Re: Sale of Cubs to Ricketts Complete (p. 15)

[jersey cubs fan]

“The Cubs, who seem like the most profitable team this side of Manchester United, they should not be able to file for bankruptcy,” Bruce Wolf said July 13 as he co-hosted the morning show on WSCR 670, a Chicago sports-talk radio station. “If they can file for bankruptcy, anybody in the world, the entire country should file for bankruptcy.”

 

This guy has been filling in with Zach Zaidman in the mornings the last couple days, and it's a rare coming together of two morons.

 

I don't have a problem with what he said. Strategic bankruptcy is a tricky thing. Using it to get out of obligations you have the ability to pay is morally questionable.

 

But that's not really what they are doing here from what I'm understanding. They're doing it to get out of liability for some of the Tribune's debt. It's really a way to sever themselves from the Trib's finanacial mess. Unless I'm misunderstanding it.

 

No, I understand that, what I'm saying is it's not like he was saying, "I had no idea they were broke", he's questioning the legality of declaring bankruptcy to get out of legal obligations, which I think is a defendable position to take.

[Banedon]

“The Cubs, who seem like the most profitable team this side of Manchester United, they should not be able to file for bankruptcy,” Bruce Wolf said July 13 as he co-hosted the morning show on WSCR 670, a Chicago sports-talk radio station. “If they can file for bankruptcy, anybody in the world, the entire country should file for bankruptcy.”

 

This guy has been filling in with Zach Zaidman in the mornings the last couple days, and it's a rare coming together of two morons.

 

I don't have a problem with what he said. Strategic bankruptcy is a tricky thing. Using it to get out of obligations you have the ability to pay is morally questionable.

 

But that's not really what they are doing here from what I'm understanding. They're doing it to get out of liability for some of the Tribune's debt. It's really a way to sever themselves from the Trib's finanacial mess. Unless I'm misunderstanding it.

 

No, I understand that, what I'm saying is it's not like he was saying, "I had no idea they were broke", he's questioning the legality of declaring bankruptcy to get out of legal obligations, which I think is a defendable position to take.

 

What does being profitable have to do with that though? To me that was implying that they were trying to get away with "playing broke". Maybe I'm reading too deeply into it.

 

In any case, since the Cubs owner had already declared bankruptcy nearly 6 months ago, and I don't believe have come out of it yet, I'm not sure why it's an outrageous thing for the Cubs to do as well.

[Soul]

I thought it was great the article was in bloomberg.

[TruffleShuffle]

Great. This will give Cards fans something else to laugh at us about.

 

if people stop eating gross arby's food, the cards might have to declare bankruptcy too.

[Gingerballs Lives]

Great. This will give Cards fans something else to laugh at us about.

 

 

The fact that the Cubs sale has been such a long and complex process only suggests that the Cubs are an incredibly valuable franchise (and also, being sold by a broke company).

[Little Slide Rooter]

Great. This will give Cards fans something else to laugh at us about.

 

if people stop eating gross arby's food, the cards might have to declare bankruptcy too.

 

but curly fries are so tasty.

[Cubs Fan In NY]

Great. This will give Cards fans something else to laugh at us about.

 

if people stop eating gross arby's food, the cards might have to declare bankruptcy too.

 

but curly fries are so tasty.

 

I dig me some roast beef and cheddar with lots and lots of horsie sauce.

[shnsajax]

Great. This will give Cards fans something else to laugh at us about.

 

if people stop eating gross arby's food, the cards might have to declare bankruptcy too.

 

but curly fries are so tasty.

 

I dig me some roast beef and cheddar with lots and lots of horsie sauce.

 

Yes, but Arby's sauce instead.

[jersey cubs fan]

Zell on CNBC mostly talking real estate, mentions he expects Cubs sale to be done very soon (or maybe it was fairly soon).

 

""It's safe to say Mr. Ricketts is probably leading player in that arena."

[Banedon]

Zell on CNBC mostly talking real estate, mentions he expects Cubs sale to be done very soon (or maybe it was fairly soon).

 

""It's safe to say Mr. Ricketts is probably leading player in that arena."

 

He really stepped out on a limb with that kind of commitment.

[CUBZ99]

Zell on CNBC mostly talking real estate, mentions he expects Cubs sale to be done very soon (or maybe it was fairly soon).

 

""It's safe to say Mr. Ricketts is probably leading player in that arena."

 

He really stepped out on a limb with that kind of commitment.

 

Not this again.

[sammi]

“probably (the) leading player”? He certainly doesn't make it sound like a deal is imminent. I've tried to follow this as much as I can, but is the Ricketts family really the best candidate so far? It doesn't seem like they can actually afford to buy a sports team.

[jersey cubs fan]

“probably (the) leading player”? He certainly doesn't make it sound like a deal is imminent. I've tried to follow this as much as I can, but is the Ricketts family really the best candidate so far? It doesn't seem like they can actually afford to buy a sports team.

 

He made it about as clear as he could make it that Rickets was going to be the owner pretty soon without coming out and saying it. And no businessman of that ilk is going to come out and say a deal is done until the deal is truly 100% done.

[Irrelevant Dude]

What's the latest on the sale? Soon we're going to get to the point where it begins to negatively impact the 2010 season, if it hasn't already.

[Prizefight]

What's the latest on the sale? Soon we're going to get to the point where it begins to negatively impact the 2010 season, if it hasn't already.

 

They mentioned a few times on 670's updates yesterday that the sale is extremely cloe to being finalized...this time for real.

[SouthSideRyan]

What's the latest on the sale? Soon we're going to get to the point where it begins to negatively impact the 2010 season, if it hasn't already.

 

Don't you listen to Dave Kaplan? Team was sold months ago.

[UMFan83]

What's the latest on the sale? Soon we're going to get to the point where it begins to negatively impact the 2010 season, if it hasn't already.

 

Don't you listen to Dave Kaplan? Team was sold months ago.

 

yup, they just had to wait to unload Bradley to the Tigers before the sale could be completed. Now that that's happened, sale on!

[Hall7810]

According to WGN's sports update, the deal is supposed to be finalized on Friday, with the owners voting on the new ownership at the end of October.

[Sammys Boombox]

According to WGN's sports update, the deal is supposed to be finalized on Friday, with the owners voting on the new ownership at the end of October.

 

Who wants to bet that this doesn't happen?

[Irrelevant Dude]

According to WGN's sports update, the deal is supposed to be finalized on Friday, with the owners voting on the new ownership at the end of October.

Why does it take 2 months for the owners to get together and vote?

[Little Slide Rooter]

According to WGN's sports update, the deal is supposed to be finalized on Friday, with the owners voting on the new ownership at the end of October.

Why does it take 2 months for the owners to get together and vote?

 

because they like to feel empowered. Its their little club and they get to decide who they let in.

[jersey cubs fan]

According to WGN's sports update, the deal is supposed to be finalized on Friday, with the owners voting on the new ownership at the end of October.

Why does it take 2 months for the owners to get together and vote?

 

It can take weeks or months for one player to get in front of a league official to hear an appeal. You are talking about getting 30 owners together in the same place at the same time. That's why they schedule things like league owners meetings in advance. Theoretically they could just have a conference call and be done with it, but MLB has to review the deal, and the owners each probably get time to look at it. I think the fact that it's the middle of the pennant race makes it more diffcult.

[Irrelevant Dude]

According to the Chicago Tribune, the deal is now "imminent."

 

Sources close to the matter described the execution of a definitive agreement as "imminent," saying the expected a signing could come within days.

http://www.chicagotribune.com/business/chi-biz-cubs-aug21,0,147196.story

[Banedon]

Do. Not. Believe.

 

They've cried wolf far too many times.

[E.J.]

This is coming from the Tribune though. Doubt they would write that unless it was a sure thing.