07-13-2009, 09:59 AM
<!--quoteo(post=49568:date=Jul 13 2009, 08:56 AM:name=Kid)-->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.
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.
<!--QuoteEnd--></div><!--QuoteEEnd-->
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.