atacand cost indocin drugstore can you buy lotensin over the counter in germany purchase promethazine cough syrup aricept generic cost walmart diovan reviews for men order buy altace generic best soft prices generic cialis online mobic price @ walmart unreliable mexican pharmacies celexa online cheap rx prescription solutions mail order where to purchase flovent himcocid legal in england aristocort max dose a blue pill with watson 853 on it lisinopril alternative medicine current price glucophage what does clonidine make you feel like what are the side effects of prednisone tablets can you get high off ciprofloxacin hydrochloride 500 mg how to by endep online best drugstore powder foundation for oily skin 2013 unisom from usa what does bupropion better than norvasc how long does it take phenergan suppositories to dissolve cheap benadryl usa tadapox sale cialis robaxin legal us buying anacin using paypal metformin store fat can you buy mircette over the counter over the counter medicine that acts as accutane buy actoplus met pharmacy cheapest place to buy celebrex viagra jelly in the uk pulse methylprednisolone multiple sclerosis antivert best price western drug retin-a 0,05 canadian pharmacy professional order levitra overnight buy levitra super active uk florida grifulvin v asda pharmacy asthma inhaler zestril with american express non persciption lasix is calcium citrate better absorbed than calcium carbonate online alesse india arava medication wiki jd sports nike air 95 effects of propecia alesse prescriptions can you buy lowest atacand online mebendazole boots rumalaya refill pack costco pharmacy atarax price is pyridium a prescription drug tamoxifen citrate dosage fertomid generic equivalent precio de viagra o similares fertomid online overnight buy generic cymbalta canada Purchase cipro 500mg benicar tablet sale safe cleocin buy buy oxytrol mg online is diamox a prescription drug donde puedo comprar astelin buy evecare with no rx female cialis where can i buy it generic pyridium no prescription cost of coreg cr how do you get high off gabapentin chloramphenicol where can i buy it buy online actoplus met generic buy prescriptions online without rx spamassassin local.cf viagra wellbutrin 5mg tablets prescription acne medicine accutane can inderal 10 mg be crushed overnight pharmacy trazodone order detrol tablets do i need a prescription for generic propecia price increase astelin what type of seizures is dilantin used for penegra online india tadalafil org uk buy kamagra tablets purchase tadapox online ordering soft viagra online discount lamisil dose for tinea corporis levothroid medication used for where is aspirin absorbed in the digestive system can you buy clonidine catapres online betapace perth australia doxycycline drug oversea can order penegra online ordering acai optimum acquisto seroquel sicuro online generic singulair medication viagra tablets on line to buy where to buy snovitra super power in canada safely buying toprol xl for dogs costco pharmacy synthroid price flomax discount card buy blopress no prescription order keflex 500mg revatio without prescription pills shuddha guggulu prescription only diclofenac online uk propecia o finasteride proscar paxil pharmacies power bull 100 sildenafil is generic protonix available in usa uk version of asacol biaxin mg tablet buy decadron in uk elocon cheap uk astelin without a script can order coreg canada xeloda for sale usa is rumalaya gel legal in uk what is imitrex used for buy diabecon visa genuine bystolic 100mg celebrex buy australia serpina price what is hydrochlorothiazide tablets for cost of suprax antibiotic where to get acai berries in south africa diovan prescription only allegra 180 mg generic zyban reviews uk getting a prescription for accutane where to buy colchicine with visa purchase lithium pills where to buy generic levitra online wellbutrin noprescrition needed canada online pharmacy ciproxin 500mg italiano sinequan 100mg buy buy synthroid no prescription without a script mg ampicillin pills long term side effects of levitra plus online apotheken viagra rezeptfrei comprar lipothin original en madrid buy tadacip 20 mg get viagra soft las vegas phone in order for digoxin buy sarafem hong kong western drug compazine mirtazapine sleep side effects cheap himcolin sale uk aceon generic for skelaxin cost canadian what is priligy 30mg buy wellbutrin sr online no prescription uk buy zantac online no prescription us eldepryl online australia stieva-a cream pantip buy hydrochlorothiazide 80 mg online alphagan sale brimonidine buy prometrium usa anxiety disorder help where is downton abbey christmas filmed viagra salesman book german remedies pharma website cheap lioresal free delivery atarax antihistamine hives donde comprar eulexin kamagra 100 side effects jobs in cipla pharmaceuticals buy pyridium bulk order luvox tablets amoxil cheapest rate lowest price bactroban peut on acheter zyrtec sans ordonnance saw palmetto pills for prostate walgreens discount medications seroquel reviews for schizophrenia i keep getting spam emails from canadian pharmacy vente de actonel au quebec levitra online canadian can you buy toprol xl medicine pharmacy evista no prescription overnight delivery zestril generic release date buy mobic in singapore buy zebeta online in usa best nitrofurantoin prices order live ants uk purchase cheap prescription dapoxetine online donde comprar propecia colombia stromectol paypal tenormin dosage dosing side effects of carafate tablets comprar fucidin original en madrid meclizine reviews vertigo comprar viagra espan~a farmacia online friv 1000 00 buy femcare online terramycin usage zithromax lowest price online lantus online no prescription metformin cost per pill discount medications for unemployed what does the pill levlen do cheap lasix water pill avapro reviews and dosage is valtrex generic yet cialis sublingual discount buy xalatan hong kong ocular hypertension comprar where to buy amaryllis flowers viagra pricing walgreens generic allopurinol price order buy cymbalta online from india what does brand amoxil redustat 60 mg funciona cipralex alcohol what does cardura do cialis soft 20 mg rumalaya legal us topamax price walmart where to buy cheap generic retin-a 0,025 alli orlistat dose buy levitra professional online pharmacy singulair over counter uk staxyn reviews prilosec otc 14 tablets buy venlor fast shipping best heavy coverage drugstore foundation evecare no rx order lamisil terbinafine cymbalta cod overnight delivery how to take snovitra super power mg astelin generic for eurax ships from india generic no prescription kamagra online order celebrex 200 mg prescription asda pharmacy ventolin zyprexa dose maximale american ginseng tamoxifen suhagra lawsuit indian generic periactin buy brand sumycin doxycycline buy india comprar rocaltrol original acyclovir cream low price zestril uk prandin barato amsa fast orlistat como se toma walgreens pharmacy online refill ci cipro for sale levaquin iv renal dose buy colchicine gout can you buy maxaman over the counter in germany buy hyzaar discount liquid nolvadex for research age range viagra users most common side effects of keflex what is aricept prescribed for adhd medicine strattera side effects fincar generic finasteride ortho tri cyclen generic brand side effects cialis professional 50mg tablets asacol discount coupons how long does it take for flomax to kick in pharmacy next day delivery cheap lithium cells generic urispas phentermine side effects in women buying generic flonase online accutane depression lawsuit canada flagyl antibiotic for sinus infection generic drug name lithium buy avodart uk water pills acne treatment cheap actos 48 mg premarin drugs order erexin-v does alcohol decrease effectiveness of zithromax rhinocort aqua side effects benzac overnight shipping cheap provera como se usa is sustiva legal in uk side effects of tapering prednisone too fast brand name hydrochlorothiazide online donde puedo comprar viagra en espan~a ivermectin drops 0.1 best foundation for dry aging skin 2013 buy combivent inhaler clomid online shipping early arthritis treatment life pharmacy online nz trazodone 20 mg tadalis sx generico italiano canadianhealthcaremall.net viagra 100mg price usa apo allopurinol medication cafe puerto rico restaurant puerto rico is it safe to order cleocin can you buy cozaar drugs canadian pharmacy how long did it take you to get pregnant on metformin genuine rogaine 5 best price metoclopramide 40 mg dose long term side effects of azathioprine cephalexin drug oversea glaxo orlistat alli costco pharmacy antivert price aciclovir canadian pharmacy acheter sumycin pas cher how to take diamox for altitude sickness buy tetracycline ointment canadian buy proscar from india non prescription actonel pharmacy 2.5 mg cialis price isotretinoin acne treatment generic furosemide usa pharmacy buy silagra online safely canada order nitroglycerin legal order generic viagra online sale brand pharmacy buy suhagra buy generic seroquel xr blopress bonus pills para que se usa el augmentin shuddha guggulu reviews for men nimotop sublingual dosage where to buy flomax online mexico best price kytril where do i differin in canada cheap provera usa where to get viagra singapore cipla online pharmacy new alliance for food security and nutrition levitra coupon 2010 isoniazid without prescription miami unique hoodia price where to buy cialis online in canada elocon india pharmacy epivir-hbv to buy from europe betnovate c skin cream for pimple marks lithium pill shortage zyban order canada top drugstore beauty products 2012 buy finax overseas donde comprar differin birkbeck life sciences for subjects allied to medicine craigslist apartments for rent hudson new york wellbutrin dosage recommended requip mg buy lexapro generalized anxiety disorder reviews aciclovir online usa what is protonix medicine glucotrol xl on line for sale no script what does topamax do to your brain how to get off prednisone ann summers blue pill side effects buy unisom no prescription fast delivery aciphex coupon save $35 non generic diltiazem prescription 15 buy mobic para que serve o remedio cloridrato de sertralina buy albenza in singapore naltrexone price comparison best online pharmacy generic avodart himalaya confido indian price actos side effects wiki where to buy tretinoin cream in canada suhagra sale brand pharmacy 100mg motilium tablets 10mg summary of product characteristics separation anxiety pills for dogs antivert over the counter zithromax on line for sale no script advair coupon 500 50 printable seroquel xr 50 mg uzat.30 tablet celexa withdrawal symptoms mayo where to get calan canada non prescription online is it illegal to order generic robaxin isoniazid online price what is diclofenac sodium enteric coated tablets for midamor order on web generic cordarone switzerland costco online shopping cart side effects of trazodone as a sleep aid topamax sprinkle capsules weight loss celadrin no prescription compare prices cialis soft on line no script date viagra goes generic side effects of lamictal 200 mg norvasc side effects joint pain safe online pharmacy list apcalis sx woldwide shipping low level mupirocin resistance alli diet pill consumer reviews class action lipitor lawsuit 2010 acheter pas cher etodolac non prescription viagra soft fertomid canada prescription cicloferon 400 tabletas where to buy brand viagra with echeck how long does it take for aciphex to start working what does chloramphenicol inhibit pulmicort inhaler india buy finast mg asacol next day delivery what is vermox 100mg female viagra 100 flagyl 500 precio en mexico acivir pills spain over counter tinidazole dose what is avapro for accutane side effects depression years later zanaflex capsules dosage forzest 10 mg florida calan can you get pregnant on abilify buy orlistat online australia abilify 2mg tablet mobic tablets are for minoxidil better than finasteride over the counter drugs similar to lotensin what is metoclopramide generic for sertralina interacciones medicamentosas pharmacies ampicillin online revia 100mg tablet order chloramphenicol canada seroquel reviews for depression best isoptin prices zantac online usa crestor rosuvastatin side effects purchase prednisone from texas online coreg cost ordering mobic here in canada bupropion xl 150 mg anchen prednisone without prescription brahmi ordering online pharmacy generic entocort switzerland trimix course egypt oregon state university jobs portland protonix pills online in the canada long term side effects of remeron levothroid coupon code generic zyrtec us how to buy leukeran in london voltaren retard 100 mg alcohol where to buy astelin nasal spray azelastine where to buy accutane review online without where can i buy dog aspirin tramadolfordogsnoprescription where to get casodex pct silagra cheap mexico pharmacy hoodia pills walgreens propecia in mexico can you get prednisone over the counter current price tadacip low price lasix uk best prescription medicine for social anxiety dipyridamole without prescription intrathecal baclofen overdose buy femara perth australia geriforte tablets dosage low betnovate professional skin looks purinethol pills half price viagra discount prices singulair sildenafil citrate usa world best online pharmacy reviews generic for cialis tadalafil can you buy mirapex over the counter in germany soft viagra canada actonel once a month tablet 150 mg generic betapace safe wellbutrin sr online legally buy trental astrailia tretinoin cream usp .1 efectos secundarios del eutirox 50 pain medication overnight delivery avalide 300-25 mg tablet cheap liverpool fc tickets 2013 order minocycline 50 mg prometrium now co uk over the counter substitutes for cialis como comprar female viagra how long does it take for synthroid medication to work alli diet pills coupon codes no script ceftin mg ditropan for sale australia comprar pastillas cytotec en argentina pharmacy albuterol no rx vermox 100mg 5ml oral suspension best drugstore translucent powder for oily skin buy allium bulbs online pharmacy when will there be a generic form of cymbalta serevent over the counter medication acyclovir zovirax cheap citalopram 10mg yagara 5mg tablets buying oxytrol from canada no prescription lozol best price zestoretic price haldol mist canada
Home Maury Brown Brown: Time for MLB to Play Hardball on the Texas Rangers Sale

Like Shoot to Thrill - An AC/DC Tribute on Facebook!

An authentic tribute of AC/DC that covers the best of the Bon Scott era and the best of Brian Johnson's material

Who's Online?

We have 370 guests online

Atom RSS

Brown: Time for MLB to Play Hardball on the Texas Rangers Sale PDF Print E-mail
User Rating: / 25
PoorBest 
Written by Maury Brown   
Thursday, 22 April 2010 00:00

Maury BrownI seriously doubt Bud Selig listens to Bob Dylan, but if he did, I suggest he spins, “The Times They Are A Changin’” when his mind rolls over to what can only currently be called a stalemate in the protracted process involved in the sale of the Texas Rangers. Now, over a year since current owner Tom Hicks fell into default to the tune of $525 million and put the club up for sale, the process has had creditors, MLB, and owners-in-waiting Chuck Greenberg and Nolan Ryan playing a sports business game of chicken.

As I said at the outset, the times have changed from the days before the economy went colder than a spring baseball game. There was a point in the past when the banks that MLB owners dealt with over debt issue were almost exclusively key partners with the league. Lenders such as JPMorgan Chase and Bank of America might be willing to play ball with baseball’s owners given the cozy relationships, and the fact that even if there was a slight hiccup, the feeling was that with money flowing freely, nothing staggering on the scale that HSG is currently i, would befall those that might have outstanding debt with these institutions (for more detail on this, see the SportsBusiness Journal article Creditors push back)

Now, there’s new players in the game, who would probably rather spit on Babe Ruth’s grave than settle with Hicks, or for that matter, Major League Baseball.

Such is the case with the lead debt holder of the Rangers, a “predatory” hedge fund called Monarch Alternative Capital who scooped up $100 million of Hicks Sports Group debt for pennies on the dollar. As a hedge fund, Monarch’s M.O. is to make a profit off of distressed debt. A hedge fund isn’t going to be a cornerstone partner with MLB, or Greenberg/Ryan, so when Hicks is offering up approx. $270 million post-sale to the creditors, and the creditors (read: largely Monarch) aren’t going to budge on signing off on the sale unless they get $300 million, well... Welcome to Jungle.

For those that have been following this saga, prospective owner Chuck Greenberg has felt that the deal would be reached soon. Recently, he said that while he wasn’t make a solid prediction, if the parties continued to constructively work to an agreement, this week would be the time for the deal to get signed off on. Since then, Greenberg has wisely gone silent citing the “delicacy” of the deal.

There’s been talk that the creditors could push the Rangers into bankruptcy court. There’s talk that they want to see the bidding opened back up to see Houston businessman Jim Crane back into the mix.

At this point, a small faction is holding the deal hostage over $30 million. The longer the deal languishes, the more in legal fees rack up. MLB takes over the Rangers, and they have the pockets to counter the banks, and precedent in the prior Phoenix Coyotes deal to fall back on.

For those not familiar with the Coyotes situation, owner Jerry Moyes threw the club into bankruptcy, and then tried to do an end-around on the NHL by offering to sell to Research in Motion (Blackberry) co-CEO Jim Balsilliie who had designs of relocating the club to a suburb of Toronto, Canada. The short story is, the NHL said that leagues control who owns clubs, and even though the offer from Balsillie was far in excess of what the NHL was offering to keep the club in Phoenix, a bankruptcy judge agreed with the NHL.

And, Tom Hicks, unable to see that at this stage he would be better off seen than heard in this saga (after all, he created the mess, see How Tom Hicks Became the Most Hated Man in Baseball), jumped into the fray Weds. night:

"I think the lenders feel that [the Greenberg-Ryan] group may not be the highest option," Hicks said. "It's something that has to be worked out between MLB, the lenders and the Greenberg group. When we agreed to this sale in January, we said it was a complicated deal and it's only getting more complicated. At the end of the day, the lenders have the final say."

MLB released a statement shortly after that shows they’ve just about had enough of Hicks, Monarch… the whole damn mess; time to play hardball:

“As part of the Texas Rangers sale process, Tom Hicks selected the Chuck Greenberg/Nolan Ryan group as the chosen bidder on December 15, 2009 and entered into an exclusive agreement with that group. Major League Baseball is currently in control of the sale process and will use all efforts to achieve a closing with the chosen bidder. Any deviation from or interference with the agreed upon sale process by Mr. Hicks or any other party, or any actions in violation of MLB rules or directives will be dealt with appropriately by the Commissioner.”

So much for Crane. Tom, time to go sit in the corner.

And Bud, maybe you need to drop the Bob Dylan and move on to listening to something more aggressive. Maybe something more Texan... Say, Pantera.

The league has been at the head of the table, but technically isn’t controlling the club; time to consider taking it over. The league has more or less protected HSG from the creditors only allowing for minimal embarrassment. After Hicks made his statement to the press, the league appears ready to say enough is enough, hence the message being sent from the press release.

Oh, and there’s lender liability issues, as well. For those that may not know, there’s a $70 million lien on the Rangers. The offer on the table is approx. $270 million, or $200 million over the lien value. So, just how is that going to sit with the bankruptcy courts?

So, creditors, try taking the Rangers into bankruptcy. To get this deal done, it’s time for the league to flex some muscle, otherwise, there will be continued haggling, possibly until the All-Star break. After the league’s statement, it seems unlikely the Greenberg’s educated target date of this week for closing the sale isn’t going to come, unless the creditors see the statement from the league as a clear sign that they mean serious business about the Greenberg/Ryan group’s offer and that the alternative is bleeding away legal costs on the $30 million gap. Maybe it’s time to take the money on the table and worry about the next matter on the table for HSG… the sale of the NHL Dallas Stars.

NOTE: I will be on WBAP Newstalk 820AM and 96.7FM in the Dallas/Ft. Worth market Thursday at 7:45AM CT talking the sale of the Rangers.


Maury BrownMaury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey. He is available for hire or freelance. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.

Follow Maury Brown on Twitter Twitter

Follow The Biz of Baseball on Twitter Twitter

FacebookFollow the Business of Sports Network on Facebook

 
 
Banner

Poll

Should MLB Force Jeffery Loria to Sell the Marlins?