AG Now Involved With Rangers Bankruptcy
The Texas Rangers’ already-murky bankruptcy plans are now even muddier with the intervention of the state Attorney General.
Yesterday, Greg Abbott asked the federal bankruptcy judge to toss out the team’s re-organization plan because Abbott believes various tax-collecting governmental bodies get short-shrift. Some of the team’s major lenders already oppose the plan because it will allow Tom Hicks to sell the team to Nolan Ryan and Chuck Greenberg for a lower bid than one offered by a Houston businessman.
Even the federal bankruptcy trustee in the case wants to the judge to intervene by dumping the Rangers’ bankruptcy lawyers because their close ties to Hicks led them to favor the Ryan-Greenberg bid.
All of these roadblocks are may well delay the sale until after the July 31st Major League Baseball trading deadline. Many fans hope new owners, with deep pockets, will be in place in time for the Rangers to acquire a top-of-the-line pitcher in time for a hoped-for pennant chase.