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<!--quoteo(post=49575:date=Jul 13 2009, 09:32 AM:name=Butcher)-->QUOTE (Butcher @ Jul 13 2009, 09:32 AM) <{POST_SNAPBACK}><!--quotec-->I don't get it.<!--QuoteEnd--><!--QuoteEEnd-->
There are no creditors forcing the organization into bankruptcy, so it isn't clear to me either. Maybe the team can claim that future liabilities from renovating Wrigley, paying salaries, taxes, etc are forcing them to seek protection. That doesn't make a ton of sense though, unless Tribco is planning on moving some of its own debt onto the Cubs' balance sheet through some accounting trick.
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<!--quoteo(post=49577:date=Jul 13 2009, 09:37 AM:name=BT)-->QUOTE (BT @ Jul 13 2009, 09:37 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=49575:date=Jul 13 2009, 09:32 AM:name=Butcher)--><div class='quotetop'>QUOTE (Butcher @ Jul 13 2009, 09:32 AM) <{POST_SNAPBACK}><!--quotec-->I don't get it.<!--QuoteEnd--><!--QuoteEEnd-->
It's actually pretty simple. The Cubs needed to clear some payroll for Bradley, so THAT is why they traded DeRosa.
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It's a good thing they saved that extra $3M. Otherwise, they'd really be in deep shit.
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I still don't quite understand.
http://www.chicagobusiness.com/cgi-bin/news.pl?id=34725
<!--quoteo-->QUOTE <!--quotec-->A short bankruptcy would be a legal move to prevent the Cubs from having any liability related to the bankruptcy case of parent Tribune, which filed for Chapter 11 protection in December, Bloomberg News said, citing four unnamed sources familiar with the matter.
Spokesman for Tribune, Major League Baseball and Tom Ricketts declined to comment to Bloomberg. The Ricketts family reportedly has reached a deal with Tribune to buy the team.
It’s possible the team could be sold without a bankruptcy protection filing, the sources told Bloomberg.
A Chapter 11 filing could ensure that the team isn’t tangled up with Tribune’s creditors, Michael J. Cramer, an assistant professor of sports management at New York University and who formerly was president of the Texas Rangers, told Bloomberg.
“This would make sense for Major League Baseball,” he told the news service. “They would like to see that asset be stand-alone, very clean, not tied up in other issues.”
A filing by the Cubs would be meant to provide for quick selling of the team assets, the sources told Bloomberg.
Filing for bankruptcy protection would not mean that the Cubs are having financial problems, Gregory A. Cross, head of the bankruptcy practice at law firm Venable LLP, told Bloomberg.
“You do not have to be insolvent to be in bankruptcy,” Mr. Cross, who is not involved in the matter, told Bloomberg. “All you need is a legitimate business reason.”<!--QuoteEnd--><!--QuoteEEnd-->
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<!--quoteo(post=49569:date=Jul 13 2009, 08:59 AM:name=rok)-->QUOTE (rok @ Jul 13 2009, 08:59 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=49568:date=Jul 13 2009, 08:56 AM:name=Kid)--><div class='quotetop'>QUOTE (Kid @ Jul 13 2009, 08:56 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=49567:date=Jul 13 2009, 09:55 AM:name=rok)--><div class='quotetop'>QUOTE (rok @ Jul 13 2009, 09:55 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo--><div class='quotetop'>QUOTE <!--quotec-->Cubs may file bankruptcy
Tribune staff report
7:55 AM CDT, July 13, 2009
The Chicago Cubs may consider a bankruptcy filing, according to published reports.
The National League ballclub would be the first team in nearly four decades to do so, according to Bloomberg News. The move comes as Cubs parent Tribune Co. works to sell the team.
The prepackaged bankruptcy would be designed to clear the team of liabilities and make its sale easier.<!--QuoteEnd--><!--QuoteEEnd-->
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I assume that wouldn't let us dump player contracts.
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Probably not. I'd be interested to see the angle the team takes as to why they are bankrupt, considering that aside from long-term liabilities, mainly player contracts greater than 3 years, the team has virtually zero debt.
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Hmmmmm
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According to CSN, the final agreement has been reached and deal sent for MLB approval.
http://www.csnchicago.com/pages/new_landin...&feedID=661
No clue how a Cubs bankruptcy speeds the sale up but it may be used as a ploy to stop Tribune creditors from claims on the Cubs' assets.
http://sports.espn.go.com/mlb/news/story?id=4324073
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http://sports.yahoo.com/top/news;_ylt=Ao6n...o&type=lgns
Interesting article...
I'd love to know what the Ricketts (is it settled yet that they will get it?) plan is for Wrigley. I can't see smart businesspeople buying the Cubs for somewhere just shy of a billion dollars (part cash/part debt) without a plan on what to do with a very large part of that asset.
I know there was a plan to do a ton of work on the lot just west...possibly even expanding and buying McDs, Carwash, etc... But I wonder how the economy is impacting this. After taking on major debt to buy the club, how much more cash do they want to put into this, and how much will creditors/investors bankroll at reasonable rates?
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Zell just on CNBC. Mostly talked about Tribune and economy, but said he expects the Cubs sale to be resolved in the very near future. Baritiromo asked if Ricketts would be the buyer and he acted coy but said it would be fair to say that Ricketts is the leader. He also made to sure to point out that the Cubs are in first, which I thought was cool of him.
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<!--quoteo(post=57822:date=Aug 14 2009, 08:59 AM:name=Coach)-->QUOTE (Coach @ Aug 14 2009, 08:59 AM) <{POST_SNAPBACK}><!--quotec--> Creditors are forcing Zell out..<!--QuoteEnd--><!--QuoteEEnd-->
<!--quoteo-->QUOTE <!--quotec-->"These were imbeciles who had no idea what they were doing."<!--QuoteEnd--><!--QuoteEEnd-->
Sounds like the entire Cubs organization. Zell was a perfect fit.
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<!--quoteo-->QUOTE <!--quotec-->Finally, The Sale of the Cubs Should Be Signed This Week!
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David Kaplan on 08.16.09 | 5 comments |
The long awaited sale of the Chicago Cubs should finally be signed this week between the Tribune Company and the Ricketts family. The process has been ongoing since April of 2007 but now it is finally about to be completed.
Excellent sources have assured me that there are no more hurdles to clear and the paperwork will be signed by Friday. It will then move on to an MLB ownership committee then a stop in front of the bankruptcy judge and finally it will need approval of the other owners in Major League Baseball. All of this should be wrapped up by the World Series or shortly thereafter and it should pave the way for Tom Ricketts and his family to finally have the keys to the Cubs kingdom.
This timetable will allow the Cubs to be active in free agency which doesn't begin until November and should allow the Ricketts to implement the beginning stages of their master plan in time for the 2010 season. What that plan will involve remains to be seen but rest assured Cubs fans, Tom Ricketts and Co. want to win and they have very definite ideas on what they want to do to improve the franchise.<!--QuoteEnd--><!--QuoteEEnd-->
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Blow this shithole of an Organization to pieces.
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<!--quoteo(post=58178:date=Aug 17 2009, 07:53 AM:name=ColoradoCub)-->QUOTE (ColoradoCub @ Aug 17 2009, 07:53 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo--><div class='quotetop'>QUOTE <!--quotec-->Finally, The Sale of the Cubs Should Be Signed This Week!
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David Kaplan on 08.16.09 | 5 comments |
<b>This timetable will allow the Cubs to be active in free agency which doesn't begin until November and should allow the Ricketts to implement the beginning stages of their master plan in time for the 2010 season.</b> What that plan will involve remains to be seen but rest assured Cubs fans, Tom Ricketts and Co. want to win and they have very definite ideas on what they want to do to improve the franchise.<!--QuoteEnd--><!--QuoteEEnd-->
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Wasn't this same comment made regarding the Cubs ability to make deals before the July 1st trading deadline?
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<!--quoteo(post=58187:date=Aug 17 2009, 08:41 AM:name=1060Ivy)-->QUOTE (1060Ivy @ Aug 17 2009, 08:41 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=58178:date=Aug 17 2009, 07:53 AM:name=ColoradoCub)--><div class='quotetop'>QUOTE (ColoradoCub @ Aug 17 2009, 07:53 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo--><div class='quotetop'>QUOTE <!--quotec-->Finally, The Sale of the Cubs Should Be Signed This Week!
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David Kaplan on 08.16.09 | 5 comments |
<b>This timetable will allow the Cubs to be active in free agency which doesn't begin until November and should allow the Ricketts to implement the beginning stages of their master plan in time for the 2010 season.</b> What that plan will involve remains to be seen but rest assured Cubs fans, Tom Ricketts and Co. want to win and they have very definite ideas on what they want to do to improve the franchise.<!--QuoteEnd--><!--QuoteEEnd-->
<!--QuoteEnd--></div><!--QuoteEEnd-->
Wasn't this same comment made regarding the Cubs ability to make deals before the July 1st trading deadline?
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And last fall as well.
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Relying on anything Kaplan says is a mistake.
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<!--quoteo(post=58196:date=Aug 17 2009, 09:37 AM:name=Butcher)-->QUOTE (Butcher @ Aug 17 2009, 09:37 AM) <{POST_SNAPBACK}><!--quotec-->Relying on anything Kaplan says is a mistake.<!--QuoteEnd--><!--QuoteEEnd-->
Kaplan tried to convince me you weren't a douchebag.
I wish that I believed in Fate. I wish I didn't sleep so late. I used to be carried in the arms of cheerleaders.
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