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+--- Thread: Cubs bidders down to 3 (/thread-8397.html)
Cubs bidders down to 3 - Coldneck - 12-06-2008
From the same article, as it applies to this thread.
<!--quoteo-->QUOTE <!--quotec-->As for the sale of the team, Kenney said the Cubs are going over the bids and owner Tribune Co. is expected to complete the sale by spring training, which begins in mid-February and ends on April 4. He indicated Tribune Co. will not keep half the team, as has been reported.
“While the economy is as challenging as it is, I think the value of the franchise really hasn’t changed long-term,” he said. “And I think the bidders are all well financed and understand that. They didn’t deviate much from where the value should be.”
Kenney said Tribune Co. Chairman Sam Zell has no firm deadline for getting the deal done.
“Sam doesn’t operate under any deadline for this,” he said. “It could take as long as he wants it to, but for all of our benefit, we hope by spring training we’re finished. And that will be good because there’s a lot of planning we want to do that has some long-term implications. Not just the player contract stuff. Having an owner at the seat of the table would help.”
Kenney was not sure if he would remain with the organization under the new owner, though he added “it would be exciting to be part” of the Cubs future.<!--QuoteEnd--><!--QuoteEEnd-->
Cubs bidders down to 3 - rok - 12-07-2008
This should complicate the sale. Motherfuck.
Trib preparing to fill Chapter 11
<!--quoteo-->QUOTE <!--quotec-->DECEMBER 8, 2008
Tribune Co. Taps Lazard,Weighs Filing for Chapter 11
Tribune Co. is preparing for a possible filing for bankruptcy-court protection as soon as this week, according to people familiar with the matter, in another sign of trouble for the newspaper industry.
In recent days, as Tribune continued talks with lenders to restructure its debt, the newspaper-and-television concern hired Lazard Ltd. as its financial adviser, as well as legal counsel for a possible trip through bankruptcy court, according to people familiar with the matter.<!--QuoteEnd--><!--QuoteEEnd-->
Cubs bidders down to 3 - Coldneck - 12-07-2008
<!--quoteo(post=2062:date=Dec 7 2008, 08:02 PM:name=rok)-->QUOTE (rok @ Dec 7 2008, 08:02 PM) <{POST_SNAPBACK}><!--quotec-->This should complicate the sale. Motherfuck.
Trib preparing to fill Chapter 11
<!--quoteo--><div class='quotetop'>QUOTE <!--quotec-->DECEMBER 8, 2008
Tribune Co. Taps Lazard,Weighs Filing for Chapter 11
Tribune Co. is preparing for a possible filing for bankruptcy-court protection as soon as this week, according to people familiar with the matter, in another sign of trouble for the newspaper industry.
In recent days, as Tribune continued talks with lenders to restructure its debt, the newspaper-and-television concern hired Lazard Ltd. as its financial adviser, as well as legal counsel for a possible trip through bankruptcy court, according to people familiar with the matter.<!--QuoteEnd--><!--QuoteEEnd-->
<!--QuoteEnd--></div><!--QuoteEEnd-->
It's bound to hurt our payroll as well.
Cubs bidders down to 3 - Andy - 12-08-2008
Wow. However, wouldn't that possibly mean that Zell would be looking to sell sooner?? Finally get a move on things?
Cubs bidders down to 3 - rok - 12-08-2008
<!--quoteo(post=2187:date=Dec 8 2008, 10:50 AM:name=Andy)-->QUOTE (Andy @ Dec 8 2008, 10:50 AM) <{POST_SNAPBACK}><!--quotec-->Wow. However, wouldn't that possibly mean that Zell would be looking to sell sooner?? Finally get a move on things?<!--QuoteEnd--><!--QuoteEEnd-->
If they can get it done quickly, sure, but bankruptcy always complicates things because if a deal isn't done before they file (not likely), the judges will be all over it and have to approve the sale every step of the way, in addition to MLB. It might make it difficult to strip out the Comcast stake as well. It's just a massive headache for everyone.
Cubs bidders down to 3 - Butcher - 12-08-2008
I hope Zell's penis catches fire.
Cubs bidders down to 3 - dk123 - 12-08-2008
<!--quoteo(post=2192:date=Dec 8 2008, 10:53 AM:name=Butcher)-->QUOTE (Butcher @ Dec 8 2008, 10:53 AM) <{POST_SNAPBACK}><!--quotec-->I hope Zell's penis catches fire.<!--QuoteEnd--><!--QuoteEEnd-->
What about his balls? Can he keep them?
Cubs bidders down to 3 - Jody - 12-08-2008
<!--quoteo(post=2192:date=Dec 8 2008, 10:53 AM:name=Butcher)-->QUOTE (Butcher @ Dec 8 2008, 10:53 AM) <{POST_SNAPBACK}><!--quotec-->I hope Zell's penis catches fire.<!--QuoteEnd--><!--QuoteEEnd-->
We all want to see that happen Butch.
Cubs bidders down to 3 - Butcher - 12-08-2008
<!--quoteo(post=2194:date=Dec 8 2008, 10:58 AM:name=dk123)-->QUOTE (dk123 @ Dec 8 2008, 10:58 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=2192:date=Dec 8 2008, 10:53 AM:name=Butcher)--><div class='quotetop'>QUOTE (Butcher @ Dec 8 2008, 10:53 AM) <{POST_SNAPBACK}><!--quotec-->I hope Zell's penis catches fire.<!--QuoteEnd--><!--QuoteEEnd-->
What about his balls? Can he keep them?
<!--QuoteEnd--></div><!--QuoteEEnd-->
Can we freeze his balls in liquid nitrogen and then smash them with a hammer?
That would be my ideal combo.
Cubs bidders down to 3 - Butcher - 12-08-2008
<!--quoteo(post=2196:date=Dec 8 2008, 11:00 AM:name=Jody)-->QUOTE (Jody @ Dec 8 2008, 11:00 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=2192:date=Dec 8 2008, 10:53 AM:name=Butcher)--><div class='quotetop'>QUOTE (Butcher @ Dec 8 2008, 10:53 AM) <{POST_SNAPBACK}><!--quotec-->I hope Zell's penis catches fire.<!--QuoteEnd--><!--QuoteEEnd-->
We all want to see that happen Butch.
<!--QuoteEnd--></div><!--QuoteEEnd-->
Let's start a rally. I'll meet you at the corner of Michigan Avenue and Wacker Drive...
Cubs bidders down to 3 - Coldneck - 12-08-2008
<!--quoteo(post=2191:date=Dec 8 2008, 11:53 AM:name=rok)-->QUOTE (rok @ Dec 8 2008, 11:53 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=2187:date=Dec 8 2008, 10:50 AM:name=Andy)--><div class='quotetop'>QUOTE (Andy @ Dec 8 2008, 10:50 AM) <{POST_SNAPBACK}><!--quotec-->Wow. However, wouldn't that possibly mean that Zell would be looking to sell sooner?? Finally get a move on things?<!--QuoteEnd--><!--QuoteEEnd-->
If they can get it done quickly, sure, but bankruptcy always complicates things because if a deal isn't done before they file (not likely), the judges will be all over it and have to approve the sale every step of the way, in addition to MLB. It might make it difficult to strip out the Comcast stake as well. It's just a massive headache for everyone.
<!--QuoteEnd--></div><!--QuoteEEnd-->
Bankruptcy would be a huge hurdle. Not only would a judge have to approve the sale, but a committee of the Trib's creditors would as well.
Cubs bidders down to 3 - Jody - 12-08-2008
<!--quoteo(post=2198:date=Dec 8 2008, 11:01 AM:name=Butcher)-->QUOTE (Butcher @ Dec 8 2008, 11:01 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=2196:date=Dec 8 2008, 11:00 AM:name=Jody)--><div class='quotetop'>QUOTE (Jody @ Dec 8 2008, 11:00 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=2192:date=Dec 8 2008, 10:53 AM:name=Butcher)--><div class='quotetop'>QUOTE (Butcher @ Dec 8 2008, 10:53 AM) <{POST_SNAPBACK}><!--quotec-->I hope Zell's penis catches fire.<!--QuoteEnd--><!--QuoteEEnd-->
We all want to see that happen Butch.
<!--QuoteEnd--></div><!--QuoteEEnd-->
Let's start a rally. I'll meet you at the corner of Michigan Avenue and Wacker Drive...
<!--QuoteEnd--></div><!--QuoteEEnd-->
Huh Huh, you said Wacker. Uh Huh Huh
Cubs bidders down to 3 - ColoradoCub - 12-08-2008
<!--quoteo(post=2204:date=Dec 8 2008, 10:07 AM:name=Coldneck)-->QUOTE (Coldneck @ Dec 8 2008, 10:07 AM) <{POST_SNAPBACK}><!--quotec-->Bankruptcy would be a huge hurdle. Not only would a judge have to approve the sale, but a committee of the Trib's creditors would as well.<!--QuoteEnd--><!--QuoteEEnd-->
How much is Zell in debt for? $13b? I guess that selling the Cubs isn't going to put much of a dent in that. What the hell was he thinking?
Cubs bidders down to 3 - rok - 12-08-2008
<!--quoteo(post=2207:date=Dec 8 2008, 11:14 AM:name=ColoradoCub)-->QUOTE (ColoradoCub @ Dec 8 2008, 11:14 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=2204:date=Dec 8 2008, 10:07 AM:name=Coldneck)--><div class='quotetop'>QUOTE (Coldneck @ Dec 8 2008, 10:07 AM) <{POST_SNAPBACK}><!--quotec-->Bankruptcy would be a huge hurdle. Not only would a judge have to approve the sale, but a committee of the Trib's creditors would as well.<!--QuoteEnd--><!--QuoteEEnd-->
How much is Zell in debt for? $13b? I guess that selling the Cubs isn't going to put much of a dent in that. What the hell was he thinking?
<!--QuoteEnd--></div><!--QuoteEEnd-->
In retrospect, I don't know what he was thinking. Even if the credit markets were healthy and he could find buyers for all Trib assets, there would be no way in hell the enterprise was worth more in parts than what was paid for it in aggregate, and that doesn't come close to $13 bln. He probably doesn't care anyway, because he still controls almost a dozen other companies and the Trib's employees are the ones hurt by this because it's their ESOP plan that owns the bulk of the company now. Even if he gets sued he'll still be rich (he only committed $300 mil of his own wealth), and he has never cared about what people think of him, so his reputation won't be tarnished by much.
Cubs bidders down to 3 - Coldneck - 12-08-2008
<!--quoteo(post=2208:date=Dec 8 2008, 12:19 PM:name=rok)-->QUOTE (rok @ Dec 8 2008, 12:19 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=2207:date=Dec 8 2008, 11:14 AM:name=ColoradoCub)--><div class='quotetop'>QUOTE (ColoradoCub @ Dec 8 2008, 11:14 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=2204:date=Dec 8 2008, 10:07 AM:name=Coldneck)--><div class='quotetop'>QUOTE (Coldneck @ Dec 8 2008, 10:07 AM) <{POST_SNAPBACK}><!--quotec-->Bankruptcy would be a huge hurdle. Not only would a judge have to approve the sale, but a committee of the Trib's creditors would as well.<!--QuoteEnd--><!--QuoteEEnd-->
How much is Zell in debt for? $13b? I guess that selling the Cubs isn't going to put much of a dent in that. What the hell was he thinking?
<!--QuoteEnd--></div><!--QuoteEEnd-->
In retrospect, I don't know what he was thinking. Even if the credit markets were healthy and he could find buyers for all Trib assets, there would be no way in hell the enterprise was worth more in parts than what was paid for it in aggregate, and that doesn't come close to $13 bln. He probably doesn't care anyway, because he still controls almost a dozen other companies and the Trib's employees are the ones hurt by this because it's their ESOP plan that owns the bulk of the company now. Even if he gets sued he'll still be rich (he only committed $300 mil of his own wealth), and he has never cared about what people think of him, so his reputation won't be tarnished by much.
<!--QuoteEnd--></div><!--QuoteEEnd-->
I don't care how rich someone might be. losing $300 million would be a giant kick in the nads. Especially for an egomaniac such as Zell.