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Shlachter: New Developments in the Rangers Bankruptcy Saga

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Barry Shlachter has a story up today about ongoing developments in the bankruptcy court this morning.

The Greenberg/Ryan group has removed the controversial "side deals" that the creditors had been objecting to from their bid, and are asking the court to approve this revised bid, which was negotiated with the Chief Restructuring Officer, William Snyder, alleviating the need for an auction.

Mark Cuban and Jim Crane are both apparently peeved:

We do know that Mavericks owner Mark Cuban and Houston's Jim Crane, two of the other possible bidders, aren't happy with the latest development. Nor are lenders with Monarch Capital.

Cuban's attorney, Clifton Jessup, attacked the new deal, saying that if an auction were held as scheduled, Cuban would bid aggressively and possibly even beat the new terms. Crane's attorney said he has found new investors and is very interested in making a bid, either alone or jointly with Cuban.

So much for Cuban being just a "backstop" in case Greenberg/Ryan's group couldn't get a deal done, I guess...

UPDATE -- Maury Brown also has a story up on this.