Some more on the new developments on the Rangers' bankruptcy situation
by Adam J. Morris on Jun 22, 2010 2:30 PM CDT
585 comments
Maury Brown writes that today's ruling may allow the creditors to block the sale of the Rangers to the Greenberg/Ryan group. The Brown story includes a link to the full 28 page opinion of the judge.
Maury will also be on ESPN Radio at 3:25 Central in Dallas to discuss the ruling and its implications.
Buster Olney quotes a club executive as saying the Rangers can "forget about Roy Oswalt," and probably any other significant addition this season, in the aftermath of this ruling.
UPDATE -- Daniel Kaplan with Sports Business Journal also has a story up on today's ruling.
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You know what? That's ok.
I’m trying to make myself believe that this team can go to the playoffs without an addition. I really think they can.
Yeah
but imo i’m more concerned with the fact that if the money that Greenberg/Ryan offered was absolutely the most they could, then there’s almost no way they could buy this team and we would have to go through this bid process all over again.
http://www.examiner.com/x-50872-Dallas-Stars-Examiner
^ Updated often. Check back often for articles :)
I would imagine Greenberg/Ryan could add partners..
and add cash, if they had to re-bid?
As long as it’s settled by the the winter meetings.
They can add the cash
And MLB owners could too, but they havent, which tells me they wont…
"Hey Sanka, you can pee now... uuummm, too late...."
This used to be links to my websites... But the man got in the way, shut them all down... Damn the man... ~ Rangers Game Streams ~ Password: LSB123
by PM Productions on Jun 22, 2010 2:48 PM CDT up reply actions
Ya I know
but they havent yet, so I dont think they will… One of the big partners cash is tied up in Exxon stock, so wont be very liquid until next year when he is able to sell it.
"Hey Sanka, you can pee now... uuummm, too late...."
This used to be links to my websites... But the man got in the way, shut them all down... Damn the man... ~ Rangers Game Streams ~ Password: LSB123
by PM Productions on Jun 22, 2010 2:51 PM CDT up reply actions
One thing I'm wondering
And I’ll readily admit I know nothing about any of this…..it seems to me like ab03 is right and that this is a minor issue. The judge has said that he wants the Rangers timeline to be met and I believe that we were waiting for July 9th for the next big announcement. Maybe he made this announcement today to give the Rangers time to get this fixed so the July 9th date could still happen. Am I crazy?
AL West
Oakland 90-72
LAAA 88-74
Texas 83-79
Seattle 77-85
By: Josey Wales
Well, if they thought there was a good chance that they wouldn't have to,
there’s no reason to spend more money than you might have to.
This is the correct attitude to have....
there is nothing that they can do and they have to deal with what they have….could end up being a blessing in disguise because of what they would give up to get Oswalt or Lee.
Oh, and I hate Tom Hicks…
"What you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it."
by GhostofSteveFoucault on Jun 22, 2010 2:36 PM CDT up reply actions
Yep...
I believe too. And I’d rather keep the prospects so this can turn into a dynasty.
Have to try and think positively about all this crap.
"The only good is knowledge and the only evil is ignorance."-Socrates
fuck tom hicks
http://www.examiner.com/x-50872-Dallas-Stars-Examiner
^ Updated often. Check back often for articles :)
You can be more creative than this....
I’m sure of it.
by lost in space on Jun 22, 2010 2:38 PM CDT up reply actions
sometimes the simplest way to say something is the best
heh
http://www.examiner.com/x-50872-Dallas-Stars-Examiner
^ Updated often. Check back often for articles :)
Sodomize him with a chainsaw!
Pitching coach Mike Maddux on Darren Oliver’s 0.00 ERA this spring:
"Economical work. He ain’t getting paid by the hour."
This is depressing.
"I think I'm going to name my new car Scooter, because it dominates on the road." - mikeyoungfuturehof, 9.10.09
"I’ve been a Rangers fan all my life and I can tell you there’s been plenty of fucking crying in baseball…" - WhipSmart, 6.3.08
Damn, when will this team ever catch a break, they are finally looking like a winning team
and now more lawyer bull shit to screw things all to hell, one front line starting pitcher was all this team really needed to contend, now that seems to be gone, i also must say “I Hate Hicks” think i will make a bumper sticker that says that.
DFA Murphy then.
Easy solution.
my better is better than your better.
by rangerjake on Jun 22, 2010 3:52 PM CDT via mobile up reply actions 1 recs
CHILL OUT
And stop opening new posts. I swear neither of them understands what’s going on. Adam, read the order. You went to law school It should be painfully obvious what is being said
Is it also possible
That you are underestimating the effect that this judgment by the Judge could have on the further negotiations of the sale?
"Hey Sanka, you can pee now... uuummm, too late...."
This used to be links to my websites... But the man got in the way, shut them all down... Damn the man... ~ Rangers Game Streams ~ Password: LSB123
by PM Productions on Jun 22, 2010 2:37 PM CDT up reply actions
Certainly
and with every media outlet disagreeing with me, I am becoming skeptical. But I would like the lawyers out there to tell me how I am wrong. Because at this point, I don’t trust any of the non-lawyers out there. Especially not Buster fucking Olney
you are not alone...
http://blogs.dallasobserver.com/unfairpark/2010/06/breaking_news_federal_bankrupt.php
JD’s like, "you want some fucking pitching? Here’s all the pitching you can stand. Now choke on it, bitches!"- RCCook
You got him stumblin'
Mike Olt - 2013 A.L. Rookie of the Year.
He declined to accept the award as to not show up his fellow rookies. Incentives earned from being named ROY were donated to a local charity. He did not report this donation on his tax return.
What do you have to say to his response?
@ab03 Minor? Oh come on. The judge ruled the plan can’t proceed without lender approval. End of story
"...he’s subliterate and needs to have a cork on his fork to keep from hurting himself when he eats" - AJM on Ron Washington
by Anonymous New Guy on Jun 22, 2010 3:01 PM CDT up reply actions
I replied once more
but it’s just the same thing as before. I don’t really understand what is going on. The guy seems like an educated man. He has gray hair. He writes for the sports business journal. He’s been around the block.
Am I just completely insane for arguing with him?
No, I don't think so.
Judging by what you, Wyo, and basically everybody else that has commented that has some kind of legal training the reporters are overlooking some pretty significant details.
Pitching coach Mike Maddux on Darren Oliver’s 0.00 ERA this spring:
"Economical work. He ain’t getting paid by the hour."
Kaplan
keeps saying the lenders have to approve the modification, and the order states the equity owners must approve. This seems to be the disconnect.
Lenders have to approve the modification of the EXISTING plan
But Rangers could (I think easily) modify the plan so that the lenders are no longer impaired. But then the equity partners would be impaired and they would need to approve the new plan. But the equity partners are the current owners of the Rangers so no reason they wouldn’t vote for the plan
Unless it's true that Hicks actually is trying to sabotage this bitch.
And at this point that wouldn’t surprise me. Fuck. I think I’ve talked myself back onto the ledge.
Pitching coach Mike Maddux on Darren Oliver’s 0.00 ERA this spring:
"Economical work. He ain’t getting paid by the hour."
Correct
We’ve talked about this but it’s a new thread.
All Hicks/HSG/Holding Co.s have to do is make a minor change to the plan to allow the Lenders their contractual rights after the sale is done. Will Hicks do it? I’m guessing yes since this a losing battle for him.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
I'm curious what these contractual rights are with regard to the Lenders.
If the Lenders are paid in full, what rights do they have remaining following the sale?
"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
Interesting:
As would be the case with a breach outside of bankruptcy, except to the extent the Code excuses such a breach as a matter of law, if the Lenders are damaged by the actions of Debtor or the Rangers Equity Owners or their parents through a pre-effective date failure to honor the Lenders’ rights under section 4.4.1©(i)(3) or 4.4.2(b)(i), they may assert in this court a claim against Debtor for their damages or pursue its affiliates in an appropriate forum.
A footnote in the above notes, “The court does not mean to imply that it believes that the Lenders have such a claim.”
Yeah. Here's one of Lynn's illustrations:
A party to an agreement to purchase property of the debtor, which purchaser has a contractual right to specific performance as an alternative to damages, could be treated as unimpaired under section 1124(1) even if the property subject to the agreement were sold during the debtor’s case or pursuant to the plan.That creditor would be entitled post-effective date to pursue a claim against the debtor just as it could have absent bankruptcy if the debtor defaulted such that specific performance of the sale agreement had become impossible.
I’ve never studied law, but the way I’m reading this, the judge’s requirement that these rights be respected post-date seems somewhat geared toward the hypothetical? abstract?
Something like: the lenders rights must be respected by this plan, and they’re not now, but in terms of the sale, those rights don’t mean much, and even outside of that sale, they still might not mean much. And even though I don’t really have an opinion about the latter, legally, those rights have to be respected.
Well that illustration is saying
You might have a right to get land, even by specific performance, but you can still be considered an unimpaired lender under 1124(1) even if you don’t get that land if selling you the land becomes impossible and then you’d only get damages.
So, lender (Monarch, et al), you might have been promised a veto for sales agreements but you’re nto going to be able to affect this sale and you can sue for damages later.
Yeah, that's more or less what I got from it.
With the judge (foot)noting that this memo doesn’t actually imply that any damages are owed ~ there might or might not be, but the important thing here is to protect the lenders’ rights to pursue them after the sale.
Attorneys' fees, penalties, etc.
Your standard breach of contract items in a loan agreement.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
In this case, Hicks' default would constitute the breach, then?
Or rather, HSG’s or the Rangers’ default.
"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's what I think as well
HSG default. I don’t think the Rangers took out the loan and the order said the loans were loaned to HSG
Correct
The Judge mentioned they would have rights against HSG (going from memory) early on. That’s the thing – the breach went from a debt secured by the Rangers to a debt agreed to by HSG.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
would changing the Plan
cause a new hearing where arguments are made again, or is it basically just submitting it to the judge for his review?
by elvis1isking on Jun 22, 2010 3:34 PM CDT up reply actions
They'd certainly argue and brief the modifications
The Judge isn’t going to render a decision without input from the other parties.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
No - Lender have to approve the existing plan
Equity holders would have to approve an amended plan should the modifications assure the creditors are unimpaired.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
To my eye, the memo states that the plan can be modified in such a way
so as to unimpair the lenders, which would take away the vote. On the other hand, it states that the equity owners cannot be so unimpaired. I’m not sure there’s a disconnect there in the reporting.
Equity owners are the holding companies that own the Rangers
One entity has 1% and the other has 99% so they could be affected by the changes. But if the Lenders are taken care of they have no vote.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
Right ~ that's what I was understanding.
The lenders could be unimpaired, but the equity owners can’t be, and thus have to have a vote on the plan. Which shouldn’t be a problem, since I can’t see any way the equity owners vote against it. Right?
No they do
They (equity holders) have a vote because their assets are affected by the bankruptcy plan. But if by “they” you meant lenders, then yes.
For arguing with him?? Yes
I think you’re more right than wrong, based on my lay reading of the docs. However, he loses tons of credibility if he lets you win this, hence his dismissive tone.
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
Kaplan Article
"...he’s subliterate and needs to have a cork on his fork to keep from hurting himself when he eats" - AJM on Ron Washington
by Anonymous New Guy on Jun 22, 2010 3:21 PM CDT up reply actions
there isn't anything of substance in it.
no analysis of the decision or the individual summary points….
Just a rehash, much like rest…
JD’s like, "you want some fucking pitching? Here’s all the pitching you can stand. Now choke on it, bitches!"- RCCook
I'm curious what these "rights under their loan documents" comprise,
namely how broadly they could be construed, and how they’d be negotiated.
there's a section in the opinion
that states that some of the their rights are basically useless after the sale.
So even though the Plan needs to be modified so they can keep their rights… not sure all their rights are really useful.
I see it as something more to satisfy the law but that doesn’t really help. I think the lender’s may have used some parts of legislation that doesn’t really help them block the sale.
Anyone know the process of modifying the plan? Does that take another hearing to get done?
by elvis1isking on Jun 22, 2010 3:29 PM CDT up reply actions
As I said in the previous thread.
Your reading of the order is spot, imo. The only quesiton is how long it’s going to take to get a modified plan in place.
I read the order (well, mostly scanned it)
But it’s not bad for the Rangers. The sale is not going to be reopened at this point in time and while the Lenders have veto rights over the sale that can be addressed pretty easily. And I’ve read a ton of bankruptcy opinions and done some work in BR court. It’s not nearly as bad as everyone makes it out to be.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
I agree.
Based on the little I’ve read, I don’t think this is necessary a bad thing in the long-run. Short-term is a different story, because nothing will happen quickly. That means we may indeed have to say goodbye to the idea of Oswalt or anybody else, but it’s not because the process will necessarily go against us, but because the process will likely be drawn out for a while.
"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
This has been my concern since the announcement.
I’d like to believe that the parties could work this out by July 9, but Monarch and its allies have no real reason to put in any extra effort to make sure that happens, right?
Are you sure about the quickness?
If the change isn’t minor, will it really derail anything? The change effectively takes away voting rights from creditors and it gives voting rights to entitites that will most liekly vote for the plan. They can’t hash that out by July 9th?
I'm sure the Rangers' lawyers (which are very, very good) will be busting their asses to get the plan modified
The question is how quickly they can get it done and how quickly they can get it set for hearing. Judge Lynn might push back the July 9 hearing, since it is technically supposed to cover the Plan already in existence.
"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
But don't these plans get modified right up until the final hearing?
I just assumed that minor tweaks such as these aren’t a big deal – especially if the only tweak is meant to comply with the judge’s order.
Modification can take a while but these seem simple
Lynn has explained what needs to happen. I just got done (I think) in a case in which I saw 5 or so modifications, tons of objections, etc. If the Rangers just follow Lynn’s implied statements it shouldn’t be hard. All they have to do is protect the Lender’s rights to proceed against HSG. Will HSG do it? That remains to be seen.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
Where was that case, was it in the Northern District?
I’m looking at the local rules, and there could be a notice issue with each modification based on FRBP 3017.
"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
Dude - look at my signature
Yes, I’m in the Northern District. Waaaaay north.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
Wyoming, I'm guessing?
I meant the Northern District of Texas.
"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
I know you did
Just joking. But notice is an issue but every damn time it was couched as an emergency since the asset (ethanol plant) wasn’t being operated and just depreciating.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
Okay hold up.
I’m kind of confused here (surprise). There are two other impaired creditors besides Monarch, right? If I’m understanding this right, the other two are already part of the current ownership of the Rangers. Why would they voluntarily set themselves up to be fucked by the creditors once the sale is done? I’m not a lawyer, but it seems like they have that part of it coming anyway. Why do they have to give the creditors permission to take whatever steps they’re going to take against HSG once the sale goes through? This is getting complicated.
Pitching coach Mike Maddux on Darren Oliver’s 0.00 ERA this spring:
"Economical work. He ain’t getting paid by the hour."
The definition of impairment under 1124(1) says that a class of claims or interests is impaired unless:
the plan leaves unaltered the legal, equitable, and contractual rights to which such claim or interest entitles the holder of such claim or interest…
"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
Haha, forgive me. I'm in way over my head on this.
We all know Monarch isn’t playing ball here and that they are the ones holding everything up. But according to the judge’s decision last night, 9 creditors were unimpaired, and then today he said the other 3 were impaired. One of those that is impaired is Monarch. The other two, if I’m understanding this correctly (and please correct me if I’m wrong), are already part of the Rangers ownership somehow?
By everything I’m reading from you guys that know about this stuff, the Rangers (HSG? RBE?) need to alter their bankruptcy plan in order to not only include the money that is owed to the creditors, but also to give Monarch the right to proceed with their shakedown of HSG once the Rangers are sold. Now this next part is what confuses me, so forgive me if I’m not even really sure what I’m trying to ask but I’m going to attempt it. You said that in order to do the Cramdown that only one of the impaired creditors needs to vote on the plan or some such. My question is, why would either one of those other creditors who is already somehow part of the current ownership group do that, and furthermore why is this even necessary? I don’t understand why they would vote to amend this thing if it leaves them more vulnerable to the creditors after the dust settles on the sale of the Rangers. It seems like HSG already is going to have to deal with Monarch even after this sale is done because they still owe a ton of money.
Does that make sense, kinda?
Pitching coach Mike Maddux on Darren Oliver’s 0.00 ERA this spring:
"Economical work. He ain’t getting paid by the hour."
A little off
Monarch is part of a class of creditors. That class, represented by Chase, is impaired. They are, I believe the first lien holders. there is also a second lien holders. And then the other class are the equity holder in TRBP (the owners of Rangers).
The lien holders are all united because they want to get as much money as possible. But in terms of dissension within the ranks, the Class votes as a whole. I’m not really sure how that voting works and who has the most influence.
x
All they have to do is protect the Lender’s rights to proceed against HSG.
That could end up being a sticking point… especially if HSG was going to Crane for more money during the “exclusive” window. Hicks may turn this into the lenders drawing their blood from the Rangers to protect his other interests…
by elvis1isking on Jun 22, 2010 4:28 PM CDT up reply actions
At which point Greenberg walks...
It’s certainly possible, and that may be what Kaplan is alluding to.
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
Sort of but it would be suicide by HSG
If Hicks’ condition of the BR Plan is the impaired creditors sacrifice a lawsuit against HSG Greenberg has claims for bad faith, punitives, etc. You can’t enter into a letter of intent for the purchase of something and then include impossible conditions just to try and get out of the deal. Greenberg could also seek specific performance on the intent of the parties based on their preliminary agreement.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
Oh, I agree completely
But Hicks seems to be in survival mode more than “good business partner” mode – ref. the Crane back channel.
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
I agree too that Hicks hasn't shown the best business accumen in this
But at some point he has to give in some (unless he doesn’t). If he refuses to cooperate on amending the plan MLB’s going to take over the team especially now there’s been a decision that bidding doesn’t have to be reopened and the team can be sold for less than maximum value.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
I like that it took $100 million throw down the hole in ten years before Hicks realized he wasn't going to be able to make money on the Rangers.
"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
Oh, I wonder about that assertion
At this point in time it’s irrelevant. The position of the Court is they’re owed $75MM and Hicks isn’t a creditor in the bankruptcy filing (to my knowledge – could be wrong since it’s a been a while). Hick’s may have loaned money to HSG but it doesn’t matter concerning the sale of the Rangers.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
is it possible
for the Rangers and creditors to get the deal hammered out and leave a path to HSG?
These are lawyers for the Rangers, correct? Probably funded by MLB? So they’d have to put the best deal together for the Rangers, which could leave HSG open for the creditors to go after later? That’s probably what should happen anyway.
That seems to be the legality in play here… I just wonder how much influence Hicks has over the orders given to the lawyers.
by elvis1isking on Jun 22, 2010 5:19 PM CDT up reply actions
MLB did step in to take over the sale after April
I didn't know what a mancrush was. Derek Holland showed me.
by DerekSTheRed on Jun 22, 2010 5:20 PM CDT up reply actions
I believe the Rangers lawyers are/were HSG's lawyers
The creditors already claimed there was a conflict of interest (that got shot down).
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
This is definitely possible, however
Even if ab03 and WyoRanger were wrong in the other thread, it certainly doesn’t sound anywhere near as dire as Olney makes it out to be. And do you really think those baseball execs Olney referred to have read the entire doc, and how many did Olney talk to?
Right now EVERYONE is jumping to a bunch of conclusions. I’m looking forward to reading Maury Brown maybe tonight or tomorrow after he updates and getting some other opinions after some bankruptcy lawyers chime in here.
Freude schöner Götterfunken, Tochter aus Elysium, Freude!
Im just saying that
While everyone is exaggerating, I think the silver lining is still there which is this is not good.. . And if all HSG had to do was add a clause that paid interest on the $75 mill in loans, why hasnt that already been done? For such a simple solution, you think it would be done.
"Hey Sanka, you can pee now... uuummm, too late...."
This used to be links to my websites... But the man got in the way, shut them all down... Damn the man... ~ Rangers Game Streams ~ Password: LSB123
by PM Productions on Jun 22, 2010 2:45 PM CDT up reply actions
Well, I wouldn't just go ahead and offer more money
if I thought there was a good chance I wouldn’t have to pay it.
Freude schöner Götterfunken, Tochter aus Elysium, Freude!
The Judge's
memo seems to make it clear that the plan was not ever going to pass since they werent including payments on the interest…
"Hey Sanka, you can pee now... uuummm, too late...."
This used to be links to my websites... But the man got in the way, shut them all down... Damn the man... ~ Rangers Game Streams ~ Password: LSB123
by PM Productions on Jun 22, 2010 2:49 PM CDT up reply actions
I posted in the other thread, but...
Anybody have a take on what rights the lenders must retain? I read things (around pg 17, footnote 26) that even paying the interest didn’t solve it, as the lenders must retain certain rights “prospectively” in order to be unimpaired.
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
It's not interest - the payment is $75MM PLUS interest
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
Could have been an oversight. Could have been an attempt to save some cash.
However, if it’s true, I can’t see that being a stumbling block at all. It could delay everything a few days. How could Monarch et al gain control of one of the equity holders?
"Ooooh....I want some fucking pancakes!" son of willamos2
Olney didn't talk to anybody.
He’s full of shit.
Pitching coach Mike Maddux on Darren Oliver’s 0.00 ERA this spring:
"Economical work. He ain’t getting paid by the hour."
Is Olney considered a good source in the first place?
Never trust a man named Buster.
by lost in space on Jun 22, 2010 3:03 PM CDT up reply actions
I disagree
It's baseball. You don't always get what you want, and you don't always want what you get. --Ed Coffin
by txranger7 on Jun 22, 2010 3:05 PM CDT up reply actions 1 recs
I hope you're right
ab03. I would love it if one of LSB’s own did a better job reporting this story than the national guys.
I didn't know what a mancrush was. Derek Holland showed me.
by DerekSTheRed on Jun 22, 2010 2:41 PM CDT up reply actions
what am i missing?
For the foregoing reasons, the court concludes that treatment of the Lenders, to
satisfy section 1124(1), must grant them their rights under their loan documents
prospectively.While payment of the $75,000,000 plus interest will satisfy and discharge
Debtor’s monetary obligations as required by section 1124(1),37 in order for the Plan to be
confirmed without the acceptance of the Lenders or satisfaction of Code § 1129(b)(1), the
treatment of the Lenders must be modified to allow them to exercise their rights under
their loan documents following the effective date
yeah
I don’t know what exactly that last clause means but I don’t think it’s something that is difficult to do. Even Judge Lynn calls it minor. Maybe as it stood, the Lenders couldn’t effectively enforce the lean after the sale
What are the rights referred to there?
Does that just mean they must be guaranteed they can try to get more money from HSG after the sale goes through?
Freude schöner Götterfunken, Tochter aus Elysium, Freude!
Good thing I don't really believe any of this.
Mike Olt - 2013 A.L. Rookie of the Year.
He declined to accept the award as to not show up his fellow rookies. Incentives earned from being named ROY were donated to a local charity. He did not report this donation on his tax return.
My sources
are telling me their is a 100% chance that I will nutt tag Buster Olney very, very soon
"Hey Sanka, you can pee now... uuummm, too late...."
This used to be links to my websites... But the man got in the way, shut them all down... Damn the man... ~ Rangers Game Streams ~ Password: LSB123
may I suggest
we're from Texas
CJ says "Relax"
by eclou on Jun 22, 2010 3:14 PM CDT up reply actions 8 recs
fuck those people for cropping that dog's ears
"Drinks are on me if Lewis posts >168IP and an era lower than 3.86." by RangerMad on Jan 20, 2010 12:36 PM PST
by jam0152 on Jun 22, 2010 3:40 PM CDT up reply actions 4 recs
if so, I wasn't involved
but I’m glad to hear other people feel that way, too
"Drinks are on me if Lewis posts >168IP and an era lower than 3.86." by RangerMad on Jan 20, 2010 12:36 PM PST
Tom Hicks has royally fucked over the DFW region
Ron Washington...giving hope everywhere to the kids who eat lead paint chips of being a big league manager when they grow up since 2007.
by rangers85 on Jun 22, 2010 2:38 PM CDT via mobile reply actions
TIS IS BY FAR THE MOST IMPORTANT PART
If the creditors are happy, it’s because Lynn didn’t just completely pour them out. He is not going to confirm the plan as it now stands, but all Hicks has to do is amend the plan to pay the creditors interest on their 75MM.
Once the new plan goes on file, the two Rangers equity companies have to re-vote to approve it. In order to scuttle the deal now, the creditors have to figure out a way to take control of the Rangers equity companies so they can cast the vote the way they want. The involuntary bankruptcy cases that the creditors filed against the Rangers equity companies may eventually get the creditors some control, but not soon enough I’ll bet. Later, I think Kaplan et al will realize the creditors (Monarch) just won the battle and lost the war.
This should stop some of the panic
JD’s like, "you want some fucking pitching? Here’s all the pitching you can stand. Now choke on it, bitches!"- RCCook
Dallas Observer
See his link above.
I didn't know what a mancrush was. Derek Holland showed me.
by DerekSTheRed on Jun 22, 2010 2:45 PM CDT up reply actions
Ah, see it now, thanks.
It’s quite helpful to know that quote is from a bankruptcy lawyer and not just another talking head.
Freude schöner Götterfunken, Tochter aus Elysium, Freude!
here
http://blogs.dallasobserver.com/unfairpark/2010/06/breaking_news_federal_bankrupt.php
That’s what I quoted Kaplan in my tweet
I like this, “creditors (Monarch) just won the battle and lost the war.”
I didn't know what a mancrush was. Derek Holland showed me.
by DerekSTheRed on Jun 22, 2010 2:47 PM CDT up reply actions
well according to the survey at least
10% or more are…
JD’s like, "you want some fucking pitching? Here’s all the pitching you can stand. Now choke on it, bitches!"- RCCook
God hates us....
the only explanation
by death of the cool on Jun 22, 2010 2:43 PM CDT reply actions
This is just freaking great.
If this is true — and there’s a chance the ‘experts’ are wrong — then the fact that a needed trade to make a move at the deadline is impossible is what hurts the most.
In the meantime, the NHL salary cap went up $2 million yet the Stars are stuck operating with a $45 million budget. Yippee.
ProHockeyTalk: General NHL news, rumors and analysis, from the best hockey mind at NBCSports.com.
And in better news
Hockey is still mostly boring so who really cares?
AL West
Oakland 90-72
LAAA 88-74
Texas 83-79
Seattle 77-85
By: Josey Wales
by Drew062682 on Jun 22, 2010 2:48 PM CDT up reply actions 2 recs
Are they still playing hockey as a major professional sport? I'll be darned
"I’m gonna go on record here and say a great many things excuse throwing a chair at someone." – D.A. Tron
If you wanted to diss hockey you should've gone with "define major."
Professional in this case being easy to define as “you can get millions of dollars for playing it.”
Hockey = awesome.
Who's the bankruptcy lawyer with ties to Lynn?
Was it Aquaman?
by LiamP on Jun 22, 2010 2:43 PM CDT via mobile reply actions
This is correct.
Graduate, but haven’t taken the bar yet.
"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
I literally just logged on to see what had happened
I have no idea yet, I haven’t had time to read the Judge’s opinion.
"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
I know Wyo is an attorney
not sure what kind. I had asked this in another thread last night. A lot of lawyers on here, but not quite sure who except for the 3 talked about in this subthread.
I am but I haven't a clue what to say about this
However, if the Rangers sale involved the probating Hicks’ will and settling his estate, or if he was leasing the minerals on the land near the ballpark, I’d be all over it.
"I’m gonna go on record here and say a great many things excuse throwing a chair at someone." – D.A. Tron
I do some BR work
In fact had a telephone BR hearing today on confirmation of a final decree. I didn’t attend since we were just monitoring the case for a creditor. I am in no way an expert on the subject (I do more litigation associated with BR cases).
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
Where do you practice again?
"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
Aquaman is a lawyer too?
Man, times are tough around the Hall of Justice, when even superheroes have to get regular jobs.
I bet he’s really good on maritime law, though.
by RCCook on Jun 22, 2010 2:53 PM CDT up reply actions 5 recs
New Trade Proposal!
Tommy Mendonca for Vicente Padilla…
Then Padilla brings the Ferrari back to DFW, and on one of his drunken drag races down 30 he hits Tom Hicks, effectively killing the man we all hate…
Ya, and you thought I was crazy..
"Hey Sanka, you can pee now... uuummm, too late...."
This used to be links to my websites... But the man got in the way, shut them all down... Damn the man... ~ Rangers Game Streams ~ Password: LSB123
by PM Productions on Jun 22, 2010 2:44 PM CDT reply actions 3 recs
I haven't posted in weeks.
But I just wanna take this moment to say…
fuck me. in the ass. with a tire iron.
She say she are the manager.
don't tease Tron
we're from Texas
CJ says "Relax"
by eclou on Jun 22, 2010 2:49 PM CDT up reply actions 3 recs
Scott Merkin
You’re a fucktard.
Son of a Bitch, that just effed this whole season. Great, no money, no additions, no playoffs, and i still refuse to go to the park until Hicks is gone. odds are 1-9 the Rangers lose tonight and spiral into oblivion. all hope that they had a shot just got flushed down the toilet.
"There's really no way of knowing... Sometimes when I see their big eyes looking up from my lap I think, that's definitely a homeless guy in a fur coat." Betty White on SNL
Some boner
From the Observer Comments Section
AL West
Oakland 90-72
LAAA 88-74
Texas 83-79
Seattle 77-85
By: Josey Wales
Merkin?
That sucks
Mike Olt - 2013 A.L. Rookie of the Year.
He declined to accept the award as to not show up his fellow rookies. Incentives earned from being named ROY were donated to a local charity. He did not report this donation on his tax return.
1-9?
I’m not a gambling man, so maybe I’m reading those odds wrong, but doesn’t that mean “1 to 9,” i.e., there’s only a small chance that the Rangers lose? That seems to counter his point, though.
I never thought we needed an addition to make the playoffs
It was always about giving us a better shot IN the playoffs for me.
I hate everyone.
"Drinks are on me if Lewis posts >168IP and an era lower than 3.86." by RangerMad on Jan 20, 2010 12:36 PM PST
that's the plan
2 1/2 hrs to go…
"Drinks are on me if Lewis posts >168IP and an era lower than 3.86." by RangerMad on Jan 20, 2010 12:36 PM PST
Craig Calcaterra joins the chorus
So should we just hope that someone actually gets the story right eventually? I guess Dallas Observer is the winner this round.
Even if I’m completely wrong and this is a huge blow, can nobody out there explain why that is? Can people just stop with the “ZOMG he denied the plan! Ranger Screwed!” stories? CC and Maury and Kaplan have been covering this story for months. They couldn’t read a little about bankruptcy law? Call a lawyer?
But it's ok
because both Maury and CC had this to say:
I haven’t read the entire decision yet
(What took me 25 minutes to do).
Don’t let that stop your from getting the headline out!
Which is why I agreed with whoever bagged on Twitter being lame..
Sure, it’s the fastest way known to man to get news out there, but is it good that news can now travel faster than the speed of right???
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
I'm pretty sure it wouldn't be faster than the speed of light.
Considering that speed is impossible to achieve.
"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
I'm not from some high-falutin' law school like you, ab03!
Why do you care what a lowly peon such as myself thinks?
"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
You claim to have taken more bankruptcy classes as me
And I also feel like Walter Sobchak right now and I need to know the whole world has not gone crazy
*than me
But really we all want to know this one thing. What does this mean?
For the foregoing reasons, the court concludes that treatment of the Lenders, to
satisfy section 1124(1), must grant them their rights under their loan documents
prospectively. While payment of the $75,000,000 plus interest will satisfy and discharge
Debtor’s monetary obligations as required by section 1124(1),37 in order for the Plan to be
confirmed without the acceptance of the Lenders or satisfaction of Code § 1129(b)(1), the
treatment of the Lenders must be modified to allow them to exercise their rights under
their loan documents following the effective date.
Is the number 37 a page number or something?
Because there aren’t 37 subsections to section 1124.
"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
1129(b)(1) is the cramdown provision
There has to be something in the Lenders’ documents, some kind of right that extends beyond just getting paid. If you are discharging your monetary obligations, what else remains in this situation?
"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
It certainly is a possibility
there was a contract where they agreed to pay 500M and are only getting 75M. They can sue for damages if there was a breach of contract (or some fraud with the transfer of assets). But that won’t affect the sale
So:
If that’s in fact what’s up, then, the question really is how long it’ll take to get the necessary modifications approved by Lynn ~ is that right?
OK< a new question for the lawyers
How exactly do they modify this to proetct those rights? Aren’t those rights automatically protected? Is there some language in the plan that specifically says “pffft!! no rights for you”??
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
My guess
Rangers prepared the Plan that said the creditors were entitled to $75MM plus interest. Creditors said, no, you breached that contract when you defaulted. Judge says yup you have the right to proceed against HSG so the plan needs to be modified accordingly. Shouldn’t be too hard.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
I kept missing it
but there is also the matter of the fraudulent transfer. The judge specifically mentioned it:
Other claims the Lenders may have by virtue of, e.g., their fraudulent transfer claim against
Debtor will be dealt with by the Plan as well.
ballpark lease, IIRC
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
Right
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
I said the speed of RIGHT...
as in, get it right before you post it…
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
It's hard to fight a meme or narrative once it really gets going.
I didn't know what a mancrush was. Derek Holland showed me.
by DerekSTheRed on Jun 22, 2010 2:54 PM CDT up reply actions
Out of all those guys
I’d have to think that Maury would be quite thorough in his reading at some point. I’m hoping he posts a detailed update later tonight. If you’re wrong, perhaps we’d know why then. I think, though, that everyone is just seeing “Rangers creditors impaired” without noticing that it’s only a small portion of the creditors and it might not take much to fix.
Freude schöner Götterfunken, Tochter aus Elysium, Freude!
yeah.. thats what I wrote in
ab03 rip on Maurry earlier. His article is just the quotes from the lawyers and the conclusion and a promise for more analysis later.
JD’s like, "you want some fucking pitching? Here’s all the pitching you can stand. Now choke on it, bitches!"- RCCook
I like Maury
I don’t mean to classify him with the other guys because he actually tries to explain this stuff to us and I learned most of this case from him. But I just think he completely missed the mark this time. This is an obstacle but I think he missed the story here.
it looks more and more like the strive to be first and the technology jump is biting him in the ass right now
JD’s like, "you want some fucking pitching? Here’s all the pitching you can stand. Now choke on it, bitches!"- RCCook
he has to get it out there
he can’t spend the hours to research and write his opinion now. Sucks… but that’s the way it is.
Of all these guys though, I believe Maury will write that follow up and clear things up for all of us.
In the meantime, I’m glad you and Wyo are around to help bring about points in the opinion that don’t seem so “fuck the Rangers over.”
And, if you end up being wrong… go fuck yourself. :)
by elvis1isking on Jun 22, 2010 3:00 PM CDT up reply actions
Just to clarify
The small portion are really the ones that count. Those are the ones that include Monarch, etc. but they are only 1 class of several that had their debt secured by the 75M lien. Still, the impairment is easily curable – that’s the part that everybody seems to be missing. And, quite annoyingly, Kaplan seems to be completely dismissing even though I fucking pointed him in the right direction
I believe you're right
How can Monarch take control of one of the equity partners? I read that in Maury’s article and I’m confused.
"Ooooh....I want some fucking pancakes!" son of willamos2
It wasn't Maury it was the Observer
Once the new plan goes on file, the two Rangers equity companies have to re-vote to approve it. In order to scuttle the deal now, the creditors have to figure out a way to take control of the Rangers equity companies so they can cast the vote the way they want. The involuntary bankruptcy cases that the creditors filed against the Rangers equity companies may eventually get the creditors some control, but not soon enough I’ll bet. Later, I think Kaplan et al will realize the creditors (Monarch) just won the battle and lost the war.
Maury mentioned also that the modified plan would have to be approved by the Rangers’ equity companies. Somehow, I melded the two together. Upon re-reading, I answered my question. They have no real chance unless this thing gets blown up.
"Ooooh....I want some fucking pancakes!" son of willamos2
They would take control by forcing them into bankruptcy
But you’d have to force both into bankruptcy and take control – otherwise cramdown (which I love saying at this point)
You and I have been around this before
Since they went voluntarily, the creditors have no recourse unless the bankruptcy judge denies their application, right?
"Ooooh....I want some fucking pancakes!" son of willamos2
They can try to put those equity partners into bankruptcy
which is not the current bankruptcy proceeding. Those partners are actually in a bankruptcy proceeding right now (as per the Judge’s order stating so – I had no idea otherwise)
for us laymen
I’m thinking that Monarch would have to immediately file an involuntary bankruptcy against HSG (since that’s who owes them money) and then get a judge to issue a TRO on HSG voting in favor of the bankruptcy proceeding.
so, its still possible we may be screwed…..
Oh my god! What can it be? We're all doomed! Who's flying this thing?
-Wash
well that would be the path to victory
But seems unlikely that it all gets done before the sale goes through
Haven't the lenders already filed involuntary bankruptcy
against the two Rangers equity owners, which are indirect HSG subsidiaries? I feel like that happened in late May.
My thoughts exactly.
Pitching coach Mike Maddux on Darren Oliver’s 0.00 ERA this spring:
"Economical work. He ain’t getting paid by the hour."
A TRO would be tough (and might be legally impossible - never addressed the situation)
Also, HSG isn’t voting and instead it’s the holding companies of the Rangers.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
They're subsidiaries but why would you go after the parent company that has no voting rights?
My understanding is the Equity Companies hold, well, the equity and HSG used them as collateral for some of the loans. HSG holds those companies but HSG doesn’t “own” the Rangers. At this exact point in time, I don’t think going after HSG has any effect on the sale given the ruling.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
Well
If you took over HSG, couldn’t you direct the votes of the equity owners to vote a certain way on the sale?
Just wondering – I don’t think they can either take over HSG, either subsidiary, or block the sale even if they did since you could just use cramdown if necessary
I honestly don't know
There are corporate attorneys at my office that could better answer but there’s a reason to set up holding companies and that should be to separate the assets and my guess you also separate control between the different entities. If HSG was indistinguishable from the Equity Companies the debtors would have already gone after HSG and tried to block the sale from the beginning instead of going after the Equity Companies individually. And if HSG = the Rangers the other unimpaired classes of creditors would have a beef.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
You are the first person from Wyoming that I have ever met.
I always assumed the state didn’t actually exist, but was just a coverup for massive government activity.
"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
Jackson is a pretty cool place.
And there’s some great skiing at Jackson Hole.
But there, and Yellowstone, is all of Wyoming that I’ve been to.
It is a coverup because we don't want people flooding in here
When I go to the mountains to fish and camp towards the southern border it’s mostly Colorado folks. Jackson is insanely rich people from all over but not from Wyoming.
Strange so few people have been to Wyoming. I’ve met folks that lived most of their lives in Denver (90 miles away) and they’ve never been. Heck, I’ve had depositions more than once in DFW and Austin.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
Lol I love seeing people freak out about this. If we want and have to we'll make a deal. We'll be fine.
I'm just goofin' new boot goofin'
please explain how we'll make a significant deal
when we can’t expand payroll. That would make me feel better right now.
"Drinks are on me if Lewis posts >168IP and an era lower than 3.86." by RangerMad on Jan 20, 2010 12:36 PM PST
Because the media makes everything worse.
Everything. It’s never as bad as it seems.
I'm just goofin' new boot goofin'
if we do make a deal this means that we have to give up a lot of prospects
because we cant take on any payroll
by jonathan rigby on Jun 22, 2010 2:59 PM CDT up reply actions
Tom Hicks has royally fucked over the DFW region
Ron Washington...giving hope everywhere to the kids who eat lead paint chips of being a big league manager when they grow up since 2007.
by rangers85 on Jun 22, 2010 2:53 PM CDT via mobile reply actions
he leaves himself an out
However, lawyers for Texas Rangers Baseball Partners were closely examining the complex ruling to see if that may not be the case.
JD’s like, "you want some fucking pitching? Here’s all the pitching you can stand. Now choke on it, bitches!"- RCCook
opinion out if his article:
At the minimum, the ruling seems destine to derail any key player moves by the Rangers by the trade deadline. Rumors have swirled that either Roy Oswalt or Cliff Lee could be in the plans for the Rangers, should the prepackaged plan have been given the green light.
and an added paragraph about mediation
The next step in the process is mostly likely mediation. The Lenders and Rangers Baseball Express, LLC, the group led by Greenberg and Ryan have agreed to continued mediation. In Lynn’s rulling it is noted that the court has appointed Russell F. Nelms to serve as mediator.
Freude schöner Götterfunken, Tochter aus Elysium, Freude!
How can you hate Judge Nelms?
He’s hilarious.
"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
More often than I'd like
I have to go self-satisfied
"...he’s subliterate and needs to have a cork on his fork to keep from hurting himself when he eats" - AJM on Ron Washington
by Anonymous New Guy on Jun 22, 2010 3:24 PM CDT up reply actions
I'm not a lawyer
But I am a minister (or so says the Universal Life Church) and God has told me things will soon work out for the Rangers.
He also asks that you each say a prayer, and send me a check for $100, so that His ministry can continue to do His work.
ULC
Here’s a history of the Universal Life Church:
http://en.wikipedia.org/wiki/Universal_Life_Church
It’s not hard to become a minister- when I did it 15 years ago, it cost me $5. They send you a card, and you’re an ordained minister for life. It’s kind of a joke, but it’s completely legal, and you can officiate at weddings and funerals.
I’ve never actually done anything with it, though one of my friends did conduct a wedding with his- the couple is still married a dozen years later.
Will I get $100 worth of salvation in return?
by Perfect Zero on Jun 22, 2010 2:58 PM CDT up reply actions
will you excommunicate me if I don't?
JD’s like, "you want some fucking pitching? Here’s all the pitching you can stand. Now choke on it, bitches!"- RCCook
$1000.
I know a guy.
Pitching coach Mike Maddux on Darren Oliver’s 0.00 ERA this spring:
"Economical work. He ain’t getting paid by the hour."
Wyo and ab03 have talked me off the ledge for now.
Pitching coach Mike Maddux on Darren Oliver’s 0.00 ERA this spring:
"Economical work. He ain’t getting paid by the hour."
equity owners
While it doesn’t seem like it would be much problem to get a favorable vote from the equity owners, the problem is that this will be reviewable by the court looking at whether the equity owners acted appropriately in their fiduciary capacity. While I am not a bankruptcy lawyer (although I am a lawyer) it certainly appears that while this may be fixable (for the most part the creditors lost on their various contentions and claims that could really have sidetracked the deal) there definitely is going to be some significant additional delay here. Whether things can be cleared up though heroic efforts just in time for the trade deadline remains to be seen.
I agree with this
but who is going to sue? Do the creditors have standing to sue for breach in fiduciary duty? And would anybody really issue an injunction against the sale? Seems like if there was a breach claim, it would come post sale
I believe their fiduciary duty is loose
Judge said the team could be sold for less than maximum value. Now, incurring whatever loan agreement costs owed the Lenders may be different.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
Maury jsut added this to his article:
The next step in the process is mostly likely mediation. The Lenders and Rangers Baseball Express, LLC, the group led by Greenberg and Ryan have agreed to continued mediation. In Lynn’s rulling it is noted that the court has appointed Russell F. Nelms to serve as mediator.
It seemed when I read it that it was slanted towards forcing a settlement
JD’s like, "you want some fucking pitching? Here’s all the pitching you can stand. Now choke on it, bitches!"- RCCook
Everyone wants this done, and I think this is going to speed up the process.
Or at least that’s what I’m hoping.
you know, i kinda hope this falls through
‘cause in the long-term…i think i’d rather want an owner like Crane who seems to have a lot more money than a group of investors like the Ryan/Greenberg group
i dunno…was the main con on Crane was that he’d bring in Hunsicker as GM?
USA
x
Seems like the Ryan/Greenburg group is comprised similarly to the Bush ownership group…and Crane would be similar to Hicks’…Crane can’t be as stupid as Hicks; and if that’s the case, i’d lean toward him as a better fit for this team…i think
i dunno, i just remember how hard it was for the previous owners to sign a FA, i think Wetteland was their biggest sign?
I kinda want someone in the moreno mold, and i think he’s a lot closer to that than the ryan/greenburg group
USA
I mean
throwing out Ryan/JD and bringing in Husicker means that he probably will have different opinions about some of our prospects (since they aren’t his) and he could do a lot of damage in a short amount of time trying to win right now.
You are not insane or arguing with Kaplan
However, you are for arguing with this idoit
"...he’s subliterate and needs to have a cork on his fork to keep from hurting himself when he eats" - AJM on Ron Washington
by Anonymous New Guy on Jun 22, 2010 3:22 PM CDT up reply actions
I want Ryan/Greenberg anyway
While I’m probably Josey Wales biggest hater. I do believe that Nolan Ryan is a very good thing for the baseball side of this franchise. I also similarly believe that Greenberg is the type of hustler/promoter who will build the value and name of the franchise in such a way that capitalization won’t be a huge issue. It won’t be possible to make this city forget that training camp for the Cowboys opens in August, but I don’t want them to forget that the Rangers are still playing games at the same time as the Cowboys are doing their thing. (which is currently what happens here). Crane isn’t going to be sensitive to that. plus, I like Daniels. I actually met him on the very day he was hired to be GM. Very very smart guy who knows our system extremely well.
Oh my god! What can it be? We're all doomed! Who's flying this thing?
-Wash
I thought it was because he backed out of an offer to buy another team
"Ooooh....I want some fucking pancakes!" son of willamos2
A very tiny minority owner
And if I’m not mistaken, he’s requiring that he has a stake in the team no matter who he sells it to.
AL West
Oakland 90-72
LAAA 88-74
Texas 83-79
Seattle 77-85
By: Josey Wales
In the beginning he was a very very small part, right?
And he jumped in with Crane, I thought, to get some more control and a bigger chunk of the ownership puzzle.
Ryan and Greenberg didn't provide that much money to the group did they?
I thought they are just the faces of the group.
I think Bob Simpson is the main guy in the group
He’s a native from my hometown. A real likable guy.
by Perfect Zero on Jun 22, 2010 3:11 PM CDT up reply actions
A native, huh?
I thought Crane was the indian giver.
"...he’s subliterate and needs to have a cork on his fork to keep from hurting himself when he eats" - AJM on Ron Washington
by Anonymous New Guy on Jun 22, 2010 3:14 PM CDT up reply actions
Bob Simpson and Ray Davis.
Pitching coach Mike Maddux on Darren Oliver’s 0.00 ERA this spring:
"Economical work. He ain’t getting paid by the hour."
con was that he screwed the MLB by dropping out of the Astros sale...
JD’s like, "you want some fucking pitching? Here’s all the pitching you can stand. Now choke on it, bitches!"- RCCook
Scheppers makes MLB futures game roster btw...
JD’s like, "you want some fucking pitching? Here’s all the pitching you can stand. Now choke on it, bitches!"- RCCook
From Calcaterra...
“That sound you hear is every Rangers fan in the world screaming bloody murder to the heavens above.”
Um, from what I can tell, it seems like it’s these sports business wags that are in hysterics while the rest of us just try to figure out what the hell this means.
What a stupid day.
by ghostofErikThompson on Jun 22, 2010 3:27 PM CDT reply actions 1 recs
And I got bagged on for ripping him a few weeks ago.
The other sports are just sports. Baseball is a love. ~Bryant Gumbel, 1981
Calcaterra was the one early on
saying that the sale was not going to go smoothly and be done by opening day. Everyone ripped him for it. He has been right more than wrong on this issue. On the Oswalt trade post he only reported what he heard from the source. And he didn’t say it was “nearly complete”, that’s a mis-characterization. He said the teams were “getting closer”.
Freude schöner Götterfunken, Tochter aus Elysium, Freude!
All Calcaterra has said on the issue
has been negative against the Greenberg/Ryan group. Sure, he might have been right about some things, but that’s like when Josey is right on a JD deal not working out well.
And from what I remember of that Oswalt rumor, he said that the deal was agreed to in principle and that they just needed to see how the money would work out.
By 2028, Mark Teixeira will be in the HOF.
"I am one of the biggest Texas Ranger fans out there but I'm also one of the smartest. Deal with it."
-The Outlaw
I feel that some people here
were very unhappy with that early report that there would be problems with the sale and decided to shoot the messenger. Since that report a few months ago, every time Calcaterra reports anything on the Rangers, a few folks jump on him and act as if he’s just out to get the Rangers somehow.
Freude schöner Götterfunken, Tochter aus Elysium, Freude!
Welp
I guess there’s only one thing left to do.
Win the whole fucking thing…..
You tell em, Jake!!!!
"Biggest mistake in DFW history?" - Bigger mistake in LSB history.
by IrishP1 on Jun 22, 2010 3:28 PM CDT reply actions 5 recs
All I know is
Michael Young is definitely Roger Dorn in this scenario.
Vlad = Serrano?
Vlad
Can hit the curveball
AL West
Oakland 90-72
LAAA 88-74
Texas 83-79
Seattle 77-85
By: Josey Wales
So, borbon is Willie Mays Hayes?
Darrin Oliver for Eddie Harris. (or Colby?)
So, does that make Feliz Rickey Vaughan?
if so, does he get to sleep with Young’s wife?
Oh my god! What can it be? We're all doomed! Who's flying this thing?
-Wash
Looking up Young's Wife
Cristina Barbosa Young not bad. not great. but not bad. think I’d rather do Stacy Carrol (actress who played Suzanne Dorn)
Oh my god! What can it be? We're all doomed! Who's flying this thing?
-Wash
can you imagine Feliz with shades?
http://www.examiner.com/x-50872-Dallas-Stars-Examiner
^ Updated often. Check back often for articles :)
Cerrano's voo doo doll in Major League
"I’m gonna go on record here and say a great many things excuse throwing a chair at someone." – D.A. Tron
Cruz. He's been prone to whiff at the breaker.
"Biggest mistake in DFW history?" - Bigger mistake in LSB history.
"How quickly would a new plan be modified"
Maury: They would meet in the middle
NO YOU FUCKTARD. Geez – I’m literally depressed. How does he not know what is going on?
wow
he is fucking this up royally. Yes, they creditors will technically get more money out of this but this isn’t a big win at all. What the fuck is going on?
They don't even get more money from the sales proceeds
If the Rangers agree to modify the Plan any additional money comes after the sale.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
Right - in the future but not from the sale
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
good point on crane
baseball didn’t want cuban, seems like they don’t want crane…if they don’t want you, you’re not getting a team
USA
This is the bottom line of all of this meeting today:
The Texas Rangers will have to change its bankruptcy plan — although not the amount paid to creditors — to avoid having it killed by upset creditors, a federal bankruptcy judge said Tuesday.
Good quote in here, this seems very reasonable.
If the creditors are happy, it’s because Lynn didn’t just completely pour them out. He is not going to confirm the plan as it now stands, but all Hicks has to do is amend the plan to pay the creditors interest on their 75MM.
Once the new plan goes on file, the two Rangers equity companies have to re-vote to approve it. In order to scuttle the deal now, the creditors have to figure out a way to take control of the Rangers equity companies so they can cast the vote the way they want. The involuntary bankruptcy cases that the creditors filed against the Rangers equity companies may eventually get the creditors some control, but not soon enough I’ll bet.
"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
No they quoted the observer
I think that’s the first time Aquaman read it though.
I didn't know what a mancrush was. Derek Holland showed me.
by DerekSTheRed on Jun 22, 2010 3:46 PM CDT up reply actions
I got it from the ESPN Rangers blog.
Not sure where they picked it up.
"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
ab...
This looks much more reasonable and more to the point you’ve been trying to get people to realize.
http://sports.yahoo.com/mlb/news;_ylt=AqHbqKmBOCXx8JnIzLXzl.IRvLYF?slug=ap-rangers-sale
by ghostofErikThompson on Jun 22, 2010 3:42 PM CDT reply actions
thank the fucking lord for Angela K. Brown
an AP writer finally gets it right. And Kudos to Durrett for figuring out where the story was
For the record:
Jason T. Rodriguez was Judge Lynn’s clerk from August 08 to August 09.
"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
"Opened the door" seems very vague.
Sure, if everything goes to hell and the Rangers refuse to change the plan, that could now happen, right? But what does an open door mean, really?
I wouldn't read too much into what he said.
I’m pretty sure he’s talking about THIS specific Plan, not every single plan which may exist down the road.
"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
I think Tom Hicks is in the comments section.....
It’s help immensely if the attendance for Rangers games wasn’t a pathetic 22,667/game – that’s the LOWEST since the 1986 season..it spells doom for whomever owns the team…place blame where blame belongs people…on those of you who stay away in droves! That my friends is a chilling & telling reality!
If all the morons that posted here had 10% of the financial accumen of Tom Hicks you’d be millionaires…instead your inconsequential petty little lives are of no consequence whatsoever…baseball is a BUSINESS run by businessmen…you are all little peons pissing in the wind because you’re still blogging from mommies basement while you play w/yourselves and eat your cereal…TOM HICKS kept the Rangers in TX…what’d you morns do besides complain like women at the wrong time of the month?!
To Dallas says Rangers100
"Josey drives to games??? I always assumed he rides in on his high horse" jam0152
"dirkatron has his own evaluation metric: rapes above replacement." AJM
Dallas is the only part of Texas that matters /Rangers100
"I’m gonna go on record here and say a great many things excuse throwing a chair at someone." – D.A. Tron
by WestTxAg06 on Jun 22, 2010 5:30 PM CDT up reply actions 1 recs
Kaplan on with the hardline momentarily....
I’ll recap, if needed.
"Biggest mistake in DFW history?" - Bigger mistake in LSB history.
Exactly...
What a beating. They went all Mali ref on us and called a foul and walked off the pitch.
by ghostofErikThompson on Jun 22, 2010 3:54 PM CDT up reply actions 1 recs
Let me get this straight
After dealing with this since around January and constantly being reassured that the creditors would just bluff and that they didn’t really have much power to do anything…..the worst case scenario has happenned. Is this true? This whole ruling seems sadly reasonable to me (maybe i’m just completely misreading it). If the creditors were given the right to approve the next sale in the original agreement with HSG, how could we NOT have gotten to this point? I’m confused now as to why we were all led to believe the sale would actually go through.
Hup Holland Hup
I think you are misreading things, as are a lot of pundits.
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
Quote from Ryan/Greenberg:
Shortly after the ruling, TRBP released a statement saying, "We are pleased that the Judge remains committed to completing the sale of the Rangers expeditiously and we are confident that necessary changes to the plan can be made to achieve that outcome."
I am going to laugh my ass off if they get the sale done by July 9
Kaplan better apologize to me on twitter
Let's hope that's the case.
"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
the ticket is sold that the bidding process is going to have to be reopened
what a beating
A baseball game is simply a nervous breakdown divided into nine innings.
The Ticket is a terrible source of useful info...
we as a group are learning way more on this site than anywhere else in my opinion.
by lost in space on Jun 22, 2010 4:13 PM CDT up reply actions
Yep...
And there’s the story. It’s the fact that the plan needs to be tweaked not that the creditors are now voting to shoot down the sale and we’re back to square one as the initial doom and gloom reports were telling us.
by ghostofErikThompson on Jun 22, 2010 4:00 PM CDT up reply actions
That's what I got out if it....
Even if they extend the deadline by a week, we are still looking at middle of July and that’s ok.
Is he saying...
“That ab03 guy was right.” ?
by ghostofErikThompson on Jun 22, 2010 4:00 PM CDT up reply actions
So far...
- the judge will not be the one to decide who the team will be sold to.
- Greenberg could up his offer or Hicks could pay the interest owed on top of the $75mil.(fat fucking chance.)
"Biggest mistake in DFW history?" - Bigger mistake in LSB history.
ROFL @ the second part.
He hasn’t been following this process very closely, obviously.
Pitching coach Mike Maddux on Darren Oliver’s 0.00 ERA this spring:
"Economical work. He ain’t getting paid by the hour."
Federal mediators will be involved in the next couple of days.
If the Rangers are to “modify” this deal, it’s going to take MORE than Greenberg upping his bid and interest paid towards the $75mil.
The judge basically has stated that the argument if now and entirely between the Rangers and the Creditors, no one else.
If nothing is submitted and or approved by the July 9th deadline, you could see an in-court auction for your Texas Rangers.
"Biggest mistake in DFW history?" - Bigger mistake in LSB history.
Is he drunk???
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
Kaplan..
He seems to be making this stuff up out of thin air…
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
He sounded pretty sure of himself in his answers, from what I could hear.
"Biggest mistake in DFW history?" - Bigger mistake in LSB history.
I'm sure he believes it
"...he’s subliterate and needs to have a cork on his fork to keep from hurting himself when he eats" - AJM on Ron Washington
by Anonymous New Guy on Jun 22, 2010 4:11 PM CDT up reply actions
Kaplan is funny
he says the judge was clear, “the creditors need to approve the sale.” He quoted one sentence for this reference. Then goes on to say the Judge wouldn’t have used a 28 page summary to describe interest. that’s pretty contradictory imo
A baseball game is simply a nervous breakdown divided into nine innings.
I thought all legal documents
used as many words as possible to describe even the simplest things.
Freude schöner Götterfunken, Tochter aus Elysium, Freude!
Well, he seems right about the interest bit.
It doesn’t really appear germane to anything, so far as I can tell, but he’s right ~ there was a lot in those 28 pages that wasn’t describing interest.
I don't get where he's getting interest
Is he reading this blog or something? Who is talking about interest? I think I said it a couple of times in some of these posts but it’s not like I think the issue is interest now.
Dunno. Interest is mentioned in the memo,
and I guess people could be asking him questions about whether the cap on the $75 million was a problem because it didn’t allow for interest to be covered?
But that really seemed like a minor issue ~ it’s got to get paid along with the $75 million, and then the Rangers’ monetary responsibility is discharged ~ and I can’t figure out why Kaplan’s making so big a deal out of it, by saying it’s not the big deal.
Again, this seems non-responsive.
What “more”? If he can’t specify, how can he know how major this is? (Not questions for you IrishP1, obviously.)
the "more"
would be more paid towards the original $525 million owed. At least that would be my guess.
"Biggest mistake in DFW history?" - Bigger mistake in LSB history.
well, supposedly more stuff is supposed to come out in the next few days....
per Kaplan.
"Biggest mistake in DFW history?" - Bigger mistake in LSB history.
the judge has already stated
that the creditors are barking up the wrong tree trying to get that $525mil from the Rangers. I think it is in the opinion too that they’re basically stuck with the $75mil + interest from the Rangers.
I think Wyo got this right above when he implied this was about the rights of the creditors to go after HSG for more of thtat $525mil debt.
by elvis1isking on Jun 22, 2010 5:03 PM CDT up reply actions
Incidentally
I don’t think Maury is right about mediation being the next step. Why? What would they need to talk to the lenders about? They can just make the changes as per the judge and resubmit the plan and give the finger to any lenders who would have no say in the plan. Anybody disagree?
Aren't the tweaks to the plan going to give the lenders what they want?
Or do the lenders want more than the judge says they have a right to?
I didn't know what a mancrush was. Derek Holland showed me.
by DerekSTheRed on Jun 22, 2010 4:03 PM CDT up reply actions
I don't see where the judge has clearly articulated exactly what changes are necessary.
Unless it’s all hidden in lawyer code.
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
Just want the lenders to be able to assert the fraudulent transfer claim
and any other breach claims
Does it require wording to preserve those rights??
I mean, isn’t that already a given???
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
Ballpark lease, IIRC
the 11th hour transfer of the lease I think.
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
No I think he is right
it is the lease. The land sale had nothing to do with HSG since Hicks owned it through another company
NP - there's a 50/50 chance I'm 100% wrong
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
But I still don't understand it
apparently the asset was transferred TO the debtor (Rangers). Um, isn’t the fraud then against the transferor?
Nope - it was the transfer of the ballpark lease
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
I'm wondering if this is Monarch's way of attacking the land sale, again.
That got them all hot and bothered, right?
FT actions are by no means minor.
I’m curious how the Plan purports to take care of that claim, if it truly exists, because the Code gives power to the Court to undo FTs entirely.
"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
The plan just says that FT claim is in another proceeding
and that the plan just needs to give creditors the right to assert that claim later
How can you settle the existing bankruptcy if that claim isn't taken care of?
"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
You give them the right to enforce prospectively
But the judge spent an exorbitant amount of time going over all of the reasons that that shouldn’t block the sale of the Rangers before hand.
Sounds like I need to stop jacking around with real work and actually read the damn opinion.
"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
Yeah, it was an interesting read, even for a non-lawyer like me.
My gast is somewhat flabbered that the lenders’ rights, about which the judge seems so concerned, are so unspecified in the memo. Is this normal?
Judge Lynn has a habit of putting really important stuff into footnotes.
I have no idea why he does it.
His Mirant opinions were loaded with important footnotes.
"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
It annoys me when someone loads the footnotes with important stuff and not just ancillary matters and incidental explanations
"I’m gonna go on record here and say a great many things excuse throwing a chair at someone." – D.A. Tron
footnote 37 he just mentions that the fraudulent transfer theory is one issue they could bring up
but that gives you an idea about the types of claims they can bring up
OK, what abuout this:
Except as otherwise permitted under Section 6.9, [HSG’s parent] and each Credit Party [including Debtor] will, and will cause each of its
Subsidiaries to, at all times preserve and keep in full force and effect (a) its existence; provided
, neither Holdings nor any Credit Party or any of its Subsidiaries other than Company shall be required to preserve any such existence if such Person’s board of directors (or similar governing body) shall determine that the preservation thereof is no
longer desirable in the conduct of the business of such Person, and that the loss thereof is not disadvantageous in any material respect to such Person or to Lenders or (b) all rights and franchises, licenses and permits the failure of which to preserve and keep in full force and effect could not reasonably be expected to have a Material Adverse Effect.
I think that's fairly proforma wording
It probably just means that none of the entities, like the little holding company that ran the park, can be folded simply to gain an advantage. The Rangers were saying (IIRC) that having that little holding company made no sense any more.
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
I think bking is right
But more importantly, if any of these rights have been breached – no biggie. IT is a big deal in that they will take Rangers to court over it but they can’t block the sale because of it.
I'm sitting here wondering if this is the 800lb gorilla in the room..
Will Greenberg stil want to buy the team if it is encumbered with some as-yet-undetermined litigation risk??
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
Well
the other thing is, it’s not a given that these issues would be enforced against the Rangers. They might be a named party but it is Hicks or HSG or those guys that breached, not the Rangers.
Once the sale is complete, not sure they would want to try to enforce against the Rangers
Oh, they'll try
They’ll sue everybody. Then some judge will take the Rangers off the defendant’s list. But it will still cost the team money in lawyers fees.
"there's no money in triples" - CJ, 3.23.10
I'm guessing the Rangers framed the plan that way
Basically said they were completely released from any and all obligations upon payment of $75MM plus interest to the secured creditors and they squaked – appropriately if that was the case.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
this is like the divinci code
where the hell is tom hanks when you need him
A baseball game is simply a nervous breakdown divided into nine innings.
Needs more European women
to be The DaVinci Code. Although, this whole thing becomes more entertaining if you replace that for the Code or Bankrupcy Code in all of the lawyers’ posts.
If Brad Pitt is playing Beane who do you want playing you?
JD: Eddie Guardado.
by GhettoBear04 on Jun 22, 2010 4:18 PM CDT up reply actions
I bet the judge hopes both sides will mediate to hammer out the details on "unimpairing" the lenders..
so that next time he sees everyone, the dust has settled. If the Rangers just rewrite things without the lenders havihng a say, the lenders will just complain and the cycle may well continue.
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
Kaplan is just reading the ruling differently
He is on with the Hardline and his reading of the ruling is that it will take more than a tweak to the plan.
"Thank God for Feldman." - Ron Washington to Eric Nadel, August 2008
Kaplan also said that
mediation will be ordered soon.
"Thank God for Feldman." - Ron Washington to Eric Nadel, August 2008
Why?
Does he give any possible reason for reading it against the plain text of the ruling (“no substantial change”)?
Kaplan sez
If all that was needed was to add in the interest, he would have put that in his ruling.
by Brandon Bibb on Jun 22, 2010 4:03 PM CDT up reply actions
Jesus
They’re paying the $75MM PLUS interest. It’s right in there.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
Corby is asking him about the Observer article right now
"Thank God for Feldman." - Ron Washington to Eric Nadel, August 2008
He just reads it differently
A tweak to the plan might satisfy the monetary issue but not everything.
All along this bankruptcy plan has been to get the Rangers separated from HSG. According the Kaplan the judge is basically saying that that can’t happen.
"Thank God for Feldman." - Ron Washington to Eric Nadel, August 2008
Wow
Ok, he can make shit up I guess. He’s the one on the radio, not me.
No matter that THERE ARE NO OTHER FUCKING ISSUES HERE
Yeah, that's what I don't get
If the financial part of the Ranger is satisfied what are the other issues
"Thank God for Feldman." - Ron Washington to Eric Nadel, August 2008
Hmmmm.
I don’t really follow how this affects the HSG/Rangers separation, but that worries me a little more than I was.
Mediation will take place
If the two sides can’t come together by July 9 then the judge could order an auction of the club
"Thank God for Feldman." - Ron Washington to Eric Nadel, August 2008
Of course
auction. That was written in the order in the epilogue. After the judge spends 10 pages telling us how the rights of the MLB to pick an owner are inviolable, the judge will order an Auction.
The usual suspect, I believe
Greenberg, Crane, possibly Gilbert.
"Biggest mistake in DFW history?" - Bigger mistake in LSB history.
With Bud standing there saying "Nope, ignore that guy; Nope, ignore that guy too"
The auction dog won’t hunt; Lynn said it pretty clearly I thought.
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
there would be no auction
it would be stupid to have one and I think everybody but Kaplan realizes that
Yes - it is to get the Rangers separate from HSG
But at the end of the day HSG doesn’t get to shed itself of all the obligations. God damn this maddening.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
Tired head
tired head
"Drinks are on me if Lewis posts >168IP and an era lower than 3.86." by RangerMad on Jan 20, 2010 12:36 PM PST
by jam0152 on Jun 22, 2010 4:08 PM CDT reply actions 4 recs
plus fucking one
idk why i read this stuff when i know i’ll never have a clue what’s going on, just somewhat dependent on the people here
by studcrackers on Jun 22, 2010 4:46 PM CDT up reply actions
lol, I have done nothing for the past 3 hours but make myself feel less adequate in all things life.
"Sometimes you just want to sit back and watch somebody throw 100." - Jeff Passan on Neftali Feliz
"Baseball's all that's real" - JB
by Ryin A on Jun 22, 2010 4:51 PM CDT up reply actions 1 recs
Interview over
He just recapped what he has been writing
"Thank God for Feldman." - Ron Washington to Eric Nadel, August 2008
I cant figure out yet.........
If I should have the gun pointed to my head or not…….
I’ll just keep it on the desk for now
by death of the cool on Jun 22, 2010 4:16 PM CDT reply actions
Fuck all this shit, get a GDT up and running already.
We need something else to focus on already.
"Biggest mistake in DFW history?" - Bigger mistake in LSB history.
Maury seems to agree with Kaplan
BizballMaury: @dkaplanSBJ Yeah, this is no small deal. Mediation seems like best route for both sides. Plan would have to be amended greatly, otherwise
I didn't know what a mancrush was. Derek Holland showed me.
I'm curious what he means by "greatly."
"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
I think I'll tweet him about it.
"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
I will have more to say on this later tonight....
Been talking to many sources on the situation and will report then. Will through this out now… There is a feeling in some camps that addressing technical aspects, the Plan still moves forward. July 31st is on everyone’s mind (trade deadline), and that includes the judge.
Maury
Why would the Rangers opt for mediation? Can’t they just amend the plan per the order to allow for prospective relief for the Rangers? Do you disagree that this is all that is needed to cure impairment?
*prospective relief for the lenders
The judge wanted prospective relief for the lenders on claims (i.e. the fraudulent transfer of lease). Why wouldn’t the Rangers just allow for that?
I think Maury was agreeing with you
There is a feeling in some camps that addressing technical aspects, the Plan still moves forward.
Which is exactly what you a WyoRanger have been saying (and what I read in the ruling).
"there's no money in triples" - CJ, 3.23.10
Would certainly halt the lemming march toward the cliff that we're seeing from quite a few different sources.
"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
OT - "Lemmings" was a great stage show..
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
Oh I get that
but I was just asking him about why he thinks that it will involve mediation.
I’m not sure Maury agrees that it will get done, either.
Wouldn't the lenders have to agree to how that was worded, etc?
Seems like mediation is the way to address that BEFORE they see the judge again.
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
Mediation should have been done long ago
But if Monarch won’t play ball, this still gets done.
"there's no money in triples" - CJ, 3.23.10
Well, they now have a very narrow set of things to mediate
Whereas all Monarch wanted to say before was “$300M!!!!”
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
If they don't agree that the wording addresses their concerns..
they will just contest it and we’ll may well go round and round some more.
The Texas Rangers have been synonymous with explosive firepower ever since they emptied 130 rounds into Bonnie Parker and Clyde Barrow in 1934. - Alyssa Milano
My thinking was in line with ab03's below.
Seems more important for the judge to rule in the Rangers’ favor on the plan’s preservation of the lenders rights, than it does for the lenders to agree on the issue.
I guess
Not really in the sense that the judge just has to agree that it preserves those rights. I guess if the lenders sign off on the wording, that’s a plus. But why even talk to the lenders about wording of a provision when everybody knows what the effect of the wording needs to be?
That's exactly what I think the point of mediation is
Get the parties to agree on the language of the modified Plan before it’s submitted to the Court.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
But if it is just meant to preserve the rights of the lenders
does it really take mediation? Shouldn’t that just be proforma language? “Lender retains the rights to sue for any breach of contract claims as a result of any alleged breach to the Lending Agreement or Pledge Agreement.”
Sometimes it takes a mediator to convince someone to do the most obvious thing since they don't want to
The mediator will say:
1) you can’t do the Plan this way;
2) if you don’t modify the Plan X way you’re going to get your ass sued off and this is why….
There’s a reason why the Rangers tried to do this in the first place. They aren’t just going to roll over. And as I mentioned above, if the Rangers don’t I think MLB’s going to step in. The Judge has already said the sale is fine it’s just the terms of the plan that bother him. MLB could step in, finalize the sale, take care of the creditors like the Judge said, give the required money to the creditors and the rest to HSG and then the creditors go after HSG since there is no prohibition against it.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
Oh, I suppose MLB would need stay relief to do that
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
Can you clarify what changes would have to be made to the existing Plan, since you characterize those changes as "great" in your tweet?
"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
so the impairments are the rights under the loan agreement
which basically give the creditors approval rights once hsg defaulted. is this correct? if so, how can those rights be restored and a plan approved without giving the creditors exactly what they want?
The judge basically said
the part of the loan agreement that gave the creditors future rights over the sale cannot be honored. And then he listed 6 reasons why (goes against public policy, gives too much control to the lenders, would just lead to the Rangers getting around the impairment through cramdown procedures, etc.). So, he’s not going to honor that right as an impairment. But he wants to honor other rights, just prospectively.
another reason
Impairment provision (1124(1)) just requires that the plan give prospective rights for cures
More from Maury's twitter
stopthewave: @BizballMaury IANAL, but greatly? memo said “..while the impairment of the Lenders may be cured, without significant changes to the Plan..”
from Twitter / stopthewave
BizballMaury: @stopthewave You left the rest of the sentence off. (1/2)
from Maury Brown (BizballMaury) on Twitter
BizballMaury: @stopthewave “that of the Rangers Equity Owners cannot be avoided and they must be allowed to elect whether to accept or reject the Plan.”
from Maury Brown (BizballMaury) on Twitter
I didn't know what a mancrush was. Derek Holland showed me.
These people are disappointing
How can they get such massive egos? Wouldn’t they rather be right? Everybody realizes that is the correct reading of the opinion. Why not them?
This seems to be the key passage
Because the Lenders and the Rangers Equity Owners are impaired, the Plan, even
as modified on June 17, cannot be confirmed on the basis that no class of creditors or
equity owners is impaired. Moreover, while the impairment of the Lenders may be cured,
without significant changes to the Plan, that of the Rangers Equity Owners cannot be
avoided and they must be allowed to elect whether to accept or reject the Plan. In making
that election, the Rangers Equity Owners will have to seek court approval, acting in their
fiduciary capacities outside the ordinary course of business.
So Monarch and the other lenders have veto power, but only HSG can make the BK plan. Is that why mediation is deemed inevitable?
I didn't know what a mancrush was. Derek Holland showed me.
by DerekSTheRed on Jun 22, 2010 5:51 PM CDT up reply actions
ahh
“Because the Lenders and the Rangers Equity Owners are impaired,” being the key phrase. If they are no longer impaired, the rest does not apply. Right?
I didn't know what a mancrush was. Derek Holland showed me.
by DerekSTheRed on Jun 22, 2010 5:54 PM CDT up reply actions
Correct
And the cure of the impair is to just ensure they have prospective rights to enforce the alleged breaches or fraud claims – which by most accounts seems minor (and other accounts don’t talk about it at all).
The Equity Owners remain impaired and do get to vote. So the chief restructuring officer, acting on behalf of the owners, will vote to approve the plan. At least – no reason to think he won’t vote to approve it.
Heh
Indeed. Like I said below, I have the least amount of knowledge on this subject. But how could anybody think that approving the sale would not be a good thing for the Rangers?
We should all be ready to email him letting him know how a sale will bring us the chance to trade for a good player and get us into the playoffs and increase team revenue. He better know something about wOBA and tRA.
Good thing Cliff Lee
has a shiny 2.55 ERA
If Brad Pitt is playing Beane who do you want playing you?
JD: Eddie Guardado.
by GhettoBear04 on Jun 22, 2010 6:02 PM CDT up reply actions
I'm slightly put off by the language quoted above
Rangers Equity Owners will have to seek court approval, acting in their
fiduciary capacities outside the ordinary course of business.
"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
Why?
My interpretation is since the Equity Owners don’t have to take the best deal they can approve the plan without taking into consideration all financial concerns. But I pondered that language when I first read it. I’m not even sure what that means. But as ab03 I presume that’s the purpose of the officer. It seems like a trustee position.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
One of the things I've gathered from this entire process
Is that Judge Lynn is not a fan of Tom Hicks. Just gives me pause to think that the Judge might be holding him to a higher standard.
"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
better than trustee
trustee is what the lenders wanted. I guess this guy is better (though not exactly sure why – less apt to block it maybe?)
I'm guessing his interests are limited
In a liquidation the trustee’s obligation is to the unsecured creditors. Here, he’s just looking out for the Equity Companies is my guess and their fiduciary duty is altered given MLB’s consent right.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
CRO's primary goal is the reemergence of the DiP from bankruptcy.
So like you said, his interests are not necessarily aligned with the creditors.
"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
Ah
I didn’t realize the trustee was aligned with creditors. Yeah, then the difference between CRO and trustee is obvious.
If I'm not mistaken this is how it works
The Trustee’s pay/fees are based upon the amount the unsecured creditors receive. So the goal is to maximize that payout (secureds are getting paid first anyhow. Well, after the attorneys for the Trustee (whee).
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
Footnote 13
“This is not to say that there are not constituencies – for example, the Rangers’ fans and the City of Arlington – that appropriately expect the Rangers Equity Owners to take their interests into account in the management and disposition of the Rangers.”
"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
Good lookin out
If Brad Pitt is playing Beane who do you want playing you?
JD: Eddie Guardado.
by GhettoBear04 on Jun 22, 2010 5:19 PM CDT up reply actions
I like that the Lenders tried to use Judge Lynn's opinion in Pilgrim's Pride against him
Like he wouldn’t obviously know more about that case than they ever could.
"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
You're our only hope.
"Sometimes you just want to sit back and watch somebody throw 100." - Jeff Passan on Neftali Feliz
"Baseball's all that's real" - JB
Captain Mike E
"Josey drives to games??? I always assumed he rides in on his high horse" jam0152
"dirkatron has his own evaluation metric: rapes above replacement." AJM
JDs take:
“We can operate normally within our budget that was set last fall,” Daniels said. “We went into this offseason, this season, with the expectation that we’d be a good club and may want and need to have some ability to upgrade the club. Nothing has changed in that regard.”
I hope Hicks runs in to Heidi Fleiss
"Josey drives to games??? I always assumed he rides in on his high horse" jam0152
"dirkatron has his own evaluation metric: rapes above replacement." AJM
This quote from that same article is surprising:
“In other words, it appears Daniels has saved some money for the trade deadline.”
by JoeyJoeJoeJr.Shabadoo on Jun 22, 2010 5:46 PM CDT up reply actions
A restructuring officer has been assigned as well:
* A chief restructuring officer to represent the two holding companies of the Rangers (not the lenders) was named. That’s William Snyder of CRG Partners, who has participated in this role at other times. He will look over the agreement and vote on behalf of the holding company as long as he feels the deal makes sense. He’s not really a mediator or arbitor, but will look the agreement over as an impartial party. Here’s a statement on that aspect:
Yeah
the order asked for this just to make sure there is no breach in fiduciary duty. I have the least amount of knowledge about this (since it is mostly business) but I would think that this guy would go ahead and approve the plan. What I don’t know is how long that will take.
Grant article
says that he was the same person that handled the Pilgrim Pride bankruptcy, working with the same lawyers that represented Pilgrim Pride that now represent Rangers (Weil)
If there's a bankruptcy and it even remotely involves lots of money and high-profile parties, the odds are good that Weil is involved
"I’m gonna go on record here and say a great many things excuse throwing a chair at someone." – D.A. Tron
So, 3 hours and 500 comments later, what do we know for sure?
"Drinks are on me if Lewis posts >168IP and an era lower than 3.86." by RangerMad on Jan 20, 2010 12:36 PM PST
I think we know the media didn't do a good job of reading stuff
Of just didn’t read the decision at all before they started reporting.
"You promised me, Eckstein, that if I followed you, you would walk with me always. But I noticed that during the most trying periods of my life, there have only been one set of prints in the sand. Why, when I have needed you most, have you not been there for me?" David Eckstein replied, "Because my little legs had gotten tired, and you were carrying me." And I looked down and saw that I was still carrying David Eckstein.
Then he grounded out weakly to second.
It's so very sad what Hicks has done to this team
How sad is it that the main thread for today is a discussion of bankruptcy law and not baseball? Hicks just has a way of ruining the lives of Dallas sports fans on so many levels.
by JoeyJoeJoeJr.Shabadoo on Jun 22, 2010 5:44 PM CDT reply actions
any other year
it might a welcome distraction from a shitty team
"Drinks are on me if Lewis posts >168IP and an era lower than 3.86." by RangerMad on Jan 20, 2010 12:36 PM PST
Evan Grant quoting a Dow Jones report
http://rangersblog.dallasnews.com/archives/2010/06/report-ruling-does-not-give-le.html
Surprise! Report focuses on how Lynn completely shut down the owners’ claims to veto the sale. Also mentions that the date to confirm on July 9th is still a go and characterizes the changes as minor. So you choose – Kaplan or Dow Jones?
That report makes the most sense of anything I've read in the mainstream media.
It also basically confirms most of what’s been mooted here over the last few hours.
Surprise…
Good job, ab and Wyo.
"No nuts, no glory"
by coolaid on Jun 22, 2010 5:53 PM CDT up reply actions 4 recs
sounds familiar
JD’s like, "you want some fucking pitching? Here’s all the pitching you can stand. Now choke on it, bitches!"- RCCook
also, gre\at job by evan
researching all the info before carelessly tweeting some nonsensical opinions…or trying to be the first to ‘break’ the news…
stupid fucking buster olney…
USA
ok, nevermind then.
but, i want to say he probably had no idea what the hell he was tweeting at first. just regurgitating kaplan, olney, murray et. al.
USA
JD’s like, "you want some fucking pitching? Here’s all the pitching you can stand. Now choke on it, bitches!"- RCCook
that is awesome on so many levels
http://www.examiner.com/x-50872-Dallas-Stars-Examiner
^ Updated often. Check back often for articles :)
And fake
Unless you believe that guy would let some lady pull out the vertical suplex on him.
"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
No.
In that case, there would have been no comma. AP English for the grammar win.
Your joke would have been funnier if I hadn’t been clearly addressing Mr. Garoon. Instead you get me being a grammar snob.
It’s win-lose.
…for both of us.
by NoNameOnCard on Jun 23, 2010 3:22 AM CDT up reply actions
just a fly by joke
I heard it verbally in my head, works that way.
Freude schöner Götterfunken, Tochter aus Elysium, Freude!
So given their reported reaction, is it really possible that the lenders' attorneys
(or the “source” Kaplan said was close to the lenders, or whatnot) took a completely wrong impression out of that memo?
I wouldn't have thought so.
So you figure the source was off-base, or Kaplan was off in left field, or it was posturing, or…?
This is what I don't understand
and probably why Kaplan was sticking to his guns. There is no way a lawyer reads that order and doesn’t understand what the hell is going on. So then – what happened? I don’t think Kaplan was lying but…
Only other thing I can think of is that the lenders had such low expectations that they were happy with this scrap. Otherwise, it doesn’t even help them to win the perception war. This isn’t politics.
A couple things occur to me:
(1) The lenders have a strategy they think will allow them to exploit this ruling that will in some way affect the sale; or
(2) The lenders weren’t even expecting this much, and they’re upbeat about the potential for suing for damages down the line, even though their ability to affect the sale itself has diminished, if not disappeared altogether.
Obviously, both are idle speculation…
So
you seemed to follow everything really well. Any interest in law school. This stuff is fun, right?
Hell, apparently there’s still a decent market for law and sports issues.
Heh. Thanks I'd thought about law school a long time ago, and there's still a draw,
but I took a different route. My sister’s the lawyer of the family.
He heard the word "impaired"
and ran for his twittergun.
"there's no money in triples" - CJ, 3.23.10
by Oddibee on Jun 22, 2010 6:04 PM CDT up reply actions 1 recs
Maury
After further inspection, press reports regarding a U.S. Bankruptcy judge’s ruling saying creditors had veto power over a "prepackaged plan" that would exit the Texas Rangers from voluntary bankruptcy may not be as detrimental as initially believed.
geez
He couldn’t just take our word for it?
by ab03 on Jun 22, 2010 8:27 PM CDT up reply actions 1 recs
Seems to me you really owned them on this
Kaplan came off pretty bad in his twitter responses to you
"He will not coddle them. Nolan Ryan doesn’t coddle." - Jeff Passan
by Dirk Diggler on Jun 23, 2010 8:08 AM CDT up reply actions
Lost a lot of credibility if anybody was actually reading it.
People forget that there are people here at LSB that actually have legal training and probably have at least some idea what they’re talking about. I know it’s been said above, but I’ll say it again. Way to go ab03 and Wyo.
Pitching coach Mike Maddux on Darren Oliver’s 0.00 ERA this spring:
"Economical work. He ain’t getting paid by the hour."
Sooooo
The creditors do not have the right to veto the sale of the Rangers from HSG to RBP so long as they are not impaired from seeking further damages from HSG as per the money they are owed….
Seeing as Hicks would seemingly be the one to make that determination, is it fair to say Hicks was trying to protect HSG from future attacks from the creditors by taking them out of the equation now? Trying to avoid this with the sale of the Stars and other HSG entities?
"Hey Sanka, you can pee now... uuummm, too late...."
This used to be links to my websites... But the man got in the way, shut them all down... Damn the man... ~ Rangers Game Streams ~ Password: LSB123
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