Rangers almost missed making payroll yesterday
To paraphrase Dan Cahill, how does a team with middle-of-the-pack attendance, one of the lowest payrolls in baseball, and that isn't serving its debt wind up unable to meet its payroll?
about 2 years ago
Adam J. Morris
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Somebody is embezzling this shit.
"When I want my men to remember something important, to really make it stick, I give it to them double dirty."- General George S. Patton
That was my first thought
There is probably some beisbol money in a Cayman Islands account, or perhaps it’s being laundered out of a nail salon in Albuquerque.
by Black Francis on May 29, 2010 11:12 AM CDT up reply actions
that's good thinking, yo.
Glorious sunset of my heart was fading. Soon, the super karate monkey death car would park in my space, but Jimmy has fancy plans, and pants to match.
x
Somebody BMFF SR. is embezzling this shit
/fixed
Hmmm
Hicks did say the other day that Liverpool would have a substantial transfer budget this summer- at least I know now where it’s coming from… :)
"We are no longer a ride at Six Flags, we are in contention to do some things that will make our lives complete."
-- Chuck Morgan
The Orphange just had a marvelous idea
Kidnap Hicks and drop him off, with no ID, cash, or phone, at the gates of Anfield.
Just how long would it take the crowd to rip him to shreds and eat the pieces?
"I support you, Wash; I’ve always supported you," Young said
"Back on the scene, with a gangsta lean" RW
LOL
Just make sure he’s holding a copy of The Sun (the British tabloid paper) and wearing a Manchester United jersey. I give him about five minutes.
"We are no longer a ride at Six Flags, we are in contention to do some things that will make our lives complete."
-- Chuck Morgan
I wouldn't be surprised if there was something criminal happening here...
Perhaps not on purpose, but I just can’t believe a business is handled this poorly without some form of negligence.
My question is, how much of a role does Nolan and JD have in this payroll business? Or are they completely limited and handcuffed by what Hicks and his group of business idiots are up to.
ProHockeyTalk: General NHL news, rumors and analysis, from the best hockey mind at NBCSports.com.
by Brandon Worley on May 29, 2010 11:00 AM CDT reply actions
yea this is getting rediculous
where is all the money going? we know they’re not spending it on players
Something doesn't make sense
In addition to the points Adam made above, didn’t the Court approve debtor-in-possession financing from MLB earlier this week? The DIP loan is supposed to provide the club with operating liquidity.
by Darrell McKown on May 29, 2010 11:04 AM CDT via mobile reply actions
Heh, I just posted this in the other BK thread.
"I support you, Wash; I’ve always supported you," Young said
"Back on the scene, with a gangsta lean" RW
Quick...
deal for Oswalt or Fielder!
"The only good is knowledge and the only evil is ignorance."-Socrates
The only thing I can figure
is that some of the money is going straight to HSG or some other Hicks controlled entity, and bypassing the Rangers. It would have to be a big chunk of the money bypassing, like FSSW contract or something.
"No, I'm not a pessimist. At some point the world shits on everybody. Pretending it ain't shit makes you an idiot, not an optimist."-https://twitter.com/shitmydadsays
Or parking, or the concessions contract, or merchandising...or a combo of all the above.
Club cash flow is split up into many streams, usually going to separate sub-entities to shield ownership from as much tax liability as possible.
"I support you, Wash; I’ve always supported you," Young said
"Back on the scene, with a gangsta lean" RW
The MLB Accounting Books
Is it tax liability or the players union that wish to hide from? Maybe both.
"I wish to believe. But my belief is a graveyard." - Charles Bukowski
Ah, good point.
"I support you, Wash; I’ve always supported you," Young said
"Back on the scene, with a gangsta lean" RW
Parking
Aren’t the parking lots in the separate Hicks entity that is trying to sell the land outside the reach of the creditors?
by Darrell McKown on May 29, 2010 2:42 PM CDT via mobile up reply actions
Cash Crunch
It could also be: one-time charges, tax payments due, short term loan payments (like 30-60-90 day loans sort of stuff)…
MLB franchises are rarely cash-flow machines. They are assets that usually grow over time, often supplemented by owners. But, like everything in America over the last several decades, an asset bubble has hurt the economics. After all, the New York Yankees were sold for $10-$12 million in the early 1970’s. Adjusted for inflation, that’s WAY below today’s value of any MLB franchise.
"I wish to believe. But my belief is a graveyard." - Charles Bukowski
That's a good point
Depending on when things come due, you can have a perceived “crunch” for a day or two that’s just a by-product of a lot of things coming due at once, and then a few days later you’re flush with cash.
I know businessmen who prefer to structure things that way, because it’s easier to deal with the headaches of all those one-time payments at once rather than scattered throughout the year.
"I’m gonna go on record here and say a great many things excuse throwing a chair at someone." – D.A. Tron
Loan payments
Those would have been suspended with the bankruptcy.
by Darrell McKown on May 29, 2010 2:44 PM CDT via mobile up reply actions
Short term commercial paper can be exempted from this particular “bankruptcy.” In fact, this very unique, “pre-packaged” bankruptcy will be very disputed since all MLB teams are entities tied to one another. Of course, who knows why they are struggling so much? Is it a ploy to prove bankruptcy? I’m just trying to reason through it. Many lawyers are about to argue how that the Rangers are NOT bankrupt.
"I wish to believe. But my belief is a graveyard." - Charles Bukowski
I keep having the feeling
that this issue is going to be a historic moment in baseball business. Baseball is one of the most protected industries in the country. Federal anti-trust exemption. No one knows anything about the league’s or the team’s finances. These clubs may well be hiding something huge – either assets or liabilities – that no one knows about.
It may be that Monarch is holding this up not to just squeeze a few more bucks out of an already very profitable loan. But it may be some sort of corporate blackmail.
Go Rice Owls!
magic, that's how.
Glorious sunset of my heart was fading. Soon, the super karate monkey death car would park in my space, but Jimmy has fancy plans, and pants to match.
This is particularly weird, given the Cubs series that just happened...
You’d think that there’d be dollar bills scattered all over the offices after those 3 games.
Ephesians 3:20-21...and I can only imagine
Good point...and most were from JeffWooWoo.
"I support you, Wash; I’ve always supported you," Young said
"Back on the scene, with a gangsta lean" RW
I don't care if I get paid 3 days early, or with one minute left on pay day
if it happens, it happens…it’s when it DOESN’T happen that it becomes big news
"Hang-Dai, Wu...Hang-Fu$&ing-Dai"
Wonder how many have ever worked for a company that missed payroll
Something similar happened to me one time. My paycheck bounced. Apparently, the owner was trying to make payroll without dipping into his line of credit and thought they would have more money in the bank by the time most of the checks made their way back. It really sucked. Hit me at a bad time. It sucked. It never happened again
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