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Cubs file for Ch. 11 bankruptcy

Discussion in 'Sports and News' started by goalmouth, Oct 12, 2009.

  1. goalmouth

    goalmouth Active Member

    So sez CNN, no details.
     
  2. RickStain

    RickStain Well-Known Member

    Pre-planned move to cleanse the team of any theoretical liability from Tribune creditors before the sale is finalized.
     
  3. 21

    21 Well-Known Member

    http://www.chicagotribune.com/sports/sns-ap-us-cubs-bankruptcy,0,4054338.story
     
  4. Bob Cook

    Bob Cook Active Member

    Does that include shedding the liability of this large Milton Bradley "Gamer" T-shirt I found last night for $2 at my local Jewel?

    [​IMG]
     
    Last edited by a moderator: Dec 15, 2014
  5. Oggiedoggie

    Oggiedoggie Well-Known Member

    If there's a bigger freeloader on the American public than professional sports teams, I'm having trouble thinking of it. Maybe defense contractors? But, at least they usually provide some actual material.

    Taxpayers largely build the facilities. Baseball teams have monopoly clauses, etc.

    Then, when the Cubs are about to be sold for more than $600 million, they're suddenly broke.

    Once again, proof that I don't understand life.
     
  6. RickStain

    RickStain Well-Known Member

    Bankruptcy does not mean 'broke.'
     
  7. Football_Bat

    Football_Bat Well-Known Member

    In the case of the Rangers, it will. Tom Hicks is upside down on the note and he's had to borrow multi-millions from MLB to make payroll.
     
  8. BitterYoungMatador2

    BitterYoungMatador2 Well-Known Member

    This woulda never happened if Bartman doesn't interfere with that ball [/crossthread]
     
  9. txsportsscribe

    txsportsscribe Active Member

    hicks isn't personally broke
     
  10. Kent_Dorfman

    Kent_Dorfman Member

    The Cubs had to file bankruptcy yesterday (it was pre-arranged and already wrapped up early this afternoon) so that the new owners wouldn't be on the hook for any of the massive amount of Tribune debt that the company had used their one profitable arm to help guarantee.

    Can you imagine what the sale price would have been had any new owner been liable for massive amounts of the debt of the company he was buying the team from?
     
  11. BTExpress

    BTExpress Well-Known Member

    One profitable arm?

    It's my understanding that every Tribune property is profitable (or at least posted a profit in 2008). The shrinking profits are just to low to service this ridiculous debt to the creditors' liking.
     
  12. Bubbler

    Bubbler Active Member

    Awesome.
     
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