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

[Outshined_One]

I was listening to WSCR this morning, and they had a legal expert on. They were discussing the possible bankruptcy of the Cubs and what it would man as far as players go. He said it could enable them to dump any tainted assets, which could include executory contracts, including player contracts.

 

What would the mean for Soriano, Bradley, Fukudome, Zambrano, Dempster, and Ramirez? Can they just pick and chose the ones they want to, and what would this mean for out relationship with the players union? I cant imagine it would be good at all, and if they were to dump say Soriano and Bradley or Fukudome from the books, I cant imagine either the courts, banks, or major league baseball allowing the Cubs to just take that money and spend it on more players. It would be to pay off the debts.

 

IMHO, its in the Cubs best interests to just suck it up and keep these guys around through the duration of their contracts, as tempting as an easy way out might be.

 

Under bankruptcy law, those contracts could technically be avoided and therefore those players could become free agents. However, avoiding the contract does not mean the contract is no longer in existence. The contract still exists. Avoiding it means you breach it. If the Cubs were to dump, say, Soriano, Soriano would have a breach of contract claim against the Cubs' bankruptcy estate, meaning he could get all of the money owed to him along with any other penalties that would come along with breaching his contract. The bankruptcy estate would have to pay that sucker off.

 

Plus, as has already been mentioned, it would cause numerous headaches with the Players' Union, agents, etc.

[Ryno is God 23]

To make this easy....The Cubs are not going to get out of any contract with players.

[Soul]

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

[Guest]

I was listening to WSCR this morning, and they had a legal expert on. They were discussing the possible bankruptcy of the Cubs and what it would man as far as players go. He said it could enable them to dump any tainted assets, which could include executory contracts, including player contracts.

 

What would the mean for Soriano, Bradley, Fukudome, Zambrano, Dempster, and Ramirez? Can they just pick and chose the ones they want to, and what would this mean for out relationship with the players union? I cant imagine it would be good at all, and if they were to dump say Soriano and Bradley or Fukudome from the books, I cant imagine either the courts, banks, or major league baseball allowing the Cubs to just take that money and spend it on more players. It would be to pay off the debts.

 

IMHO, its in the Cubs best interests to just suck it up and keep these guys around through the duration of their contracts, as tempting as an easy way out might be.

 

Under bankruptcy law, those contracts could technically be avoided and therefore those players could become free agents. However, avoiding the contract does not mean the contract is no longer in existence. The contract still exists. Avoiding it means you breach it. If the Cubs were to dump, say, Soriano, Soriano would have a breach of contract claim against the Cubs' bankruptcy estate, meaning he could get all of the money owed to him along with any other penalties that would come along with breaching his contract. The bankruptcy estate would have to pay that sucker off.

 

Plus, as has already been mentioned, it would cause numerous headaches with the Players' Union, agents, etc.

 

While a lot of this is true, it's quite possible that the collective bargaining agreement or some other agreement between MLB and the owners probably has wording that doesn't allow this type of thing. Maybe it's in each individual contract with the players where it states that the contract is guaranteed regardless of ownership change, bankruptcy, etc....

 

I just can't imagine that there isn't some form of protection for the player in any case, otherwise Jeff Loria would have already tried it. :blink:

[Little Slide Rooter]

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

 

And the team will pick up everything we shed and pump em full of pixie dust.

[Outshined_One]

While a lot of this is true, it's quite possible that the collective bargaining agreement or some other agreement between MLB and the owners probably has wording that doesn't allow this type of thing. Maybe it's in each individual contract with the players where it states that the contract is guaranteed regardless of ownership change, bankruptcy, etc....

 

I just can't imagine that there isn't some form of protection for the player in any case, otherwise Jeff Loria would have already tried it. :blink:

 

Private restraints on estates in bankruptcy are a huge no-no under the Code. You can try to contract around it all you want, but bankruptcy courts have enormously broad power. They can ignore that language or strike it altogether if they feel like it.

[Cubs Fan In NY]

I don't understand why it matters much if other teams' fans make fun of us for this. If it speeds up the process or whatever then what's the big deal. If we keep winning divisions and they want to bring up that we filed chapter 11 as some kind of taunt, then let them.

 

Anyway, glad to see things moving along at a reasonable clip now.

[Soul]

I don't understand why it matters much if other teams' fans make fun of us for this. If it speeds up the process or whatever then what's the big deal. If we keep winning divisions and they want to bring up that we filed chapter 11 as some kind of taunt, then let them.

 

Anyway, glad to see things moving along at a reasonable clip now.

 

I'm guessing you don't have to listen to rival fans all day long like some of us. You can only tune out so much.

[jersey cubs fan]

I don't understand why it matters much if other teams' fans make fun of us for this. If it speeds up the process or whatever then what's the big deal. If we keep winning divisions and they want to bring up that we filed chapter 11 as some kind of taunt, then let them.

 

Anyway, glad to see things moving along at a reasonable clip now.

 

I'm guessing you don't have to listen to rival fans all day long like some of us. You can only tune out so much.

 

Assuming he's in NYC, then he probably hears from Mets and Yankees fans quite frequently. Personally I run across STL, MIL and CWS fans, not to mention a ton of Philly fans, on a regualr basis. I still don't understand why it matters. It's a technical move. If they want to show off their ignorance, fine. But crap talking is for losers anyway, so why does it matter?

[Cubs Fan In NY]

I don't understand why it matters much if other teams' fans make fun of us for this. If it speeds up the process or whatever then what's the big deal. If we keep winning divisions and they want to bring up that we filed chapter 11 as some kind of taunt, then let them.

 

Anyway, glad to see things moving along at a reasonable clip now.

 

I'm guessing you don't have to listen to rival fans all day long like some of us. You can only tune out so much.

 

Assuming he's in NYC, then he probably hears from Mets and Yankees fans quite frequently. Personally I run across STL, MIL and CWS fans, not to mention a ton of Philly fans, on a regualr basis. I still don't understand why it matters. It's a technical move. If they want to show off their ignorance, fine. But crap talking is for losers anyway, so why does it matter?

 

Exactly, the things I hear the most are championships and our drought without one. I can't imagine any of them making comments about the Cubs filing for chapter 11. I just get asked frequently if we will ever win one. Just seems like a silly thing to be made fun of.

[Banedon]

I don't understand why it matters much if other teams' fans make fun of us for this. If it speeds up the process or whatever then what's the big deal. If we keep winning divisions and they want to bring up that we filed chapter 11 as some kind of taunt, then let them.

 

Anyway, glad to see things moving along at a reasonable clip now.

 

I'm guessing you don't have to listen to rival fans all day long like some of us. You can only tune out so much.

 

Wait, you were serious? I thought you were being sarcastic given my response to similar comments a page or two ago. Really, who cares what fans of other teams think? Especially about this? I mean if they wanna give us crap about Soriano, or Bradley, or whatever, that's one thing. But "ooooh...your team is declaring bankruptcy as a method for removing liability before an impending sale of the team"....yeah that doesn't really sting.

[Soul]

I don't understand why it matters much if other teams' fans make fun of us for this. If it speeds up the process or whatever then what's the big deal. If we keep winning divisions and they want to bring up that we filed chapter 11 as some kind of taunt, then let them.

 

Anyway, glad to see things moving along at a reasonable clip now.

 

I'm guessing you don't have to listen to rival fans all day long like some of us. You can only tune out so much.

 

Assuming he's in NYC, then he probably hears from Mets and Yankees fans quite frequently. Personally I run across STL, MIL and CWS fans, not to mention a ton of Philly fans, on a regualr basis. I still don't understand why it matters. It's a technical move. If they want to show off their ignorance, fine. But crap talking is for losers anyway, so why does it matter?

 

It's having to listen to it. You'll probably hear about from the idiots on sports shows too, in one form or another.

[manbearcub]

I don't understand why it matters much if other teams' fans make fun of us for this. If it speeds up the process or whatever then what's the big deal. If we keep winning divisions and they want to bring up that we filed chapter 11 as some kind of taunt, then let them.

 

Anyway, glad to see things moving along at a reasonable clip now.

 

I'm guessing you don't have to listen to rival fans all day long like some of us. You can only tune out so much.

 

Assuming he's in NYC, then he probably hears from Mets and Yankees fans quite frequently. Personally I run across STL, MIL and CWS fans, not to mention a ton of Philly fans, on a regualr basis. I still don't understand why it matters. It's a technical move. If they want to show off their ignorance, fine. But crap talking is for losers anyway, so why does it matter?

 

It's having to listen to it. You'll probably hear about from the idiots on sports shows too, in one form or another.

i dont know how you make it through the day.

[BCVM22]

http://csnchicago.com/pages/new_landing_cubs?Kaplan-Ricketts-Family-Told-They-Have-a-=1&blockID=63566&feedID=619

 

The Ricketts family has been informed by the Tribune that they have reached an agreement to purchase the Cubs. No press conference or statement is expected until the sale receives MLB approval.

 

As soon as the deal is approved by bankruptcy court as well as Major League Baseball the family will assume control of the team.

 

The two sides reached an agreement last week and sent the contract to Major League Baseball for approval.

 

The final price is believed to be close to the $900 million bid the Ricketts family tendered earlier this year.

[KingCubsFan]

I was listening to WSCR this morning, and they had a legal expert on. They were discussing the possible bankruptcy of the Cubs and what it would man as far as players go. He said it could enable them to dump any tainted assets, which could include executory contracts, including player contracts.

 

What would the mean for Soriano, Bradley, Fukudome, Zambrano, Dempster, and Ramirez? Can they just pick and chose the ones they want to, and what would this mean for out relationship with the players union? I cant imagine it would be good at all, and if they were to dump say Soriano and Bradley or Fukudome from the books, I cant imagine either the courts, banks, or major league baseball allowing the Cubs to just take that money and spend it on more players. It would be to pay off the debts.

 

IMHO, its in the Cubs best interests to just suck it up and keep these guys around through the duration of their contracts, as tempting as an easy way out might be.

 

Under bankruptcy law, those contracts could technically be avoided and therefore those players could become free agents. However, avoiding the contract does not mean the contract is no longer in existence. The contract still exists. Avoiding it means you breach it. If the Cubs were to dump, say, Soriano, Soriano would have a breach of contract claim against the Cubs' bankruptcy estate, meaning he could get all of the money owed to him along with any other penalties that would come along with breaching his contract. The bankruptcy estate would have to pay that sucker off.

 

Plus, as has already been mentioned, it would cause numerous headaches with the Players' Union, agents, etc.

This post reeks of someone studying for the bar exam. You forgot that Soriano and Bradley must mitigate the damages as well. In reality, it seems like the Cubs could do this, but the Players Union would most likely go on strike against the Cubs, and every player would have to sit out. Selectively breaching some employment and not others seems like something a union wouldn't go for.

[Soul]

i dont know how you make it through the day.

 

I come to this board looking for a little sympathy from my fellow Cub fans, and look what I get.

[Outshined_One]

This post reeks of someone studying for the bar exam. You forgot that Soriano and Bradley must mitigate the damages as well. In reality, it seems like the Cubs could do this, but the Players Union would most likely go on strike against the Cubs, and every player would have to sit out. Selectively breaching some employment and not others seems like something a union wouldn't go for.

 

IL on July 28th and 29th. :banghead:

 

Sadly, Bankruptcy law is not on the exam. I actually did pretty well in that class.

[Sammy Sofa]

i dont know how you make it through the day.

 

I come to this board looking for a little sympathy from my fellow Cub fans, and look what I get.

 

Thoughts and prayers.

[KingCubsFan]

This post reeks of someone studying for the bar exam. You forgot that Soriano and Bradley must mitigate the damages as well. In reality, it seems like the Cubs could do this, but the Players Union would most likely go on strike against the Cubs, and every player would have to sit out. Selectively breaching some employment and not others seems like something a union wouldn't go for.

 

IL on July 28th and 29th. :banghead:

 

Sadly, Bankruptcy law is not on the exam. I actually did pretty well in that class.

I'm in the same boat

[Soul]

http://www.bloomberg.com/apps/news?pid=20601204&sid=aZEZwNu3qwbw

[Banedon]

http://www.bloomberg.com/apps/news?pid=20601204&sid=aZEZwNu3qwbw

 

ROFL

 

“How is a team that resides in the most expensive part of the city and sells out every game going to justify going bankrupt?” said Atif Mughal, 28, a commodities trader with Cytrade Financial LLC. “Are they giving beers away for free?”

 

For a commodities trader, he doesn't understand money so well, eh?

 

“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.

[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.

[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.

[SouthSideRyan]

For a commodities trader, he doesn't understand money so well, eh?

 

It's pretty much the norm.

[Outshined_One]

“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.

 

If they could sell your organs and not face any liability for it, creditors would do it in a heartbeat. Morality and business don't go together.