Comments on: You’re Being Very Un-Dude

By: a.O

a.O — Tue, 25 May 2010 01:26:58 +0000

So, you can file bankruptcy to prepare for a sale without being insolvent?!

By: cult of basebaal

cult of basebaal — Mon, 24 May 2010 21:23:47 +0000

From over at RAB:

At Hardball Talk, Craig Calcaterra raises the issue. It’s a little journey, and I suggest starting with the 1:15 p.m. part at the bottom and work up. Craig notes that the Rangers can’t pay A-Rod the full amount without also paying their full debt to all unsecured creditors:

Since the Rangers filed for bankruptcy it means they don’t have enough money to pay all of their unsecureds at a 100% rate. That means that A-Rod should not get all the money he thought he’d get and all of the ugly union/team dynamics set forth below come into play.

A later update notes that, no, A-Rod probably won’t get stiffed on the $25 mil. He might see a delay in the process, but because this Chapter 11 filing acts as a precursor to a sale, not to help it restructure its debt. The Greenberg-Ryan group, then, will be responsible for the remainder of A-Rod’s deferred payments, as well as deferred payments to a number of current and former Rangers.

By: cult of basebaal

cult of basebaal — Mon, 24 May 2010 19:33:29 +0000

Well, this would be a wee bit embarrassing if Teix doesn’t pick it up soon:

… among the A.L. leaders are teammates Mark Teixeira (396,034), who is ahead of Justin Morneau (258,225) of the Twins and Miguel Cabrera (242,039) of the Detroit Tigers at first base …

By: rbj

rbj — Mon, 24 May 2010 19:22:24 +0000

[25] That certainly is one button I’d hit.

I’m not going to panic — no panicking before the ASG, but I am fangry. Fangry that the team isn’t playing well at the moment and that Tampa is playing so damn well.

BTW, Rays vs. Red Sox tonight, I just can’t bring myself to hope for a Boston win. May it be an 18 inning game.

By: williamnyy23

williamnyy23 — Mon, 24 May 2010 19:17:42 +0000

[29] Right…the distinction I was making is the Rangers owe Arod the money, not Hicks. The real holdup in the process has been all of the money owed by HSG Sports Group.

[30] Again, the distinction is who owes whom the money. HSG owes over $500mn to a variety of investors. The Rangers as a separate entity also have outstanding debts. The hangup in the process was whether there would be enough proceeds from the sale so Hicks could pay off his creditors. Apparently, this solution satisfies that concern. However, I would seriously doubt if the bankruptcy plan didn’t have protection for the deferred compensation owed to players. Although technically “unsecured”, you can bet MLB doesn’t want a situation wherein a team defaults on owed salaries. Not only would the Union like cause a stir, but the practice of deferred compensation would like become extinct, which would be to the disadvantage of owners.

By: a.O

a.O — Mon, 24 May 2010 19:06:33 +0000

However you want to characterize last year’s post-season, Teix is sucking big time this year. Big time. He needs to get his head together or set his ego aside and move down in the lineup.

By: a.O

a.O — Mon, 24 May 2010 19:04:10 +0000

[20] Why would an unsecured creditor be given priority oversecured creditors? Or is there enough $$ to go around?

By: Diane Firstman

Diane Firstman — Mon, 24 May 2010 18:23:46 +0000

[20]

A-Rod is owed deferred compensation to the tune of $24.9 million …

(page 5 of this attachment)

http://www.zerohedge.com/sites/default/files/Texas%20Rangers%20Bankruptcy%20Filing.pdf

By: weeping for brunnhilde

weeping for brunnhilde — Mon, 24 May 2010 18:18:30 +0000

[27]

By: RagingTartabull

RagingTartabull — Mon, 24 May 2010 18:15:04 +0000

[26] nooo no no, I’m not talking about Florida…all bets are off in that one. I’m talking solely about the ALCS.

By: weeping for brunnhilde

weeping for brunnhilde — Mon, 24 May 2010 18:09:24 +0000

[24] Oh, I remember about Boone, don’t you worry! I remember when he struck out with a savage swing at a fastball up in the zone in Florida in the thirteenth or whatever with the bases juiced instead of shortening up like a professional hitter. I’ll never forgive him for that.

By: Sliced Bread

Sliced Bread — Mon, 24 May 2010 17:33:41 +0000

Slightly off topic but I’ve been studying the Panic Button art above, and I’m pretty sure Miz Mansfield is giving me the sign to steal third.

By: RagingTartabull

RagingTartabull — Mon, 24 May 2010 17:29:05 +0000

yeah, thing with Tex in the playoffs last year was that what he lacked in quantity of hits he more than made up for with quality. The walk-off vs Minnesota and his shot that turned the tide in Game 2 vs Philly being the biggest. Kinda like how no one will ever remember that Boone hit .176 in the ’03 ALCS.

By: Sliced Bread

Sliced Bread — Mon, 24 May 2010 17:23:22 +0000

[6] I’d also say he had much better than a piss-poor postseason (rather a very productive one from a quality rather than quantity standpoint) – but that’s old news.

By: Diane Firstman

Diane Firstman — Mon, 24 May 2010 17:22:49 +0000

[21]

How many other teams employ a shift on Teix like the Mets do? (trying to think of them)

Teix’s swing is so unorthodox, I doubt Long would want to try and “correct” it.

By: Sliced Bread

Sliced Bread — Mon, 24 May 2010 17:19:44 +0000

[6] as weeping suggests [18] Teix’s glove has kept the boo-birds at bay. He’s also 2nd (only to ARod) in RBI. Not the most advanced stat, but respectable enough to silence the morons who would boo him.

By: williamnyy23

williamnyy23 — Mon, 24 May 2010 16:57:26 +0000

[16] [17] Interesting…the team itself has filed for Chapter 11, which is different from the earlier possibility that Hicks’ HSG Sports Group would. In this case, I am pretty sure that any condition of the sale would be that all players be made whole. Because it is the Rangers’ debt, MLB would have control over that aspect.

By: williamnyy23

williamnyy23 — Mon, 24 May 2010 16:53:35 +0000

[12] That’s not what I meant at all. If your team requires a significant change, then it is far from going great. The Yankees right now are in a position where if the status quo remains, they could fall out of contention for first place. I realize many don’t care as long as the Yankees make the playoffs, but the division title is very important to me. So, yes, a six game deficit and trending down is a reason to panic, which really is a term being misused because no one is running blindly in the streets. Rather, what most refer to as panic in sports is really concern.

As for real life, I seldom panic too. The difference is I have control over that. Unfortunately, sports is a passive interest (in terms of the outcomes), so absent significant concern, what else you do? I am too engaged to just take a wait and see approach. To me, that’s no fun.

[13] Thanks for the heads up…I’ve never been there during the baseball season, so that’s good to know. Unfortunately, the internet access in the two where I usually stay isn’t very reliable.

By: weeping for brunnhilde

weeping for brunnhilde — Mon, 24 May 2010 16:50:24 +0000

[6] Could well be his glove.

By: Diane Firstman

Diane Firstman — Mon, 24 May 2010 16:16:31 +0000

[16]

From Business Week:
http://tinyurl.com/323nslo

May 24 (Bloomberg) — The Texas Rangers, the Major League Baseball team controlled by billionaire Thomas Hicks, filed for bankruptcy to facilitate a sale to investors led by team president Nolan Ryan and his partner Chuck Greenberg.

The Arlington, Texas-based ballclub listed assets and debt of between $100 million and $500 million in Chapter 11 documents filed today in U.S. Bankruptcy Court in Fort Worth, Texas.

Alex Rodriguez, now the third baseman for the New York Yankees, was listed as the Rangers’ top unsecured creditor.