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Tuesday, May 03, 2011 |
Words For McCourt; Bankruptcy This Month Possible, Says LAT
From Oliver Cromwell, on the occasion of his address to the Rump Parliament upon its dissolution by the New Model Army:
You have been sat too long here for any good you have been doing. Depart, I say, and let us have done with you. In the name of God, go!The Times analogue of the WSJ story I shared earlier says that McCourt could run out of money this month.
The cash shortage was confirmed Tuesday by two people familiar with the matter, speaking on condition of anonymity because of the possibility of McCourt filing suit against MLB.Yay. Not that I think the players having to go through some weird payroll processing is any fun, but jettisoning Frank is infinitely preferable to any future with him running the team.McCourt received a $30-million loan from Fox last month, which provided funding for the Dodgers' two April payrolls and is expected to carry them through the first May payroll. The second May payroll, due at month's end, is the one that appears problematic at this time.
If McCourt were to fail to meet payroll, the league would cover the expenses and would have the option to seize the Dodgers from him, according to one of the people familiar with the situation.
Comments:
I do not wish the slightest inconvenience on the players, or any other Dodger Stadium employee, but whatever it takes to dislodge those carpetbaggers is a blessing.
I have to believe that Bud has guaranteed player salaries, either tacitly or sub rosa. In fact, there is some reason to believe MLBPA is not only the entity that will be used to induce bankruptcy, but that they will be a willing partner in this ... payroll under McCourt ownership has not kept pace with the freer-spending clubs, and a big reason for this is debt service and all the money they have taken out of the team.
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