Barely a week after sending the Los Angeles Dodgers into bankruptcy, Frank McCourt has commenced with his effort to make baseball open its books. In a motion and supporting papers filed today in the United States Bankruptcy Court for the District of Delaware, McCourt's attorneys lodged requests for a wide range and deep volume of information. Among the Dodgers' requests:
- Pretty much everything to do with Major League Baseball's investigation of Dodgers' operations.
- McCourt is especially concerned with the details behind the MLB-appointed monitor, Tom Schieffer, and even asks about Schieffer's potential interest in acquiring a portion of the Dodgers. Frank's filings also indicate a suspicion about Joe Torre's communications with Major League Baseball concerning Dodgers operations.
- Frank McCourt seeks information regarding baseball's rejection of the Fox deal.
- The Dodgers asked baseball for details of other teams' TV deals. Specifically, McCourt wants to openly compare the proposed Fox deal to those entered into by the Mariners, Rangers, Astros, Mets, and one currently being explored by the Padres. McCourt's goal is to show that the Fox deal was favorable to the Dodgers and that Selig's rejection was motivated primarily by a desire to force Frank McCourt out of baseball.
- The Dodgers also want information about steps taken by baseball to squeeze McCourt financially.
- In addition to denying McCourt the Fox deal, the Dodgers' filing also indicates that MLB cut off the Dodgers from the MLB-offered seasonal line of credit. McCourt also claims that in the weeks leading up to the Dodgers' bankruptcy filing, baseball changed its rules for obtaining debt financing, forcing Frank's hand further. Frank also asked baseball to turn over any documents about MLB's plans to remove McCourt as owner or even terminate the franchise altogether.
- Finally, McCourt also wants baseball to reveal its handling of other teams in periods of financial stress.
- Frank wants to know about baseball's approval of the Rangers' prepackaged bankruptcy, how baseball dealt with the Mets during their recent struggles, and baseball's action (or inaction) concerning other teams in violation of the sport's debt service rules.
McCourt's goal in these information requests is two-fold. First, he wants to begin establishing his claim that he has been treated wrongfully by Bud Selig and the Commissioner's office. Second, he would like to make this process as painful as possible for MLB. Forcing baseball to open its books might be painful, indeed.
For its part, attorneys for Major League Baseball have also filed their own extensive requests for document production. Baseball seeks information primarily on the debtor-in-possession (DIP) financing McCourt arranged to get the club through its bankruptcy. MLB, of course, seeks to persuade the court that the financing is on highly unfavorable terms, and that the interest and fees charged are unfair to the team's creditors.
Baseball also seems to cast doubt upon the McCourt camp's assertion that it went to enough effort to secure affordable financing. Additionally, MLB seeks more detailed information on how the Dodgers are budgeting cash over the next few months.
Fans accustomed to the McCourt divorce's slow trek through court might be surprised at how fast the bankruptcy is unfolding. Indeed, both Frank McCourt and MLB's document production requests call for full responses very soon. The scope of discovery is a fight of its own, but the haste with which the sides are proceeding is indicative of the urgency of the situation. Either Frank McCourt gets a TV deal pushed through, and relatively quickly, or he'll have a hard time preparing an approvable plan to emerge from the bankruptcy.
One of the more interesting developments on the horizon is a liquidation analysis of the five McCourt entities currently in bankruptcy. Prior to gaining approval of any plan, the Dodgers must make a showing of what the creditors would receive if the assets of the five companies were sold at auction. The Dodgers' plan will then be judged by the extent to which it is more beneficial to creditors. It is in this liquidation analysis, at the latest, that McCourt and MLB might first square off on the related-company transactions implicating the Dodger Stadium parking lots and the right to sell non-premium Dodgers tickets.
---
Josh, what about the 8/4/11 divorce court date? Is it still the case that if Judge Gordon rules in favor of Jamie, the team will be put for sale? Does that ruling mean anything in bankruptcy court?
ReplyDelete@iknownothing
ReplyDeleteThe 8/4/11 divorce court date was part of a settlement agreement that was contingent on Selig/MLB approving the Fox contract. They did not approve the Fox contract, so that settlement is now null and void, meaning that as of now there will be no court date on that matter in August.
If MLB wants to treat one of their franchises unfairly, they should be allowed to. If the owner of that franchise doesn't like it, they should sell.
ReplyDeleteAnd discovering how the Mets were treated by MLB will not get the Dodger creditors repaid any faster. I thought making sure creditors got their money was the number one priority of the BK court.
This just looks like a big fishing expedition for old Franky.
This is a bankruptcy, not a lawsuit. As much Frank McCourt and his legal team will squeeze some blood and information out of MLB and the Commissioner's office, the Bankruptcy judge primary goal is to find out the best estimate of the Dodgers' debt load, if they have the revenue and assets to pay for it.
ReplyDeleteAs much one should give Frank and his legal team some credit by their ways of going on the attack, they still have to answer some really uncomfortable truths in bankruptcy court in front of the Judge... How much money did Frank and Jamie take out of the club? (both sides in the divorce aren't going to give straight answers but rough ambiguous estimates) How much were they charging the Dodgers for their lifestyle?(like the estimated $800k a year in security) How much of the revenue from the Dodgers that Frank has any control over? (ticket sales, season ticket sales, parking fees, were all put up in hock for loans)
The Bankruptcy court is going to demand some nitty gritty of the Dodgers operations, and unlike Bud Selig and the MLB, Frank and his legal team can't ignore the Judge's orders or his demands.
They may get some legal documents that MLB will not like to be given up, but MLB isn't declaring bankruptcy, nor needs a Judge's help to pay its bills, it is the Dodgers that need help. The Judge isn't the white knight to save Frank's hold on the Dodgers. He also isn't going to tolerate some of Frank's antics, much like MLB is all but certain to take away Frank's control of the Dodgers.
Time for Dodger fans to get involved - by boycotting Dodger Stadium. What better evidence could the judge need regarding McCourt hurting the franchise when only 4-5000 fans show up and 30,00 people who purchased tickets stayed away ? Dodger fans will eat a few tickets but get rid of a man who cares only about bleeding the team and the league of every last penny.....Otherwise, you are simply paying for overpriced tickets to keep Jamie in fresh flowers for the 6 houses, and pay Frank's lawyers.....
ReplyDeleteLet the people buy the Dodgers. . . 100,000 people at $10K per person (200,000 people at $5K per person) is $1 Billion. . . The people own the Packers. . . Time for a new business model for MLB. . . . Get rid of Baseball's anti-trust exemption. . . Time for some true 'capitalism' rather than the 'socialist' monopolistic corporate crony system we have now. . . .
ReplyDelete100% equity. . . No debt sounds nice.
Noel Weiss
Noel; great idea! The Board of Directors will consist of:
ReplyDeleteIvan Kruger
Billy Sol Estes
Tony DeAngelo
Bernie Ebbers
Charles Keating
Bernie Madoff
Mark Rich
Maybe with Murdoch's additional business failings Fox will not be able to afford to bail out Frank ever again.
ReplyDeleteAmen to that! And amen to the Garvey-Hersheiser group buying the Dodgers out of bankruptcy court.
ReplyDeleteI thought that Garvey was one inch away from bankruptcy himself everyday for the last 10 years!
ReplyDeleteMaybe he is not the one bringing the money!
ReplyDeleteHe spend money like McCourt
ReplyDeleteNice work. Thanks for post.
ReplyDeletewhat a great post! i really like it and wanted to say thanks for sharing!
ReplyDeleteA lot of great photographers in this group - excited to see the stuff they produce in the future!
ReplyDeleteNice effort, very informative, this will help me to complete my task. Thanks for share it keep it up.
ReplyDeleteNice post! Thanks!
ReplyDeleteThanks for the great info. I’ll be implementing much of this soon!
ReplyDeleteI would like to see more details about this topic.
ReplyDeleteReally good content.
ReplyDeleteexcited to see the stuff they produce in the future!
ReplyDeleteDon't you acknowledge that it's correct time to get the personal loans, which can help you.
ReplyDeleteEverybody should now that we have the rights to know all the information that we need to know.
ReplyDeletethis post is very nice and interesting one to read.
ReplyDeleteTom cruise leather jacket obtained from the game The "Mission Impossible Ghost Protocol" worn by Tom cruise has been available
ReplyDeletehere buy it on discounted rates with worldwide shipping
Tom cruise leather jacket obtained from the game The "Mission Impossible Ghost Protocol" worn by Tom cruise has been available
ReplyDeletehere buy it on discounted rates with worldwide shipping
Dodgers are financial plan money over the after that few months.College term paper writing help.
ReplyDeleteDodgers are financial plan money over the after that few months.College term paper writing help.
ReplyDeleteForcing baseball to open its books might be painful, indeed.Forcing baseball to open its books might be painful, indeed.
ReplyDeleteIt is excellent toward The information battle begins. be real examine and who besides resolve study.
ReplyDeleteBrad pitt leather jacket taken from movie “Fightclub” worn by Brad pitt available here,buy this superb quality
ReplyDeleteLeather jacket with worldwide shipping
I recently came across your blog and have been reading along.I'm impressed. You're truly well informed and very intelligent. You wrote something that people could understand and made the subject intriguing for everyone. I'm saving this for future use.
ReplyDeleteThere are so many developers working on this segment but this is one of the best innovative idea ever.
ReplyDeleteThere are so many developers working on this segment but this is one of the best innovative idea ever.
ReplyDeleteIndian wedding turbans
ReplyDeleteI appreciate the work of all people who share information with others. Great Blog!
I have read most of them and got a lot from them. To me, you are doing the great work. Carry on this. work at home In the end, I would like to thank you for making such a nice website.
ReplyDeleteThis post has taken the subject onto the next level, great writing skills and message conveyed by the author.
ReplyDeleteindian silk sarees
Very entertaining information. found a lot of things for yourself useful. Thx!!
ReplyDeleteIt was really a good news for all of us.I am eagerly waiting for that time.Thanks for sharing.Thanks.
ReplyDeleteThis is a nice post in an interesting line of content. Thanks for sharing this article, great way of bring such topic to discussion.
ReplyDeletelatest indian sarees
It is refreshing to see politicians with a sense of humour!
ReplyDeleteVery nice icon set! I wonder though: is there any way to get the contact name from popping up on top of the icon when you get a new message (like you have in your pictures)? Any help appreciated!
ReplyDeleteHi! Tell me how to do the mapping to remove nickname on the dock icon or change its color? thanks
ReplyDeleteI wanted to thank you for this excellent read!! I definitely enjoyed every little bit of it. I have you bookmarked your site to check out the latest stuff you post.
ReplyDeleteIm impressed. I dont think Ive met anyone who knows as much about this subject as you do. Youre truly well informed and very intelligent. You wrote something that people could understand and made the subject intriguing for everyone. Really, great blog youve got here
ReplyDeleteThe chance at The articles, a good argument The hope can share The author more articles. I have paid attention to this site, and at The same time also recommend to your more friends. You can learn from each other.
ReplyDeleteThe chance at The articles, a good argument The hope can share The author more articles. I have paid attention to this site, and at The same time also recommend to your more friends. You can learn from each other.
ReplyDeleteThanks for sharing this wonderful post
ReplyDeleteWow, that was pretty interesting. Inspiring, as well. Thanks for sharing such inspiring experience with us. Great blog, congrats!
ReplyDeletegarage door repair phoenix
San Diego Human Resource Company
I found lots of interesting information here. The post was professionally written and I feel like the author has extensive knowledge in this subject. This is a nice post in an interesting line of content.Thanks for sharing this article, great way of bring such topic to discussion. Very nice post. I just stumbled upon your blog and wanted to say that I have really enjoyed browsing your blog posts.
ReplyDeletecarpet cleaning phoenix
Weebly is good platform to create effective website design with free and premium account. It includes many features which makes easy to make web designing easily. Thanks for your information.
ReplyDeletesan diego human resources
cheap apartments in mesa az
This article left me very impressed. I was surfing the Internet directly, until I found this concept very useful and article. Your message is very special is a good factor to attract more visitors to read your site, Thanks..!
ReplyDeletefurniture online outlet
Very nice post. I found this much informative. Thanks for sharing such inspiring experience.
ReplyDeletesan diego human resources
water softeners
ReplyDeleteI like the article you write,This is a good post. I am so excite with your article. It's share good ideas and concepts!
Really informative blog post here my friend.
ReplyDeletemerchant Cash advance
los angeles movers
ReplyDeleteVery nice post. I just stumbled upon your blog and wanted to say that I have really enjoyed browsing your blog posts
I like the article you write,This is a good post. I am so excite with your article. It's share good ideas and concepts!
ReplyDeleteComfortable publish. I simply found your blog in addition to wanted to point out i get really appreciated searching your blog content.
ReplyDeleteGoogle,seo basics
ReplyDeletewe completely overlook other search engines that are a potential as well. Learn some of the best SEO tips to get good ranks in Yahoo!
how r u
ReplyDeletenice article thnks
ReplyDeletenice sharing thans for your help its was very usefull for my chat room sitee and sms :)))
ReplyDeleteVery nice post, i really like to shared with my friends. web designing companies
ReplyDeletehi, it's very nice post, like to shared for our friends also. Druckerei Attendorn
ReplyDeleteI like the article you write,This is a good post. I am so excite with your article.
ReplyDeleteIntraday Tips
nice blog keep posting more of them. check our fire resistant safe at our website. thanku
ReplyDeleteblog is very nice...electrical board manufacturer
ReplyDeleteYour post has an excellent and motivating content. We are just happy with your current. You added actually helpful information tips.Commercial Carpet Cleaning
ReplyDeleteEnjoyable Article Read. You are really provide important information in your amazing article, I got some writing tips from your inseparable article, I always searching like this article to improve my skills thanks for sharing.Holiday Accommodation Gold Coast
ReplyDeleteYour blog website has important information what I needed, so I bookmarked your fabulous good looking website for future visit and I hope you that I will obtain a fresh content in future visit Porcelain Veneers Sydney.
ReplyDeletenice blog keep posting more of them. check our fire resistant safe at our website.
ReplyDeleteNCAA football picks | College football picks
what do men want from womenAll women should know about their relationships with Men, How Men Think, what do men want, to know men, what men think about, what men want from women
ReplyDeleteThe information is very Good. i like it.Really Nice post.
ReplyDeleteHair Transplant in India
herbal energy supplementBest Energy Supplements. 9-HOURS of energy. NO SUGAR. NO CRASH
ReplyDeleteLovely to ad the article.I found something good but i want some more info about this. Web Designing in Delhi
ReplyDeleteI realize that Garvey was one creep far from chapter 11 himself regular throughout the previous 10 years! Exclusive Company Escorts
ReplyDeleteWonderful article! We are linking to this great post on our site. Keep up the good writing.
ReplyDeleteBankruptcy Papers
World escort guide, international escort directory listing female escorts, companions, GFE, transsexuals, BDSM, Massage all over the world arranged by country and city. World Escort Guide adult directory containing listings for independent escorts, escort agencies, fetish and massage professionals arranged by location. Some larger escort agencies maintain websites with photo galleries of their escorts.
ReplyDeleteIndian Packers and Movers in Mumbai give packing and moving services like loading & unloading, packing & unpacking, car carriers, transportation, domestic &local shifting, international shifting, Industrial shifting, corporate shifting, Warehousing, etc. Packers and Movers in Mumbai achieve conceit in offering great packing and moving services at reasonable costs. We deal all types of packing and moving services in Mumbai and other main cities of India.
ReplyDeletePackers and Movers in Mumbai
Packers and Movers in Parel
Packers and Movers in Sion
Packers and Movers in Kurla
Packers and Movers in Vidyavihar
Movers and Packers in Mumbai had gain their trust and long-term partnerships. Our Unit is serving the people throughout this regards for many years. We’ve a tendency to form the tactic of relocation easy, efficient and time saving with our team of specialists for residential and business relocation.
ReplyDeletePackers and Movers in Mumbai
Packers and Movers in Dadar
Packers and Movers in Thane
Packers and Movers in Panvel
Packers and Movers in Kharghar
My marriage has been completely transformed by the A New Beginning workshop by Dr Itua love spell. I am shocked that so much can be done in love spell by Dr itua and that a marriage can so quickly get on the road to recovery…The resources taught by this Dr Itua love spell really work and can help repair a failing marriage. I would strongly recommend Dr Itua love spell to any couple that is considering divorce. One step will change your life and marriage .
ReplyDeleteHere is Dr itua contact..drituaherbalcenter@gmail.com whatsapp .. +2348149277967