Rangers' hearing on sale set for July 9
FORT WORTH, Texas -- A bankruptcy judge says the final hearing on whether to approve a plan to sell the Texas Rangers will not be delayed after all.
At a brief hearing Friday, U.S. Bankruptcy Judge D. Michael Lynn granted the proposed buyers' request for a July 9 hearing as originally planned.
A group led by Pittsburgh attorney Chuck Greenberg and Nolan Ryan, the Hall of Fame pitcher and team president, argued that the judge's decision to hold the hearing on July 22 would cripple any plans to be active before the nonwaiver trading deadline of July 31.
The Rangers' bankruptcy plan calls for paying creditors $75 million to clear the way for the sale. Creditors say the team actually owes more than $525 million in loans that team owner Tom Hicks' ownership group defaulted on last year.
Mediation is now set for July 6.
Copyright 2010 by The Associated Press
FORT WORTH, Texas -- A bankruptcy judge says the final hearing on whether to approve a plan to sell the Texas Rangers will not be delayed after all.
At a brief hearing Friday, U.S. Bankruptcy Judge D. Michael Lynn granted the proposed buyers' request for a July 9 hearing as originally planned.
A group led by Pittsburgh attorney Chuck Greenberg and Nolan Ryan, the Hall of Fame pitcher and team president, argued that the judge's decision to hold the hearing on July 22 would cripple any plans to be active before the nonwaiver trading deadline of July 31.
The Rangers' bankruptcy plan calls for paying creditors $75 million to clear the way for the sale. Creditors say the team actually owes more than $525 million in loans that team owner Tom Hicks' ownership group defaulted on last year.
Mediation is now set for July 6.
Copyright 2010 by The Associated Press
