By Rand Paul
Obama acts as though we no longer have a Constitution
Independent voices from the TWT Communities
A Delaware judge on Friday rejected the Los Angeles Dodgers' proposed $150 million bankruptcy financing plan, directing the team to instead negotiate a loan deal with Major League Baseball.
The Los Angeles Dodgers and Major League Baseball squared off in a Delaware bankruptcy court Wednesday as the team sought court approval of a $150 million financing arrangement that MLB is challenging with a financing offer of its own.
The Los Angeles Dodgers and Major League Baseball squared off in a Delaware bankruptcy court Wednesday as the team sought court approval of a $150 million financing arrangement that MLB is challenging with a financing offer of its own.
A Delaware judge on Tuesday authorized the Los Angeles Dodgers to enter into a $150 million bankruptcy financing arrangement after the club satisfied certain concerns raised by Major League Baseball, which had filed an objection offering its own financing proposal and blasting owner Frank McCourt's stewardship of the team.
Just hours after Major League Baseball objected to the bankruptcy filing by the Los Angeles Dodgers, accusing team owner Frank McCourt of siphoning off more than $100 million in club revenue and driving the Dodgers into a liquidity crisis, a Delaware judge on Tuesday granted several routine motions that will allow the team to continue operations.
Billionaire Dallas Mavericks owner Mark Cuban and a group led by Hall of Fame pitcher Nolan Ryan were locked in a fierce bidding war for the Texas Rangers early Thursday, with each side adding millions to the pot in a rare and contentious bankruptcy court auction.
A group of investors led by Dallas Mavericks owner Mark Cuban submitted the highest opening bid for the AL West-leading Texas Rangers at a rare and unusual auction in bankruptcy court Wednesday, jeopardizing the sale to Major League Baseball's preferred buyer.
A federal bankruptcy judge decided Tuesday that the Texas Rangers will be auctioned off after all, despite angry creditors' claims that the bidding process is unfair and still favors Major League Baseball's preferred buyer.
"They purport to use the fact their counsel is conflicted as a basis for delaying the relief MLB seeks (permitting MLB to file plan pursuant to which the team is sold) while permitting the relief they seek (auctioning off the "media rights") to go forward," he wrote.
"He didn't say we have to waive our rights," said Lauria, who at Wednesday's hearing accused McCourt of violating league rules by filing for bankruptcy protection and entering into the proposed financing arrangement with Highbridge without league approval.
