cymbalta prices in canada topamax where to buy how to get dilantin in australia how long does it take coreg to start working anacin no prescription compare prices donepeil bactrim side effects rash pictures kamagra gel pas cher cardizem in the uk top 10 online sumycin sites buy cytoxan paypal accepted the little blue pill healthpoint what does it do provera canadian online himplasia without insurance remeron tablets 15 mg billig clozaril online kaufen periactin pills used augmentin 100 mg /12 5 buy premarin without prescription what is fenofibrate 160 mg used for how to get promethazine codeine syrup online what is triamterene hctz 37.5 25 mg myl q precio tienen pastillas cytotec ordering voveran here in canada sample of female viagra topamax over counter drugs what does zofran taste like buy aciclovir online in usa grifulvin v cheap uk lowest priced benadryl cost of cialis sublingual what does finasteride taste like is zetia in generic form xbox live price increase activision lexapro for ocd reviews purchase generic female cialis florida alligator hunting license cost where is baclofen metabolized best generic yasmin review what is levaquin 500 used for dapoxetine where to purchase blopress medication order zovirax pills dosage buy cheap aceon pills lisinopril mg canada power pill 100 inderal 10 mg migraine what does femcare buy augmentin online no prescription dose tadacip drugstore buy 1 generic acivir pills mg buy hong kong prescription actonel online cardizem online femara complications infertility cialis coupon discounts buy remeron without a prescription from canadian pharmacy comprare tartaruga alligatore lisinopril hctz 10 12.5 picture low dosage levitra buy generic lotensin nizagara canada finax suppliers overseas where to buy valtrex online canada arimidex 1mg tablets side effects cost of wellbutrin xl at walmart genuine ethionamide best price diclofenac cheapest online overnight buy quibron-t boots viagra and alcohol headache buy neo medrol online mevacor without insurance dipyridamole in the uk now alesse daily use reviews low thyroxine during pregnancy flomax drug oversea buy hydrochlorothiazide 50 cheap viagra generic pills suprax doctors online ebay allis chalmers parts canadian allied forces groningen where to buy alligator meat in orlando generic tinidazole usa tinidazole woldwide shipping buy levitra plus astrailia what is fluoxetine 20 mg used for printable propecia coupons best site get keflex buy astelin 40 zofran orally disintegrating tablets dose little blue pill healthpoint review what is blopress for generic adalat cc 30 mg nifedipine rash from singulair diovan side effects long term use depakote er max dose tadapox for dogs buy famciclovir for sale rogaine 2 cheap where can i buy bentyl in canada diclofenac overnight cheapest generic for zetia buy cipro online discreetly to buy atarax 5 mg brand cleocin for sale allopurinol drugstore acidity treat order premarin 120 mg equivalent du xenical onde posso comprar clomid prandin user reviews buy coloured contact lenses online australia get valtrex prescription online low dose aspirin over counter purchase medrol in australia nizoral tablets 150 mg sumycin online order rhinathiol syrup for children voltaren tablets uk ranitidine liquid price pamelor legal us buy terbinafine pills online no prescription amsa fast 120 mg ic doxycycline 100mg capsule lowest price provera snovitra super power pas cher cheap genuine dilantin online discount coupons voltaren gel oral compazine dose cost of detrol la 4mg unisom generic wikipedia drugs allegra medication class vytorin prescription card order vytorin overnight tadalafil generic australia cheap proventil hfa metoclopramide generic for generic flagyl metronidazole 400mg from uk what is alliteration in english do you need a prescription for valtrex in canada comprar purim original buy generic isoniazid nitrofurantoin for uti reviews buy nolvadex uk bodybuilding where can i buy prednisolone mg premarin recommended dosage propecia reviews forum prescription how long is it safe to take unisom while pregnant slimquick hoodia reviews amazon atorvastatin tablets 40mg mail order rx from canada generic cialis super active buy canada bentyl medication over the counter is diclofenac better than aleve how long do citalopram take to work buy cheap alesse pills pharmacy store design india danazol discount side effects of ciprofloxacin in pregnancy buy risperdal 2mg effexor xr price comparison where are parietal cells located all types kamagra gold pills voltaren mg order benemid prices at costco colchicine prescription assistance buy amoxil mg provera mexico companies only levitra 10 mg 4 film tablet ilac, amoxil dosage calculator zyvox dosage medication xanax bars information how much is diamox tablets how to buy a baby alligator mexican pharmacy no prescription oxytrol ayurslim uk online biaxin discount cheapest levitra plus to buy zithromax chlamydia cabergoline dosage for ohss accutane lawsuit canada 2010 trileptal tablets 150 mg my didronel coupons rumalaya discount medications finasteride (proscar propecia) rxlist valtrex dosage safe buy voveran online allegra 180 mg uses adalat 10 mg sublingual lithium carbonate and alcohol alesse drugstore.com canadian pharmacies that sell viagra amaryl where to purchase 100 mg inderal 24h pharmacy east london isoptin sale generic form of aspirin buy cephalexin without rx betapace side effects uk what are the side effects of the drug doxazosin cost of lamisil at walmart buy viagra without scrip buy tamoxifen citrate online florida lisinopril generic brafix safe there generic arimidex around the world online pharmacy purchase dutas online mexico prescription buy amantadine how to take fincar mg prescription protonix torsemide 40 mg dose birth control pills levitra plus prescription allegra canada without a transcript order desyrel selegiline dosage for social anxiety depression cheap viagra generic paypal best site for bactrim are alli slimming pills safe comprar trental online does watermelon have same effect viagra ndc code for depo medrol 40 mg cialis generico tadacip florida zanaflex prevacid solutab 30 mg generic comprar zebeta pela internet where to buy live lobster in london clozaril cheap mexico pharmacy amantadine hydrochloride suppliers in india original avandamet online order vermox on line india buy orlistat india sale prescription buy cozaar order kamagra on line canada most reliable place to buy lotensin online how to import flovent generic femara available us seroquel discount coupons metformin lactic acidosis diabetes vasodilan dose florida serpina alli cost without insurance stilnox best place to buy vpxl in australia ditropan canadian medications without prescription sleep medicine trazodone side effects which is best cialis levitra or viagra buy brand ventolin where can i buy zanaflex tablets use of chloroquine phosphate tablets probalan without insurance side effects of amitriptyline drugs diclofenac billig kaufen where chloramphenicol cleocin tablets 40mg risperdal reviews ocd abana online pharmacy uk tenormin pharmacy coupons canadian pharmacy online elocon are alligators dangerous for people how to use nizoral shampoo for acne amitriptyline sale side effects of alavert what is the correct dosage of trandate lipitor atorvastatin 80 mg para que sirve diclofenaco sodico inyectable colchicine 100 estrace spain pulmicort user reviews messi stats 2012 13 canadian alliance for community service learning retin-a 0,05 no prescription compare prices coumadin tablets uk canadian alliance church buy grifulvin online safely what is flonase for lasix overnight delivery gauranteed best generic tegretol review risperdal 5mg tablets erythromycin shop net research grade citalopram triamterene tablets buy free cipro company search normal bupropion dose lamictal medication side effects can you buy actoplus met online pyridium pills drugstore can order viagra sublingual canada order robaxin from cheap generic cialis from india is mail order aspirin safe mexican lotrisone german remedies pharma india buy viagra online no prescription usa benicar shop net dapoxetine 50mg tablets what does haldol make you feel like periactin 40mg order cardizem from mexico without prescription pharmacy store for sale in nj coversyl australia looking to purchase reviato from canada cheap lotrel 40 mg pharmacy tech jobs overseas zentel sirop preturi alternative medicine for low back pain acomplia rimonabant wikipedia suprax coupon lupin dosage of prednisone for dogs with cancer buy menosan bulk best place buy lamictal pct where can i buy prednisone for my dog ephedraxin for discount liposafe coupons where to buy alesse in canada safely exelon ordering online pharmacy punar vivah desi tashan june 26 high dose methotrexate order set order norvasc online with visa aciclovir eye ointment side effects canadian pharmacy spam removal can you buy dramamine at walmart levitra professional overnight delivery clonidine hcl price cost comparison buy stromectol online genuine viagra canada 36 hr cialis dosage kmart pharmacy generic price list costco pharmacy buspar price acheter cialis en toute securite abilify no prrescription how to take mobic 7.5mg where can i buy coreg in canada is mail order levitra super active safe blood pressure medication with least amount of side effects legitimate online pharmacies forum chlamydia screening guidelines cafergot availability australia haridra with no rx nexium side effects weight loss cipralex 10 mg buy what is estrace cream avalide usa over the counter substitute for premarin is it safe to order zanaflex cephalexin over the counter australia cheapest arimidex in the uk overnight pharmacy buy alli orlistat cialis usa cvs prices online arjuna with no prescription can i buy diclofenac over the counter anxiety and depression in children celebrex dosage too high can i order drugs from mexico what is citalopram tablets used for can i make zenegra difference between erythromycin and erythromycin gastro resistant retin-a 0,025 online coupon code prescription solutions in overland park ks 66211 order avapro pill buying drugs in berlin prednisolone usa all types prevacid pills indian accutane generic generic zovirax switzerland where can i get cleocin best place buy viagra online generic propecia pris licensed pharmacy protonix cafergot buy lasix boots metformin online from usa what is accutane therapy us online pharmacy no prescription oxytrol vasotec 100 review how to buy nolvadex in australia coumadin toxicity inr lotrisone online usa malegra dxt where to get lasix from europe top 10 online tinidazole sites norvasc dosage 2.5mg cheap celexa 100 mg buy cheap sinequan buy alphagan online canada no prescription 100 mg betnovate cost of isoptin without insurance pharmacie de garde lausanne viagra super active mg order chloramphenicol prescription only saw palmetto rxlist precose 25 mg tablets buy brand brand cialis revia generic name how to use clomid after a steroid cycle buy lipitor tablets medicine cholestoplex online pharmacy retin-a ge express canada the purple pharmacy los algodones mexico max wellbutrin dose order tinidazole no prescription buy aciphex 20 mg where can i purchase beconase aq is it safe to use online pharmacy best site to buy wellbutrin sr protonix 20mg tab lady era shipping overseas taking 2 diflucan pills zovirax cream australia ayurslim drugstore.com elavil 20mg tab synthroid cost cvs levitra us sales drugstore trihexyphenidyl information where can i get some wellbutrin what class of drugs is clonidine order mirapex cheap pictures of digoxin pills finax suppositories buy valtrex dosage recurrent herpes labialis benzac ac 2.5 price in india india buy lotrisone dose purchase kamagra chewable pills buy imuran new zealand online order allopurinol all rights canadian prescription flagyl used alternative medicine to femara cheapest viagra plus in the uk uroxatral tablets 10mg allegra without food mail order accutane erexin-v discount voucher buy food online with paypal order cialis sublingual online no prescription with a amex female cialis pharmacy coupons betamethasone ointment online buy prednisolone online no prescription usa propranolol canada prescription kamagra oral jelly visa what is inderal tablets used for purchasing revatio online shelf life of cephalexin 500mg herpes outbreak treatment valtrex dosage bactrim lawsuit settlements buy amitriptyline usa beta blockers online pharmacy levitra generic do i need a prescription for alesse hong kong buy combivent inhaler online drug market order revia order elocon cream 0.1 eczema can you mix doxycycline and alcohol aricept price increase canada usa mexico alliance buy results rx skincare no rx zebeta online zetia price in canada can you get diflucan otc urispas to buy in england aciclovir creme mylan terramycin drug schedule cefadroxil online in usa flomax generic cost without prescription premarin dosage forms norvasc para que se usa actos combination therapy clozaril buy online ireland plavix generic equivalent buying innopran xl from canada no prescription revia order online buy chloramphenicol usa what is silagra pills used for exelon online legally fucidin sale generic rumalaya us innopran xl overnight pharmacy where do i levaquin in mexico what does synthroid 100 mcg look like albendazole syrup for children lee ann drugs 33139 rogaine 5 shop net chloroquine where can i buy it how to take brahmi powder for memory exelon reviews for men keflex 250 mg capsules drugs online no prescription canada crestor side effects canada what do claritin pills look like research grade bactroban diovan hct generic available long term side effects of atorlip-20 prilosec over the counter dose hyzaar 100 24 for sale clomid men fertility overseas pharmacy no prescription zyrtec dilantin to buy from europe lynoral shopping generic retino-a cream 0,025 us where can i get mentat ds syrup online pharmacy no prescription needed zanaflex acheter requip lamictal 100mg effects biaxin pharmacies in reviews on brahmi amla hair oil obagi tretinoin 05 reviews revatio 20 mg tid tricor 100mg cheep purchase sertraline no prescription ventolin hfa uses buy effexor xr 75 mg pharmacies salbutamol combivent inhaler lipothin to purchase without a prescription buy remeron 20 side effects of brahmi oil zoloft dose buy levaquin 500 mg viagra super active from canadian pharmacy donde conseguir acai berry en costa rica erythromycin base 250 mg nhs cost simvastatin cyproheptadine weight gain adults aleve on line purchase what is parietal lobe function
Home MLB News MLB Club Sales While Risky, Opening Up Bidding For Texas Rangers Should Assist Greenberg-Ryan Group

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 975 guests online

Atom RSS

While Risky, Opening Up Bidding For Texas Rangers Should Assist Greenberg-Ryan Group PDF Print E-mail
User Rating: / 6
PoorBest 
MLB Club Sales
Written by Maury Brown   
Monday, 05 July 2010 23:47

Texas RangersLate on Monday,Texas Rangers Baseball Partners filed two documents that look to swiftly move the Texas Rangers out of Chapter 11 bankruptcy. The first motion opens the process up for other potential bidders, while the second motion requests to expedite a hearing for the bidding to July 16, a week from this coming Friday. Both documents were cleared by the Chief Restructuring Officer (CFO), William Snyder, making any chances for Judge Michael Lynn to reject the motions extremely thin.

The Greenberg/Ryan group claims “stalking horse” status, meaning any bid filed would have to exceed their $502 million bid for the Rangers assets by at least $20 million, or at least $522 million. Of that $20 million, $15 million would come back to the Greenberg/Ryan group as a “break-up fee” (the $15 million represents approximately 3% of the transaction value)

A statement by the Greenberg/Ryan group on Monday also says that they have secured the $575 million offering in escrow needed to complete the sale of the Rangers assets, as well as the land around the Ballpark, an exceptional move to prefund the sale, something rarely done. The move lays to rest persistent rumors that the group has been undercapitalized.

The Bid process is outlined as follows:

The Debtor shall (i) provide reasonable assistance to Qualified Bidders in conducting their due diligence investigations, (ii) receive offers from Qualified Bidders and (iii) keep the CRO and his counsel and advisors reasonably informed of those actions listed in (i) and (ii).

The CRO, in consultation with the Debtor, shall negotiate any offers made to purchase the TRBP Assets. Only a Qualified Bidder may participate in the bidding process. Neither the Debtor nor its representatives shall be obligated to furnish any information of any kind to any person who is not a Qualified Bidder.

To facilitate the Auction and to assist the Debtor and the CRO in assessing the terms of each bid, prospective bidders must work from the Asset Purchase Agreement (as defined in the Motion), to prepare their bids and mark all proposed changes to such agreement as part of their bid. The Asset Purchase Agreement is attached to the Motion as Exhibit C, and is also available on the main docket of these cases.

As noted, there is little time for potential bidders to get their ducks in a row, but in many senses is reasonable given that new bidders have access to all information that has been involved in the Greenberg/Ryan bid without having to make any investments to counter. The bids of any Qualified Bidder wanting to participate in the Auction must submit a Qualified Bid (as defined below) on or before July 16, 2010 at 10:00 a.m. (prevailing Central Time) (the “Bid Deadline”) in writing, to Texas Rangers Baseball Partners and William Snyder, the CRO. Each bidder will have to file a “Good Faith Deposit” of $1.5 million. As noted in the document:

Good Faith Deposits of all Qualified Bidders shall be held in a separate interest-bearing account for the Debtor’s benefit until the earlier of (a) August 12, 2010 or (b) consummation of a transaction involving any other Qualified Bidder for the TRBP Assets. If a Successful Bidder fails to consummate an approved Sale because of a breach or failure to perform on the part of such Successful Bidder, the Debtor will not have any obligation to return the Good Faith Deposit deposited by such Successful Bidder, and such Good Faith Deposit shall irrevocably become property of the Debtor without affecting or reducing any of the Debtor’s other rights or claims against such party.

The process is locked down, with exception. Under the section, Modification of Bidding Procedures, there is further wiggle room to allow the Greenberg/Ryan group to be selected.

Except as expressly provided herein, the procedures set forth herein cannot be amended or modified without the express written consent of the Proposed Buyer. The Debtor reserves the right to (i) withdraw its offer to sell the TRBP Assets at any time subsequent to the Auction, subject to payment of the Stalking Horse Protections if then due pursuant to the Bidding Procedures Order, and (ii) reject any or all bids other than the Stalking Horse Bid if, in the CRO’s reasonable business judgment, in consultation with the Debtor, such other bids are not for a fair and adequate price.

MLB’s acceptance of any bidder will be allowed to trump the outcome of the ruling by Judge Lynn at the Confirmation Hearing set for July 22 at 9:30am CT at the United States Bankruptcy Court for the Northern District of Texas, Eldon B. Mahon U.S. Courthouse. The hearing could extend into the next day. As outlined in the document:

Following the Confirmation Hearing and entry of a Court order approving the Successful Bid and Debtor’s Plan of Reorganization, the Qualified Bidder shall be required to seek the approval of Major League Baseball in accordance with the Major League Baseball Constitution, the MLB Guidelines, and other relevant rules and regulations of MLB. Should the Qualified Bidder be unable to obtain the requisite approval of MLB, then the Backup Bid shall be submitted to MLB for such approval.

If the highest bidder is not accepted, the “Backup Bidder” will be deemed to have won the auction and the creditors will be allowed to sue for damages, with the highest bidder being able to only recover the $1.5 million Good Faith Deposit:

If for any reason the entity or entities that submit(s) the Successful Bid fails to consummate the purchase of the TRBP Assets, the offeror of the Backup Bid (the “Backup Bidder”) will automatically be deemed to have submitted the highest and best bid, and the Debtor and such Backup Bidder are authorized to effect the sale of the TRBP Assets to such Backup Bidder as soon as is commercially reasonable. Following the Confirmation Hearing (i) if such failure to consummate the purchase is the result of a breach by the Successful Bidder, the Debtor reserves the right to seek all available damages from the defaulting Successful Bidder as modified by the terms of the asset purchase agreement reached pursuant to the Successful Bid and (ii) if such failure to consummate the purchase is the result of a breach by the Debtor, the Successful Bidder shall have no recourse against the Debtor other than for recovery of its Good Faith Deposit.

The open bidding is for the Texas Rangers assets and does not include the land around the Ballpark, a key source of revenue through parking, not only for Texas Rangers games, but for Dallas Cowboys games, as well. There is an existing "BRE Land Use Arrangement” which is a Memorandum Regarding Existing Land Use Arrangement by and between BRE and TRBP, dated as of May 20, 2010. The Greenberg/Ryan group has agreed to pay $70 million for the parcels. Any bidders would have to reach agreement on the 154 acres of land as part of a separate set of negotiations around the sale as the Lenders do not have liens against the land being sold.

Monday's motions are likely to make Tuesday's mediation hearing moot.


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, as well as a contributor to Forbes SportsMoney blog. 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?