Posted 04 August 2010 - 07:24 AM
Mark Cuban group, Nolan Ryan-Chuck Greenberg set to square off in Rangers auction.
Posted 05 August 2010 - 06:33 AM
Chuck Greenberg & Nolan Ryan Defeat Cuban/Crane, Own Texas Rangers (?)
Nolan Ryan Beats Mark Cuban In Auction For Texas Rangers.
Nolan Ryan group outbids Mark Cuban's group, wins bankruptcy auction for Texas Rangers.
Nolan Ryan Group Bests Mark Cuban Group in Texas Rangers Auction.
Nolan Ryan Group Defeats Cuban in Auction for Rangers.
Nolan Ryan group wins Rangers auction.
Posted 05 August 2010 - 06:56 AM
Rangers bankruptcy courtroom drama recap: Relive wild and crazy night.
Posted at 11:50 PM on Wed.,Aug. 4,2010|Evan Grant/Blogger
"I'm following the court case from 1,500 miles away via twitter, but I'll pass along any updates I get right here:
1:04: Andro: Chuck: "It was a lot of money but we're still going after Cliff Lee."
12:50: Andro: "Nolan Ryan said it was time for someone to say uncle."
12:43: Andro: "Cheeers erupt in courtroom with standing ovations all around. ... Hugs everywhere."
12:41: Andro: "Crane just shook Nolan's hand and said Congratulations we're done. ... Don't know what it means but I saw it and heard it. ... If I'm lying, I'm frying and I want Lauria to defend me."
12:27: Andro: "Cuban group wants 10 minutes to assess its next bid."
12:25: Andro: "We are back in session. Greenberg group just bid $385 million cash money for #Rangers. ... The Greenberg bids can be less because of present value of money. They can close bid now."
12:12: Andro: "We could have another bid in about five minutes. Greenberg didn't need the 30. Said five."
12:10: Andro: "The Cuban bid for the #Rangers right now could total somewhere in the $610 million neighboorhood. But the pressbox wireless is still bad."
12:08: Andro: "We just had a bid of $390 million from Cuban and a cut of the $12 million escrow."
12:05: Andro: "It's after midnight and the courtroom is starting to fill up again."
11:41: Andro: "The Greenberg bid to buy #Rangers just went to $365 million and also removed escrot. We have a 15 minute recess. ... The total bid is around $585 million for Greenberg with $12 million in escrow removed."
11:40: Andro: "The total value for the last bid from Cuban was $563 million."
11:35: Andro: "Everyone is back now and we are a go again."
11:28: Andro: "Now the Cuban big three of Cuban, Jessup and Crane have left the room."
11:27: Andro: "We are still in a holding pattern at 11:27 for the 11 p.m. meeting. All Cuban people are here still here and so his judge."
11:10: Andro: "All sides are in room with exception of key Greenberg people."
10:54: Andro: "CRO says if it ends now, banks will net $80 million from initial bid for team."
10:39: Andro: "Lauria said the Greenberg group is trying to assess options. We will reconvene at 11. That is all for now."
10:36: Andro: "Reconvening without Rnagers Baseball Express Group here. Judge Nelms said we will sit here until they get here."
10:30: Andro: "Sides are coming back into court."
10:02: Andro: "Cuban just walked out smiling. He's kept his cool remarkably well."
10:00: Andro: Lauria in spat: "Our money is worth more than his money because you get it now."
9:57: Andro: "Spat in courtroom right now."
9:37: Andro: "By my count. CRO lawyers checking bid for five minutes, then Greenberg group will have 30 minutes to respond. I think."
9:33: Andro: "Jessup said the Cuban group is bidding $355 million for #Rangers. Wow."
9:30: Anthony Andro is reporting that Judge Nelms is going to allow another bid from Cuban for the Rangers.
9:27: Andro: Lauria: "We ask again that this be brought to Judge Lynn and ask him to sort this out because this is a mess."
9:25: Andro: CRO lawyer: "We should be able to take bid from Cuban-Crane team."
9:24: Andro: CRO lawyer: "Bids were $15 million apart. Doesn't sound happy with Lauria."
9:20: Andro: Jessup: "Put the auction back in order with CRO and debtor running it. We've been delayed all day in bidding."
9:17: Andro: Lauria: "This is not an auction. ... We're not prepared to continue."
9:10: Andro: "The deduction to Cuban/Ryan bid was $6.7 million. ... Greenberg/Ryan group is upset with discount numbers."
9:09: Andro: "Cuban team wants to bid in increments of $10 million over Greenberg/Ryan group."
9:08: Andro: "They are seeing who had the last highest bid figuring in the discount."
9:05: Andro: "Nelms doesn't want parties to explain cases to him anymore, instead to through CRO and debtors. ... CRO attorney said the two bids are neck and neck."
9:03: Andro: "Judge Nelms said we need to move proceedings along. ... We will break for 30 minutes from now on."
8:50: Andro: "Cuban and Crane are back in the room."
8:42: Andro: "Judge Nelms just said he get a new bid at 9 p.m."
8:30: Andro: "Cuban just walked in courtroom for a sec but it gone."
8:25: Andro: "What we are waiting on is to see how the debtors value the Cuban-Crane bid."
7:52: Andro: "Chuck Greenberg just said they are waiting for a few people. Said the ball wasn't in their court. Something may be afoot."
7:45: Andro: "It's not a good sign that the Cuban group just had a bunch of pizza delivered."
7:27: From CBS11: "can tell from mood of people walking in that something has happened, lots of leaning over each other and whispering. More people walking out with phones in hand."
7:20: Andro: Now it looks like we are in a delay again. ... From CBS11: "7:20 now, over an hour past when we thought next update would come. "
7:09: Andro: "A bit early. Not everyone is here yet. Most of the Ryan-Greenberg team. Still waiting on Cuban brood."
7:04: From Andro: "We have everyone back in court now."
6:38: From CBS11: "no sign of anyone... we're waiting"
6:25: From Andro: "We are waiting for the 6:15 bid at 6:25."
5:52: From Andro: "Cuban and his team are still in the courtroom talking things over."
5:50: Looks like court will reconvene in about 30 minutes
5:45: Andro: "Jessup makes topping bid right now. ... The Crane-Cuban topping bid is $15 million for $335 million cash."
5:44: Andro: "Ryan-Greenberg top their cash bid by $2 million from $318 to $320."
5:40: More from Andro -- "Lawyers all looking for place to sit. ... We are back in business. ... We're about to get a bid from Ryan-Greenberg, I think."
5:35: The latest from Anthony Andro's Twitter account: "We have lawyers heading back into courtroom. ... Greenberg is sitting back down. ... The sides are all back in the court, with the eception of the judge."
5:30: The latest tweet from Sports Business Journal's Daniel Kaplan: ":greenberg told me that crane cuban bid is a phantom bid, with no partnership agreement or details on debt equity split.maybe but court accepted." ... Meanwhile, still waiting on a Greenberg-Ryan counter offer or white flag in auction portion. Either way, feeling emanating from those in court room is that process has turned heavily in Crane-Cuban's favor. It's starting to feel like election night 2000, when Al Gore won the popular vote (fans) and George W. Bush won where it counted (the courts).
4:30: Anthony Andro reports that Judge Nelms says we're going work through the night to make bid happen. Judge Nelms says bid was in hand before 8 last night, just a question about whether it was correct bid. Greenberg-Ryan group just got markup of the document. It could take an hour or more.
4:15: Anthony Andro reports that Greenberg said a legit bid was never submitted by Cuban's team and they still haven't seen the Cuban bid. Chuck Greenberg says they will appeal.
3:33: Tim Cowlishaw and Daniel Kaplan report lawyers are dropping f-bombs on each other in the hallway. Now, this I'm sorry I missed.
2:51: According to Maury Brown, Cuban-Crane bid comes in $25 million above bid from Ryan-Greenberg. Ball now in Ryan-Greenberg's court.
2:39: Anthony Andro reports that 2:45 is the latest estimate.
2:28: Again, from Andro: Jim Crane is back in court now too, still no Greenberg or Ryan in the room.
2:24: From Anthony Andro: Mark Cuban is back in the courtroom.
2:21: From Anthony Andro: Chuck Greenberg is confident this will all be done by noon ..... Tomorrow. His timeline guesses haven't gone so well in the past.
2:14: Anthony Andro reports that a source says the latest delay is to go over small details in Cuban-Crane bid to buy.
2:14: From Maury Brown: It appears Chuck Greenberg and Nolan Ryan's group is making another attempt to end this sale/bankruptcy process without an actual auction.
1:24: A million people have already mentioned it, but just in case you haven't heard, it was 17 years ago today that Nolan Ryan put Robin Ventura in a headlock.
1:22: From Channell 11: Courtroom is now finally starting to fill up again. Maybe an actual auction will take place this afternoon.
12:30: From Anthony-Andro (Star-Telegram): Source: The secondary lien holder who blocked the sale from going down last night was Sal Galatioto, who has dealt with Hicks before. OUR REACTION: Galatioto's firm, I believe, was retained by HSG to help with the sale of the Stars. If so, it just adds to the intrigue at every turn in this mess.
11:29: From Tim Cowlishaw: Opening bid in auction won't be for an hour. Next bid may take another hour, judge says. OUR REACTION: Oh, goody. This is suddenly about as exciting as a Chan Ho Park start. Moving about as fast as one, too, if I recall correctly. Hope they brought in concessionaires.
11:19: I'm hearing that Greenberg/Ryan essentially had yet another deal in place last night that would have satisfied all first-lien holders (believe that includes Monarch), but a second-lien holder objected. And thus back to the auction. To think the possibility that Monarch was satisfied at one point and yet this thing goes on. Wow.
11:05: From Daniel Kaplan: now auction to start at 1230 pm et and assuming greenberg is not hi bid, he has requested one hour to review it
11:00: From Daniel Kaplan: Rangers have requested more time to review bid so auction will now not start at noon et. ugh
9:55: From Tim Cowlishaw: Auction won't start til 11. But there will be auction, judge just announced. Later.
9:52: The assumption, by Maury Brown, is that Greenberg/Ryan and MLB are challenging the qualification of the the Crane/Cuban bid based on the presence of "bridge-funding," the inclusion of short-term financing by Monarch to help that bid. Perhaps the bridge-funding and the need to then pay off Monarch's financing in a very short period makes the value of the deal either worth less in net value or more shaky because of the need to go back out and refinance the loan.
9:48: From Daniel Kaplan: judge nelms will decide whether cuban crane submitted a qualified bid
9:47: From Maury Brown (Biz of Baseball): If the auction is off due to technicality, it will be but one more incredible twist in this whole Texas Rangers sale affair.
9:45: From Daniel Kaplan: its suddenly unsure again if there will be an auction.
9:42: From Daniel Kaplan (Sports Business Journal) mlb and greenberg are challenging qualification of cuban crane bid, meanwhile I am hearing of a split within the loan group."
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