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From the Financial Times...
http://www.ft.com/cms/s/0/8e356554-de7e-11...0077b07658.html
<!--quoteo-->QUOTE <!--quotec-->Tribune bankruptcy delays Cubs sale
By Kenneth Li in New York
Published: January 9 2009 23:14 | Last updated: January 9 2009 23:14
The naming of a lead bidder for the auction of the Chicago Cubs baseball team will likely be delayed until the middle of next week as the bankruptcy of Tribune, team owner and publisher of the Los Angeles Times, has made the process more difficult, according to people briefed on the discussions.
Since filing for bankruptcy in December, Tribune’s creditors are now seeking a bigger cash component in the deal. Sam Zell, Tribune owner, who had hoped to retain a nearly 50 per cent stake in the team to minimise tax liabilities, is now seeking a much smaller single-digit percentage stake.
“They want cash,” one source said. The bidders will “have a lot more equity than a year ago.”
Three bidders submitted last minute details this week and some had originally expected a decision as early as yesterday. A sale is seen fetching $850m to $900m, the source said.<!--QuoteEnd--><!--QuoteEEnd-->
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How long do you think this will drag on,Rok?
A herd of buffalo can move only as fast as the slowest buffalo. When the herd is hunted, it is the slowest and weakest ones at the back that are killed first. This natural selection is good for the herd as a whole, because the general speed and health of the whole group keeps improving by the regular killing of the weakest members.
In much the same way the human brain can only operate as fast as the slowest brain cells. Excessive intake of alcohol, we all know, kills brain cells, but naturally it attacks the slowest and weakest brain cells first. In this way regular consumption of beer eliminates the weaker brain cells, making the brain a faster and more efficient machine. That's why you always feel smarter after a few beers.
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<!--quoteo(post=10596:date=Jan 10 2009, 07:20 PM:name=Captain)-->QUOTE (Captain @ Jan 10 2009, 07:20 PM) <{POST_SNAPBACK}><!--quotec-->How long do you think this will drag on,Rok?<!--QuoteEnd--><!--QuoteEEnd-->
Honestly, I think it could drag until the end of this month or early Feb. I think we should know for sure before pitchers and catchers report who has been selected and whether MLB approves or not. I have no idea when the deal could close though, since that depends on the financing terms.
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Thanks...thats what I thought too.
I'd love to see Ricketts get it this week or next but with all the variables ...I'm afraid it could be a month.
A herd of buffalo can move only as fast as the slowest buffalo. When the herd is hunted, it is the slowest and weakest ones at the back that are killed first. This natural selection is good for the herd as a whole, because the general speed and health of the whole group keeps improving by the regular killing of the weakest members.
In much the same way the human brain can only operate as fast as the slowest brain cells. Excessive intake of alcohol, we all know, kills brain cells, but naturally it attacks the slowest and weakest brain cells first. In this way regular consumption of beer eliminates the weaker brain cells, making the brain a faster and more efficient machine. That's why you always feel smarter after a few beers.
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Bidding For Cubs Extends Past Deadline(Tribune)
<!--quoteo-->QUOTE <!--quotec-->The never-ending auction hasn't ended.
Tribune Co., owner of the Chicago Cubs as well as the Chicago Tribune, was pushing prospective buyers to submit their final bids for the team, Wrigley Field and related assets by the end of last week. But the media company was flexible with the deadline, said people familiar with the discussions.
As one source said Monday, "In an auction you are always given the opportunity to improve your bid one last time."
Yet the finish line remains near. The last-minute jockeying likely will delay the selection of a winning bid by a few days, sources said.
It's in Tribune Co.'s best interests to keep the bidding alive to squeeze the last possible dollar from the Cubs. The company also has other constituents to satisfy: its creditors and a bankruptcy judge. Tribune Co., controlled by Chicago real estate investor Sam Zell, filed for bankruptcy reorganization Dec. 8.
While Tribune Co. did not include the Cubs in its bankruptcy petition, that doesn't mean the legal proceedings will not influence the sale. Creditors and the judge want to make sure there has been a fair sales process that maximizes the proceeds for the bankrupt estate, said Douglas Baird, a corporate restructuring specialist at the University of Chicago Law School.
The last thing Tribune Co. wants is for a prominent creditor to object to the sales process and attempt to reopen the Cubs auction in bankruptcy court, sources said. The company declined to comment.
The bankruptcy filing also has complicated the sale for some bidders. Before the bankruptcy filing, Tribune Co. was focused on selling the team in a tax-efficient manner because the company faces a heavy capital-gains levy from the transaction. Tribune Co. bought the team and stadium for $20.5 million in 1981; the Cubs now could fetch more than $800 million, sources have said.
With tax savings in mind, Tribune Co. considered taking some non-cash considerations from a buyer that would pay out over time. In bankruptcy, the company is more conscious of getting as much cash upfront as possible, sources said.<!--QuoteEnd--><!--QuoteEEnd-->
Kap said today on Trib Live that we might know who the owner is within 48 hours.
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![[Image: pray.jpg]](http://www.angelfire.com/il2/cubssuck/pray.jpg)
Ricketts, Ricketts, Ricketts, please God Almighty, gimmie Ricketts...
I hate my pretentious sounding username too.
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Does Ricketts get the full endorsement of Sons of Ivy? I haven't been keeping up on it very much.
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<!--quoteo(post=11160:date=Jan 13 2009, 07:12 AM:name=Quinn)-->QUOTE (Quinn @ Jan 13 2009, 07:12 AM) <{POST_SNAPBACK}><!--quotec-->Does Ricketts get the full endorsement of Sons of Ivy? I haven't been keeping up on it very much.<!--QuoteEnd--><!--QuoteEEnd-->
I think of the guys that are left, Ricketts is the heavy favorite here at SOI.
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<!--quoteo(post=11204:date=Jan 13 2009, 10:04 AM:name=Butcher)-->QUOTE (Butcher @ Jan 13 2009, 10:04 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=11160:date=Jan 13 2009, 07:12 AM:name=Quinn)--><div class='quotetop'>QUOTE (Quinn @ Jan 13 2009, 07:12 AM) <{POST_SNAPBACK}><!--quotec-->Does Ricketts get the full endorsement of Sons of Ivy? I haven't been keeping up on it very much.<!--QuoteEnd--><!--QuoteEEnd-->
I think of the guys that are left, Ricketts is the heavy favorite here at SOI.
<!--QuoteEnd--></div><!--QuoteEEnd-->
I'm going on the assumption that when people talk of Ricketts, that there is a Ricketts group, and it isn't just the family. (I may be wrong) Does anyone know who is in this Ricketts consortium? I'm guessing (and again - just a guess) that this will be Ricketts the same way that Reinsdorf owns the Sox. He will be the managing partner with the largest share, but he won't be the only money in this thing. With the kind of $ we are talking about, if it includes both the team and the stadium, I don't see how Ricketts would choose to go at it alone (or with just family money).
Has anyone heard if/who is part of a Ricketts team?
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<!--quoteo(post=11224:date=Jan 13 2009, 10:42 AM:name=cherp)-->QUOTE (cherp @ Jan 13 2009, 10:42 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=11204:date=Jan 13 2009, 10:04 AM:name=Butcher)--><div class='quotetop'>QUOTE (Butcher @ Jan 13 2009, 10:04 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=11160:date=Jan 13 2009, 07:12 AM:name=Quinn)--><div class='quotetop'>QUOTE (Quinn @ Jan 13 2009, 07:12 AM) <{POST_SNAPBACK}><!--quotec-->Does Ricketts get the full endorsement of Sons of Ivy? I haven't been keeping up on it very much.<!--QuoteEnd--><!--QuoteEEnd-->
I think of the guys that are left, Ricketts is the heavy favorite here at SOI.
<!--QuoteEnd--></div><!--QuoteEEnd-->
I'm going on the assumption that when people talk of Ricketts, that there is a Ricketts group, and it isn't just the family. (I may be wrong) Does anyone know who is in this Ricketts consortium? I'm guessing (and again - just a guess) that this will be Ricketts the same way that Reinsdorf owns the Sox. He will be the managing partner with the largest share, but he won't be the only money in this thing. With the kind of $ we are talking about, if it includes both the team and the stadium, I don't see how Ricketts would choose to go at it alone (or with just family money).
Has anyone heard if/who is part of a Ricketts team?
<!--QuoteEnd--></div><!--QuoteEEnd-->
heres the problem cherp-a-roo: when you were on the original iti, i hated you. then you joined us at soi and you grew on me, partly because you toned it down a bit, and partly because of the way you were treated.
now that i know you're a dirty white sox fan and a cub hater, i don't know how to respond to your posts anymore. i'm sure you're a decent guy in real life and i sympathize with your family tragedy. (i really do too - my heart goes out to your family) but i don't feel like i can ever trust you again. your posts confuse me. i don't know how to react knowing that you hate the cubs and cub fans.
just thought i'd share my feelings.
Wang.
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I just think cherp has 20 too many posts on this site.
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The Ricketts are bidding as a family entity (when you take into account their wealth amassed from selling Ameritrade and then Tom's from Incapital), since they have more wealth in aggregate than the other groups without any need to bring in outsiders to strengthen their bid. Could there be minority partners ready to infuse more capital if needed? Sure, but they will be insignificant and I'm not wasting my time trying to find out who they might be. No additional names have been mentioned so far as I can tell anywhere in the press.
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<!--quoteo(post=11249:date=Jan 13 2009, 11:26 AM:name=rok)-->QUOTE (rok @ Jan 13 2009, 11:26 AM) <{POST_SNAPBACK}><!--quotec-->The Ricketts are bidding as a family entity (when you take into account their wealth amassed from selling Ameritrade and then Tom's from Incapital), since they have more wealth in aggregate than the other groups without any need to bring in outsiders to strengthen their bid. Could there be minority partners ready to infuse more capital if needed? Sure, but they will be insignificant and I'm not wasting my time trying to find out who they might be. No additional names have been mentioned so far as I can tell anywhere in the press.<!--QuoteEnd--><!--QuoteEEnd-->
Thanks Rok. I haven't seen any - and was surprised to not hear other names.
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<!--quoteo(post=11329:date=Jan 13 2009, 02:36 PM:name=cherp)-->QUOTE (cherp @ Jan 13 2009, 02:36 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=11249:date=Jan 13 2009, 11:26 AM:name=rok)--><div class='quotetop'>QUOTE (rok @ Jan 13 2009, 11:26 AM) <{POST_SNAPBACK}><!--quotec-->The Ricketts are bidding as a family entity (when you take into account their wealth amassed from selling Ameritrade and then Tom's from Incapital), since they have more wealth in aggregate than the other groups without any need to bring in outsiders to strengthen their bid. Could there be minority partners ready to infuse more capital if needed? Sure, but they will be insignificant and I'm not wasting my time trying to find out who they might be. No additional names have been mentioned so far as I can tell anywhere in the press.<!--QuoteEnd--><!--QuoteEEnd-->
Thanks Rok. I haven't seen any - and was surprised to not hear other names.
<!--QuoteEnd--></div><!--QuoteEEnd-->
Thats the best you got?
No response concerning tom's feelings?
I'm underwhelmed and surprised.
Well...not really surprised.
A herd of buffalo can move only as fast as the slowest buffalo. When the herd is hunted, it is the slowest and weakest ones at the back that are killed first. This natural selection is good for the herd as a whole, because the general speed and health of the whole group keeps improving by the regular killing of the weakest members.
In much the same way the human brain can only operate as fast as the slowest brain cells. Excessive intake of alcohol, we all know, kills brain cells, but naturally it attacks the slowest and weakest brain cells first. In this way regular consumption of beer eliminates the weaker brain cells, making the brain a faster and more efficient machine. That's why you always feel smarter after a few beers.
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What's he supposed to say? Acknowledging tom's post gives credence to the absurd idea that liking the Sox means you have to hate the Cubs.
Taint true, from what I've seen.
Taint.
There's nothing better than to realize that the good things about youth don't end with youth itself. It's a matter of realizing that life can be renewed every day you get out of bed without baggage. It's tough to get there, but it's better than the dark thoughts. -Lance
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