Texas Rangers dispute creditors’ claims that they had to take highest bid in selling team
By Angela K. Brown, APTuesday, June 15, 2010
Rangers say creditors not hurt by team’s sale
FORT WORTH, Texas — A Texas Rangers attorney is asking a bankruptcy judge to accept the club’s plan to pay creditors $75 million and sell the baseball team.
Attorney Martin Sosland says the deal would not hurt any lenders.
Team owner Tom Hicks has announced an agreement to sell the team for $575 million to a group led by Hall of Fame pitcher and team president Nolan Ryan and Pittsburgh attorney Chuck Greenberg.
The deal has been stalled by concerns by creditors, who say the bid was not the highest.
U.S. Bankruptcy Judge D. Michael Lynn said Tuesday that he tended to agree with the Rangers’ argument. Attorneys for the creditors were to present their arguments later Tuesday afternoon.
Filed under: Corporate, Corporate News, Industries
Tags: Fort Worth, North America, Ownership Changes, Professional Baseball, Sports Business, Texas, United States
Tags: Fort Worth, North America, Ownership Changes, Professional Baseball, Sports Business, Texas, United States
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