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Kaplan: CRO has decided on auction for the Rangers

Daniel Kaplan says that the Chief Restructuring Officer in the Rangers bankruptcy has decided on having an auction for the sale of the Rangers.

My first reaction is that this is...not good.  Not good at all.

UPDATE -- Kaplan also says that the judge could decide next week to order the sale to Greenberg/Ryan to proceed, notwithstanding the CRO's recommendation.

UPDATE II -- Maury Brown weighs in.