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

[LillyFan]

http://sports.espn.go.com/mlb/news/story?id=4324073&campaign=rss&source=twitter&ex_cid=Twitter_espn_4324073

CHICAGO -- The Chicago Cubs might file for Chapter 11 in order to speed their sale by bankrupt media company Tribune Co, two sources familiar with the process told Reuters on Monday.

 

Bloomberg News also reported the story Monday, saying the Cubs would become the first team to declare bankruptcy since the Seattle Pilots went belly-up in 1970.

 

"It's pretty certain that they will do it," one of Reuters' sources, who asked not to be identified because the sales process is continuing, said.

 

Such an approach would likely be taken to ensure the storied baseball team and related assets are free of liabilities so as to speed a sale, said the other source, who also asked not to be identified. Tribune filed for bankruptcy last December, but the Cubs were not part of that filing.

[Oscar Zamora]

Free Peavy.

 

or acquire hallady.

[Keener98]

Free Peavy.

 

or acquire hallady.

 

Is he better than Halladay? If so, lets get him now!

[Hairyducked Idiot]

Is it too much to hope that bankruptcy would rid us of some long-term contracts?

 

If not that, what liabilities would the team have that need to be released? I can't think of anything.

[Little Slide Rooter]

Is it too much to hope that bankruptcy would rid us of some long-term contracts?

 

If not that, what liabilities would the team have that need to be released? I can't think of anything.

 

Players union would never allow that. Its more likely for the banks to take over Wrigley.

[Ryno is God 23]

From my understanding it is to protect them from any future liabilities the Trib bankruptcy could cause.....It is a legal maneuver.

[chuckywang]

How can the Cubs be bankrupt? 40k+ at every game.

[Hairyducked Idiot]

From my understanding it is to protect them from any future liabilities the Trib bankruptcy could cause.....It is a legal maneuver.

 

That makes a lot more sense.

[Banedon]

How can the Cubs be bankrupt? 40k+ at every game.

 

Chapter 11 bankruptcy does not mean "out of money". Chapter 11 is debt reorganization.

[chuckywang]

How can the Cubs be bankrupt? 40k+ at every game.

 

Chapter 11 bankruptcy does not mean "out of money". Chapter 11 is debt reorganization.

 

Tell that to the throngs of Cardinals and White Sox fans who don't know any better. This is kinda embarrassing.

[manbearcub]

How can the Cubs be bankrupt? 40k+ at every game.

 

Chapter 11 bankruptcy does not mean "out of money". Chapter 11 is debt reorganization.

 

Tell that to the throngs of Cardinals and White Sox fans who don't know any better. This is kinda embarrassing.

if cardinals and white sox fans start making fun of us i don't know what I will do with myself

[mjohnson71]

How can the Cubs be bankrupt? 40k+ at every game.

 

Chapter 11 bankruptcy does not mean "out of money". Chapter 11 is debt reorganization.

 

Tell that to the throngs of Cardinals and White Sox fans who don't know any better. This is kinda embarrassing.

 

I know it's all for show, but it doesn't look good.

[Outshined_One]

How can the Cubs be bankrupt? 40k+ at every game.

 

Chapter 11 bankruptcy does not mean "out of money". Chapter 11 is debt reorganization.

 

Pretty much. Bankruptcy does not equal insolvency.

[Banedon]

How can the Cubs be bankrupt? 40k+ at every game.

 

Chapter 11 bankruptcy does not mean "out of money". Chapter 11 is debt reorganization.

 

Tell that to the throngs of Cardinals and White Sox fans who don't know any better. This is kinda embarrassing.

 

I know it's all for show, but it doesn't look good.

 

.....Wow...who cares? If this is the best thing for the organization, who cares what Bubba from Hicksville, MO thinks about it?

[Hairyducked Idiot]

.....Wow...who cares? If this is the best thing for the organization, who cares what Bubba from Hicksville, MO thinks about it?

 

We will suffer humiliation when the sports team from their area does not need a procedural financial maneuver, and the sports team from our area does.

[Little Slide Rooter]

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.

[Banedon]

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.

 

If they back out of player contracts, how can they lure big name free agents in the future? Unfortunately I don't think they'll be doing anything with those.

[Hairyducked Idiot]

If they back out of player contracts, how can they lure big name free agents in the future? Unfortunately I don't think they'll be doing anything with those.

 

 

It would absolutely torch their relationship with the players association and every agent in the league.

 

It's nice to dream on, though.

[Little Slide Rooter]

If they back out of player contracts, how can they lure big name free agents in the future? Unfortunately I don't think they'll be doing anything with those.

 

 

It would absolutely torch their relationship with the players association and every agent in the league.

 

 

The question is, do the current owners who want out give a damn about that if it makes the sale easier?

[RedIvyCub]

If they file bankruptcy, can they break any player contracts? (I'm looking at you, Soriano.)

 

:beg:

 

Too bad the banks cant claim players as assets like they do with houses and cars. I can just imagine the repo man dragging off the entire Cubs outfield in the middle of a game :rotfl:

 

Don't you mean the player's contract as an asset?

[RedIvyCub]

Kap says the sale will be announced today with Ricketts being the new owner:

 

As I first reported a week ago last Friday, the Ricketts family will become owners of the fabled Cubs franchise.

 

According to excellent sources, I expect a deal with Tom Ricketts and his family to be announced later today.

 

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

 

http://www.chicagonow.com/blogs/david-kaplan-chicago-sports/2009/07/breaking-news-cubs-sale-to-be-announced-today.html

 

Seems once again his "excellent resources" are playing games with him.

[davearm2]

If they back out of player contracts, how can they lure big name free agents in the future? Unfortunately I don't think they'll be doing anything with those.

 

 

It would absolutely torch their relationship with the players association and every agent in the league.

 

 

The question is, do the current owners who want out give a damn about that if it makes the sale easier?

It wouldn't make the sale easier.

 

Poisoning its reputation with the league/union/players/agents would depress the team's value to the new owner, and would surely create problems with the transaction. It would if I was Ricketts, anyway.

[RedIvyCub]

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.

 

I don't see them butting heads with the MLBPA over this especially with the big money contracts.

 

However, what a bankruptcy could affect are the payments still being made to Sosa. Would wipe those out as well as to any other player who had a contract with deferred payments. Bet the DBacks are thinking they should have done this themselves years ago. LOL

[Little Slide Rooter]

Bankruptcy Won't Exempt Cubs From Contracts

By Ben Nicholson-Smith [July 14 at 8:58am CST]

The Tribune Co. may take the Cubs to bankruptcy to complete the sale of their team to the Ricketts family, but the club will still be responsible for its players' contracts, according to David Roeder and Fran Spielman of the Chicago Sun-Times. Major league baseball guarantees payment on player deals, so the Cubs won't be able to avoid contracts like Alfonso Soriano's and Milton Bradley's.

 

A bankruptcy filing would bring the sale of the team closer to completion, but a bankruptcy judge and 75% of major league owners would still have to approve the transaction.

 

I guess this is a good thing. Again, as tempting as an easy out from Sorianos contract would be, it wouldnt be at all worth the bridges that would be burned with the players association, MLB in general, no to mention our own players.

[Ryno is God 23]

Cubs could emerge from this bankruptcy in days.....