Greenberg and Ryan Say Delaying Rangers Sale "Jeopardizes This Case and Risks Its Failure"
|Rangers Baseball Express attorney Robert A. Simon|
You can read the entirety of the motion here, but, in short, Simon writes:
Despite excellent on-field performance during the 2010 season to date, the Texas Rangers franchise is cash poor and operates with significant negative cash flow. The value of the franchise is burdened as losses accumulate daily. As the case progresses, the Debtor is incurring more and more debt. The debut will have to be paid before any money can flow up to the Debtor's equity. Every day this process drags on reduces the recovery to creditors.Lynn agreed to a hearing this morning at 10:30, and word is he did indeed agree to move up mediation to July 6, followed by a July 9 confirmation hearing. Calls are out.
Update: According to the Star-Telegram's coverage of today's courtroom doings, Lynn is none too pleased about moving the date back to July 9, and if he doesn't like Hicks Sports Group's revised proposal, then the sale could be delayed till fall:
"We will not decide based on what the fans want ... what the media wants ... what Mr. Ryan or Mr. Greenberg wants, or what [Baseball Commissioner] Bud Selig wants," Lynn declared from the bench. If the revised plan falls short of satisfactorily addressing the interests of all affected parties, "I will deny confirmation, and we're back to square one, and it will be on the heads of those who support this motion."