Bankruptcy

10 Hours Later?.

By mcbride

“The winning bid was made just after midnight. Although the Cuban-Crane group had made a $390 million cash offer, part of a $598 million bid, the Greenberg-Ryan bid was considered higher because of how the bids are structured — including a $10 million to $13 million breakup fee that would have been paid to the Greenberg-Ryan group if it lost.

The stop-and-start showdown was delayed for hours at a time Wednesday by closed-door haggling over the complicated nature of each bid. The bidding picked up late Wednesday and the courtroom grew more crowded as the night wore on, with attorneys and even fans crammed on the wooden benches or standing along the walls.

Each group’s bid included more than $200 million of the team’s debt — including $24.9 million in deferred compensation owed to Alex Rodriguez six years after he was traded to the New York Yankees.

In the previous bidding round, the Greenberg-Ryan group bid $365 million and dropped provisions worth $12 million — showing that it was back in the game after trying in vain to stop the auction and a $355 million cash bid from Cuban and Houston businessman Jim Crane.”

Here is a link to that article: http://www.nbcdfw.com/news/sports/Home-Run-for-Ryan-at-Rangers-Auction-Plate-100010024.html

Michael

Full post as published by Texas Lawyer Blog on August 05, 2010 (boomark / email).