Cubs file for Ch. 11 bankruptcy

[goalmouth]

So sez CNN, no details.

 

[RickStain]

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

 

[21]

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

 

[Bob Cook]

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

 

[Oggiedoggie]

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.

 

[RickStain]

Bankruptcy does not mean 'broke.'

 

[Football_Bat]

Bankruptcy does not mean 'broke.'

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.

 

[BitterYoungMatador2]

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

 

[txsportsscribe]

Bankruptcy does not mean 'broke.'

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.

hicks isn't personally broke

 

[Kent_Dorfman]

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.

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?

 

[BTExpress]

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.

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.

 

[Bubbler]

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

Awesome.

 

[Sam Mills 51]

The practical effect of Cubs bankruptcy:

• Right-handed hitters will be furloughed on even-numbered Tuesdays, lefties on odd-numbered Tuesdays.

• The bullpen will be shrunk by 30 percent and renamed "shared help desk."

• On their off days, starting pitchers will be asked to sell ticket packages over the phone.

• Middle of the lineup asked to "swing smarter, not harder."

• Four All-Stars on starting roster to be replaced by AAA players in a cost-saving measure.

• Utility infielders will rotate duty cleaning locker room.

• Guaranteed multi-year contracts out; potluck Fridays in!

• Starting pitchers will have to bring their own ice for cooling arms after the games.

• Every Sunday, team will use only three infielders and two outfielders. Furloughed players will not be paid for the day.

• Players required to participate in weekly meet 'n' greet with Wrigley Field advertisers.

• BLOGS!

• Each player will be required to "friend" at least 10 new people per week.

• Cost-saving will be shifted for management bonuses, which shall be based solely on economics, not on-field performance.

-Pitchers will be urged to "work smarter, not harder." Get the batters to ground out. None of this trying to strike out anyone. That requires too many pitches and use of too many arms.

(Stellar work here, lono.)

 

[old_tony]

The practical effect of Cubs bankruptcy:

• Right-handed hitters will be furloughed on even-numbered Tuesdays, lefties on odd-numbered Tuesdays.

• The bullpen will be shrunk by 30 percent and renamed "shared help desk."

• On their off days, starting pitchers will be asked to sell ticket packages over the phone.

• Middle of the lineup asked to "swing smarter, not harder."

• Four All-Stars on starting roster to be replaced by AAA players in a cost-saving measure.

• Utility infielders will rotate duty cleaning locker room.

• Guaranteed multi-year contracts out; potluck Fridays in!

• Starting pitchers will have to bring their own ice for cooling arms after the games.

• Every Sunday, team will use only three infielders and two outfielders. Furloughed players will not be paid for the day.

• Players required to participate in weekly meet 'n' greet with Wrigley Field advertisers.

• BLOGS!

• Each player will be required to "friend" at least 10 new people per week.

• Cost-saving will be shifted for management bonuses, which shall be based solely on economics, not on-field performance.

Will calls to the bullpen be answered by a guy in India that you can't understand?