Bankruptcy

Go Cubs Go, Go Cubs Go?

By writer

More than just their fight song, it appears that the Chicago Cubs will soon be gone as a subsidiary of the Chicago Tribune Company and be sold to the Ricketts family for a reported $900 million. The Tribune Company has already gone through Chapter 11 bankruptcy for the newspaper last December (2008), due to weakness in the print media business.

The company has begun Chapter 11 bankruptcy proceedings for the country?s favorite underdog MLB ball team in an attempt to expedite its sale to the potential buyer. Before a Cubs Chapter 11 bankruptcy would be allowed, its parent company would have previously worked out a deal with the buyer. This is known as ?prepackaged? bankruptcy, where the deal goes before the judge already having previously been okayed by Tribune Company creditors.

If the Tribune/Cubs file for Chapter 11 protection, it is not an indication of financial problems with the team and would have little or no implications on the Cub?s daily operations; it would be done merely to expedite the sale. According to Douglas Baird, a professor at the University of Chicago Law School, in an article in the July 14^th, 2009, Chicago Tribune, ?Basically what a bankruptcy sale gives you is clear title. Once a judge blesses the sale, it?s finished and it does not have to be revisited.?

In these days of shaky economies, filing for personal Chapter 7 or 13 bankruptcy should not be considered a negative reflection on you. The law has established bankruptcy as a protection for consumers who are experiencing difficult times. That being said, filing for either Chapter 7 or Chapter 13 bankruptcy is a major step, one that you should not even consider doing on your own. You need to consult with an experienced lawyer who focuses on bankruptcy cases. That is exactly who you will deal with when you set up an appointment with one of the specialized bankruptcy attorneys at Legal Helpers. Do it now, do it for your family, do it for yourself.

Full post as published by Consumer Bankruptcy Blog from Legal Helpers on July 29, 2009 (boomark / email).