It's official. The Tribune Co, owner of the Cubs has filed for bankruptcy protection.
http://money.aol.com/news/articles/_...tection/271439
I wonder how this chaos will effect the Cubs?NEW YORK -Media conglomerate Tribune Co ., smothered by $13 billion in debt and weak prospects for generating cash through advertising, on Monday became the first major newspaper publisher to seek bankruptcy protection since the Internet began siphoning readers from traditional outlets...
Contract the Cubs!Originally Posted by Sea Ray
In the first round of the contraction draft, with the 8th pick, the Reds select Rich Harden.
Dubito Ergo Cogito Ergo Sum.
Does this take them out of the FA market? I wonder how many other clubs are silently out of it.
Krazy Dollar Days at West Addison!
Eric Stratton, Rush Chairman. Damn glad to meet ya.
I'll let some of the lawyers weigh in on this and set me straight, but as far as I know, The Tribune Co...as a holding company is the one filing for bankruptcy. The Chicago Cubs (a subsidiary) is not.
So (and I'm guessing now), the bankruptcy court can't really get into the operations of the Cubs. However, should the Cubs (and I'm thinking Wrigley Field also) be sold, the court would decide how to apply the proceeds to Tribune's creditors.
On the other hand, as part of Chapter 11 proceedings, the Tribune has to submit a restructuring plan. You can presume that selling the Cubs is part of that plan and this time they'll have to go about it seriously and not *****-footing around like they have been for the last year.
I'd say forget about the $625 mm they were talking about.
In any case, I'm guessing the Cubs will have to be operating on a budget that is cash flow positive, because their holding company will not be able to "bail them out" in case of a shortfall.
"A person is smart. People are dumb, panicky, dangerous animals and you know it."
http://dalmady.blogspot.com
I wonder what it does in regards to selling the team.
According to the Tribune's press release, they say, "The Chicago Cubs franchise, including Wrigley Field, is not included in the Chapter 11 filing. Efforts to monetize the Cubs and its related assets will continue."
How do you like that term, "monetize"? I suspect that, since the Cubs are being dealt with seperately, they probably have their own line of credit (or cash reserves) to operate as a ballclub this year.
“In the same way that a baseball season never really begins, it never really ends either.” - Lonnie Wheeler, "Bleachers, A Summer in Wrigley Field"
The Baseball Emporium - Books & Things.
The Baseball Bookstore
http://tsc-sales.com/
http://tscsales.blogspot.com/
http://silverscreenbooks.com/
Thanks.
I like that word. Say it real fast.
By "monetize" they mean sell.
"A person is smart. People are dumb, panicky, dangerous animals and you know it."
http://dalmady.blogspot.com
Yes, I knew that.
“In the same way that a baseball season never really begins, it never really ends either.” - Lonnie Wheeler, "Bleachers, A Summer in Wrigley Field"
The Baseball Emporium - Books & Things.
The Baseball Bookstore
http://tsc-sales.com/
http://tscsales.blogspot.com/
http://silverscreenbooks.com/
http://www.chicagotribune.com/busine...,1636493.story
At least 3 bidders for Cubs in new round
By Ameet Sachdev | Tribune staff reporter
1:14 PM CST, December 1, 2008
At least three prospective buyers have submitted a new round of bids to Tribune Co. for the Chicago Cubs, one of professional sports' trophy franchises.
Chicago real estate investor Hersch Klaff; the Ricketts family, founder of online brokerage TD Ameritrade Holding Corp.; and a group led by Marc Utay, a New York private equity investor, delivered their proposals by the Thanksgiving deadline, according to sources involved in the negotiations.
Sources declined to comment on the size of the three bids, which include the team, Wrigley Field and Tribune's 25-percent stake in Comcast SportsNet, a regional cable sports network.
It was unknown at the time this report was filed whether two other prospective buyers -- Houston businessman Jim Crane and Mark Cuban, owner of the Dallas Mavericks basketball team -- had submitted new bids.
While Cuban has expressed ardent interest in the Cubs, he has not been active in the sales process for months, according to a source. His chances to buy the team took a hit when federal securities regulators charged him last month with insider trading.
Cuban and Crane could not immediately be reached for comment. Utay, Klaff and Tom Ricketts, a Chicago bond salesman who is leading the family bid, declined to comment.
The new bids are a boost to Tribune and a sales process that has been stalled by the financial crunch. The Cubs have been for sale since April 2007, when Chicago real estate billionaire Sam Zell reached a deal to take Tribune private and saddle the media company with $13 billion in debt. Tribune owns the Chicago Tribune.
It sounds like the corporate equivalent of payflex.
All models are wrong. Some of them are useful.
What trophy would that be?the Chicago Cubs, one of professional sports' trophy franchises
That's what I'm thinking. Do you take on more expenses in the next two weeks if you know the clubs going to be sold pronto? In this environment?
1907 and 1908 World Series!
Posting Permissions
|
Board Moderators may, at their discretion and judgment, delete and/or edit any messages that violate any of the following guidelines: 1. Explicit references to alleged illegal or unlawful acts. 2. Graphic sexual descriptions. 3. Racial or ethnic slurs. 4. Use of edgy language (including masked profanity). 5. Direct personal attacks, flames, fights, trolling, baiting, name-calling, general nuisance, excessive player criticism or anything along those lines. 6. Posting spam. 7. Each person may have only one user account. It is fine to be critical here - that's what this board is for. But let's not beat a subject or a player to death, please. |
Reply With Quote