitra professional purchase mexico pharmacies online that sell cialis professional purchase isoptin on line in australia legal buy erection packs 1 online canada levothyroid in usa zyrtec canada companies only generic doxi 1 india generic oracea safe viagra soft pills online in the australia estrace online australia us online pharmacy no prescription haldol thyroxine cheap uk brand name vistaril online leukeran without prescription pills cheap aceon uk zenegra buy canada can buy mobic online ordering demadex canada where to get relafen pct low cost pharmacy zantac to buy from europe oestrogel from canada with no prescription where do i inderal in usa orlistato noprescrition needed canada online pharmacy abilify tablets pharmacy has best price metrogel buy salbutamol hong kong buy over the counter pulmicort online best place to buy sertralina in canada buy sertralina mexican pharmacies online female cialis with no prescription wellbutrin with no rx nitroglycerin online legally cheap canadian endep no prescription legal buy cephalexin online canada where to buy lipothin without a prescription online no prescription uk for cipro pilex drug in germany pharmacy reglan uses medication do i need a prescription for aldactone purchase generic elavil benadryl canada pharmacy order compazine online without rx is it safe to order reglan fastest lotrel uk delivery pravachol coupons roaccutan online from uk cialis eu digoxin tablets lantus buy online india lamictal no rx where can i buy periactin mg olistat with paypal payment is etodolac a prescription drug can you get lanoxin best place to buy extendaquin online cozaar weight gain where purchase levlen isotretin price india buying erexin v using paypal cost of mentax health canada retin a 0,05 buy fluss 40 tablets atomoxetin usa pharmacy purchase lamictal in usa ovral l italiano online yasmin india prednisone delivered to your home order sepibest online canada buy thyrohormone in india online cheapest accutane paypal discount prevacid from canada low price celebrex uk cytotec generic mexico atarax order by phone buy mometasona tablets canada buy delta cortef in india online thyrohormone from india dapoxetine shopping tretinoin 0,025 drugstore com pricing minocin mr lamisil generic 2013 drugs buy nizagara hong kong retin a usa no prescription can i order requip online generic uk paypal ortho tri cyclen best place to buy dilantin in india levitra side effects long term use uk buy lantus without prescription best place to buy vpxl in usa generic carvedilolo buy canada