Texas Rangers Lenders File Bankruptcy Against Equity Owners

[Joanne98]

Source: Bloomberg

May 29 (Bloomberg) -- Lenders to the Texas Rangers sought to force the baseball team’s equity owners, entities controlled by Dallas millionaire Tom Hicks, into bankruptcy court protection.

The lenders, a group that includes investment funds Monarch Alternative Capital and Kingsland Capital Management, filed an involuntary bankruptcy petition yesterday against two companies that hold the equity in Texas Rangers Baseball Partners.

The filings in U.S. Bankruptcy Court in Fort Worth, Texas, “are intended to ensure that the bankruptcy proceedings meet the objective of maximizing value for all creditors,” Adam McGill, a spokesman for the lender group, said in an e-mailed statement.

The lenders oppose a proposed $575 million sale of the team, which plays in Arlington, Texas, to a group including Hall of Fame pitcher Nolan Ryan, the team’s president, and Chuck Greenberg. Lenders, who are owed $525 million by Hicks, have said they believe the team can get a better deal.


Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=ayvWcg0f1LVg&pos=7

---

Monarch and Kingsland? Cute names, they must lend to royal bloodlines.

[tularetom]

1. I don't follow these things but I wonder how much of this organization's problem

Can be traced back a few years to when they had a very incompetent and ignorant asswipe in charge?

[SpiralHawk]

2. "Smirk." - xCommander AWOL (R)

[nightrain]

3. GW Bush's team.... another predictable scandal..

[Botany]

4. All aboard the Karma Train!

[awoke_in_2003]

5. much as I hate Bush...

this has nothing to do with his incompetence- it is all about Tom Hicks' incompetence.

[Doctor_J]

6. Just like every "business" Bush has ever been involved in

down the shitter.

[SOS]

7. Hicks - Bush Pioneer - bankrupt

Good news.