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Monday, February 01, 2010
Oops: Rangers Sale May Not Be On After All
Via David Pinto, it looks like the Rangers sale is not as complete as previously advertised. Turns out that because Tom Hicks is in both old (as a majority owner, presumably) and new ownership groups, he's using this to squeeze his creditors and force them to take a haircut. "We will be better off in bankruptcy court," one source alleges his current creditors say, and a relatively small amount of money in this transaction — about $30M from Craig Calcaterra's reckoning — may derail the whole deal.