Texas Rangers Auction In Progress
by Brandon Worley on Aug 4, 2010 9:39 AM CDT
in Dallas Stars News
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PrintUpdate: 12:06 am CDT: After many bids back and forth, and an impressive bit of cunning by the Greenberg group to stay afloat in this thing, Cuban ups his bid to $390 million (cash portion). They're taking money out of the escrow now to bid. The lenders must be happy about all of this. Lot's of cash to go around now no matter who wins this.
But there will be endless legal battles regardless. This isn't over. Remember that when someone tells you it is.
The total price is now in excess of $588 million.
-Brad Gardner
[Update: 8:20 p.m. CDT] - Something may be brewing. Supposedly.
In the meantime, we're well over the deadline imposed by the judge for Greenberg to respond to the counter-bid by Cuban & Crane.
Right now, everyone is just sitting around and waiting.
[End Update]
[Update: 6:20 p.m. CDT] - .......yawn.
[End Update]
[Update: 4:35 p.m. CDT] - And so....we wait.
Another hour (or more) delay, since G&R just now received the paperwork for C&C's bid. They now have an hour to review it. Seems there's a lot of contention over whether the original bid was qualified or not.
The judge has said that come 9:30 tomorrow morning, there is going to be a confirmation hearing on a bid. So they have all night tonight to work through this mess.
Hold on to your hats, folks. We're in it for the long haul.
[End Update]
[Update: 3:16 p.m. CDT] - Well, that was interesting.
After six hours of delays, the courtroom became fairly action-filled. The Rangers announced that the initial high bid was by Cuban & Crane, which would presumably lead to a review and a response (and hopefully a new bid) by Greenberg & Ryan. Cuban's bid was $25 million higher than Greenberg's, so G&R's next bid would need to increase their bid by $27 million in order to continue.
Except that immediately, G&R's attorneys once again attacked the validity of the bid. They stated that the actual value of both bids were comparable, based on "discounts" Cuban received and based on the fact that G&R can immediately pay for the sale, before August 12th. They say that the delay in C&C getting approved by the MLB and the delay in actually paying for the team decreases the value of the bid.
The debtors and C&C's attorneys claimed that G&R are just trying to delay once more.
The judge gave Greenberg one hour to respond.
[End Update]
[Update: 1:50 p.m. CDT] - Here's an interesting update.
According to several reports from the courthouse today, Greenberg and Ryan attempted to broker a deal to purchase the Rangers at the very last minute last night. This sale, and the deal, as supposedly approved by Monach -- the lending company that's been the biggest thorn in the side of this sale all along. The deal was close to being made....
..yet was blocked by a secondary lien holder. That lien holder: Sal Galatioto.
Wait a second...isn't Sal Galatioto the one whose firm has been hired by Tom Hicks to broker the sale of the Dallas Stars? So he's working hand in hand with Hicks on one side, yet blocking the sale of the Rangers from the other side. It's no secret now that Hicks does NOT want to sell to Greenberg and wants the most money, trying to force the sale of the club to Jim Crane and Mark Cuban. He's been playing both sides all along apparently.
How is this legal? I have no clue.
[End Update]]
More updates after the jump.
[Update: 1:20 p.m. CDT - Nothing has happened yet.
Nothing.
[End Update]
[Update: 11:15 a.m. CDT - Here's the latest:]
Chuck Greenberg attempted to discredit the Cuban/Crane bid by claiming the bid was unqualified. Judge Nelms determined that bid was, in fact, qualified and the auction will commence. However, that attempt delayed the auction by about three hours.
Right now, we're expecting the high bid to be announced at 11:30 a.m. CDT, kicking off the auction. Then it get's very slow and boring. We're hearing there could be 30 minutes between bids, and if Greenberg does not have the initial high bid he's asked for an hour to review before his next bid.
Oh yeah. Fun stuff.
Once more, on why this is important to us Stars fans:
If Mark Cuban's ownership group wins this auction, and he is not approved by the MLB, then we go right back to square one with the sale of the Rangers. That is not a good thing for HSG, and that directly affects the sale of the Stars, as he's going to want to get that sale done much sooner than later. You also wonder if the lenders would turn their eyes towards the Stars and begin raising hell.
If Greenberg wins, then this sale is done within a few weeks.
There's also the recent news that apparently News Corp. wasn't exactly serious about bidding on the Rangers, and was just looking try and force the bidders on extending their contract with FSN. I wonder if that holds true with their bid with the Stars as well.
Then there's the rumblings about a Cuban-created sports network for the Dallas area. Does he want to include the Stars? Who knows?
My head hurts.
[End Update]
The auction for the sale of the Texas Rangers is currently in progress in court over in Fort Worth.
Sort of.
There's been a bit of a delay, but I'm expecting things to get rolling soon. Here's the latest developments since yesterday:
The bidders are down to two groups: Jim Crane and Mark Cuban vs. Chuck Greenberg and Nolan Ryan.
Greenberg and Ryan, at the last minute, pulled the side deal that includes 154 acres around Rangers Ballpark in Arlington which is supposedly going to give them more room for financing.
We'll update the site later today with the final rulings, if any, that come of today's proceedings.
For real-time updates on today's action, I highly suggest following Daniel Kaplan on Twitter.
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Big news.
Appears that the Mark Cuban bid may not have been legally qualified and approved in time, making it doubtful there’s an auction at all.
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Well that’s anticlimatic.
Here's to all us girls who love hockey...and the men who play it.
by Brad_Richards_Rocks on Aug 4, 2010 9:52 AM CDT up reply actions
So no Cuban
Would be good for Rangers fans
Bad for Stars fans (if News Corp is still interested bc they’ll view Cuban then as more likely to start some sports network or something.)
Per Kaplan:
judge nelms will decide whether cuban crane submitted a qualified bid
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So, here's the gist:
The court has officially announced there’s a disputed bid. Judge Nelms will decide if the Crane/Cuban bid is qualified.
If it isn’t, it seems that Judge Lynn would then approve the planned purchase by Greenberg and Ryan.
The key to all of this is that Greenberg is the one that blew the whistle on the bad bid.
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BLAH.
Per Kaplan:
auction is on! will commence at 11. cro determined crane cuban is a qualified bid
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So they poked the bear
And it didn’t work.
I wonder how far Greenberg can afford to go.
The smart money has to be on Cuban/Crane at this point, right?
The fact they took away the land deal is big, apparently.
It’s freed up Greenberg to spend more. Read here:
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by Brandon Worley on Aug 4, 2010 10:07 AM CDT up reply actions
My head hurts over all this.
I may have to rethink my decision to possibly head to law school at some point.
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You know....
Is it safe to assume that News Corp is out of all of this entirely?
I mean…what the hell good would the Stars be without the Rangers? Right?
And we know they're out on the rangers, obviously
Maybe never were very serious.
by Brad Gardner on Aug 4, 2010 10:25 AM CDT up reply actions
Daniel Kaplan is on The Ticket.
Saying that the News Corp. bid for the Rangers wasn’t exactly serious.
It was a ploy to put pressure on the bidders to extend the contract with FSN.
I wonder if that’s the same with the Stars.
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That's what I figured
And what the WSJ was saying.
So it wouldn’t make any sense for them to buy the Stars in order to salvage their network in the Dallas market. The Stars are small potatoes.
Unless they just want a hockey team…but that was never the indication.
by Brad Gardner on Aug 4, 2010 10:30 AM CDT up reply actions
Here's the Twitter list I'm following:
http://twitter.com/#list/brandonworley/auction
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I wonder if this was the Stars.
And Nolan Ryan wasn’t involved….
If this sale would be getting this amount of coverage.
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Maybe if we can get a DBD iphone app?
That would be nice. Or if SN could update their mobile site so it’s easier to navigate/see new posts without me having to refresh and scroll…
They're working on it
Or so the tech team tells us.
by Brad Gardner on Aug 4, 2010 10:56 AM CDT up reply actions
They better be working on an Android app as well.
Since Android is about to take over the iPhone.
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by Brandon Worley on Aug 4, 2010 11:00 AM CDT up reply actions
Bah... iphones aren't going anywhere
And neither are androids…. It’ll just expand the mac v pc argument for years to come.
Oh I know.
I’m just saying…can’t ignore the Droids anymore.
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by Brandon Worley on Aug 4, 2010 11:06 AM CDT up reply actions
It's ok. We're probably a little over excited
This could take all day if they’re going to allow 30 min between bids. They could be in there for a long time. Maybe Cuban will buy everyone pizza for lunch ;)
by Brad Gardner on Aug 4, 2010 10:55 AM CDT up reply actions
Are you kidding me?
These guys need to get their act together. I think it should be a silent auction, so we can get it over with…
Submit your bid on paper to the judge. Best bid wins.
Blammo, we have a new owner.
So, what's all this about Cuban maybe wanting to move the Rangers to Dallas?
Uhh, where in Dallas, exactly? Is he just going to airlift the Ballpark over to Fair Park or something?
No..
He’s saying he’d “entertain” the thought.
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by Brandon Worley on Aug 4, 2010 11:07 AM CDT up reply actions
Wild speculation.
Supposed “whispers”. It’s crap.
It would be awesome to have them in Dallas if you ask me…but it’s likely unsubstantiated crap.
by Brad Gardner on Aug 4, 2010 11:08 AM CDT up reply actions
Maybe after they "move"
Six Flags can build a roller coaster inside the ballpark ;)
by Brad Gardner on Aug 4, 2010 11:15 AM CDT up reply actions
They could name it
“Fans’ expectations” It could go up and down a ton, and end with a sharp drop and sudden stop.
And that sharp drop can land in a pool of frigid water...
…called All Star Weekend Lake.
High bid will come down at 11:30.
Then Greenberg will have an hour to review if he doesn’t have the high bid.
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So is it safe to assume
Given all this “reviewing” that these bids aren’t just straight dollar amounts on the cash portion of the sale?
They don’t need an hour to wrap their heads around one number being 2 million dollars larger than another number, right?
by Brad Gardner on Aug 4, 2010 11:10 AM CDT up reply actions
If they really are including
programming deals, land, and other things, it will take a really long time.
1. they have to describe in complete detail what they’re offering.
2. the judge has to be able to decide what the real value of that offer is, and if it meets the requirements for surpassing the previous bid. There’s a ton of variables there that can take a while to sort through.
At least, that’s my understanding of what’s happening/about to happen.
No.
That’s the big issue. These aren’t bids as a total. They’re bids on a number of parts that all add up to something, but they are complicated bids, apparently.
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by Brandon Worley on Aug 4, 2010 11:21 AM CDT up reply actions
I'm watching this also.
I just don’t watch baseball and that’s why I don’t see myself commenting that much.
To you guys Rangers is important. I just watch the sale because of the Stars.
That’s why I see myself as a person who should be quiet when you talk about Rangers, heh.
I'm pretty in love with both sports....
As a Rangers fan, today I’m watching in hopes that Greenberg and Nolan Ryan win.
As a Stars fan, today I’m watching in hopes this thing gets closer to an end.
It seems as though the lenders
Are going to get a lot more for this sale than originally thought, which will hopefully make them less argumentative about any potential similarities in the sale of the Stars.
(I really have no idea how any of this works…)
by Brad Gardner on Aug 4, 2010 11:21 AM CDT up reply actions
YOU don't have any idea?
I’m an 18 year old kid who browsed ESPN.com during Intro to Business sophomore year.
This is like Sanskrit to me.
I'm an 18 year old kid who played games online during Intro to business sophomore year.
This is like Sanskrit to me. haha.
I'm a 24 year old accountant
who’s studied FMV of assets.
I don’t know what the hell Sanskrit is, and I don’t know what the hell this auction is doing either.
First bid pushed back an hour.
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aandro
Judge Nelms is now pushing back estimate for higest best bid for like another hour.
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by Brandon Worley on Aug 4, 2010 11:29 AM CDT up reply actions
Wait...
So it was pushed back to 12 with the highest bid coming at 11:30. So does that mean 12:30 or 1?
Stars Sale
Here is my question. The original debt that HSG owes is about $525-550 million right? He was originally going to have to sell the Stars since the Rangers sale was not going to cover his debt. Now that Cuban is involved and it appears the team may actually get more than originally thought, is it possible that Hicks doesn’t sell the Stars at all anymore?
Creditors are only getting $75 million no matter what
I believe. The unsecured are getting everything else they are owed. And whatever’s left goes into Hicks’ pocket.
Mr. Hicks has said that he's ready to be done with sports ownership
by Brad Gardner on Aug 4, 2010 11:40 AM CDT up reply actions
Certainly hope so.
I just feel like Hicks would build our hopes up on the Stars sale just to build buzz, controversy, and media attention and then not actually follow through because of the Rangers sale.
Bankruptcy
But the whole $75 million just came about when he filed for bankruptcy protection correct? So is he using this one sale of the Rangers to completely wipe HSG’s total debt or does the Stars have there own debt through HSG that isnt going to be effected through the Rangers sale?
Some of the creditors are shared
But not all, is my understanding.
by Brad Gardner on Aug 4, 2010 11:41 AM CDT up reply actions
Hicks was a genius
when it came to structuring these loans. He purposefully set it up so that he could pull the trigger and default whenever he wanted. Now he can get out, and take as much money as possible with him, leaving the creditors and the fans screwed while lining his own pockets even more.
It’s not like the man is broke. Still a billionaire according to Forbes. He’s just a greedy bat-turd with an S in the middle.
So.
Greenberg has been doing everything possible to keep from bidding against Cuban. He tried one last time to secure the Rangers last night, and was close, but was “thwarted” by one lender that’s owed $125 million in defaulted loans.
This tells me that he’s not so sure he’s going to win this auction.
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I agree
I think Cubes is going to money whip everyone pretty hard.
And that will be that.
Let’s start a letter writing campaign to Nolan Ryan….stay. Stay and work with Cuban. There’s got to be a way to make it work.
by Brad Gardner on Aug 4, 2010 11:56 AM CDT up reply actions
Doesn't matter.
The issue with Cuban winning is that no one thinks the MLB will approve them as owners. Then the sale goes all the way back to the beginning.
Which is why some say that the judge may just pick GnR no matter what.
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by Brandon Worley on Aug 4, 2010 11:59 AM CDT up reply actions
Meeting time for me...
I get to learn about how to use software that we have in a new, more efficient way.
And you know what? I bet I’ll accomplish more in that meeting than they will in that courtroom.
If you're there in person
Be sure to ask him why the mavs choked against miami and dropped 4 straight. Then tell him you hope the rangers don’t do the same thing if he becomes owner.
Nah, just regurgitating Andro's tweets :P
I wouldn’t talk to Cuban, honestly. I don’t care much for the guy.
Anthony Andro.
Saying his gut says both Cuban and Greenberg are potential owners.
/facepalm
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Yes,
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by Brandon Worley on Aug 4, 2010 1:48 PM CDT up reply actions
Big update coming.
Hold your horses.
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Refresh for the latest update.
It’s a doozy.
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Oh yeah.
Something going down:
Mark Cuban went from smiling to straight face. He and his legal team just left the courtroom. #rangers
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My head asploded.
Would anyone be surprised if Hicks emerged as the owner of the team under a new entity with new financing and all creditors are acceptable?
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I would be surprised...
A writer I trust said:
Mr. Hicks has said that he’s ready to be done with sports ownership
Pretty much irrefutable.
To be fair.
I don’t see how there is any way possible for Hicks to get financing on Planet Earth right now.
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by Brandon Worley on Aug 4, 2010 2:05 PM CDT up reply actions
Galatioto was going to win at that point (last night)
No matter who bought the team because the offer had been increased already, so more dough….but it also served his own interests to let the thing go to auction (thus more $$$ being thrown around) and Hicks as well, because he doesn’t want to sell to Greenberg.
I bet the two exchanged winky face text messages after he blocked the sale.
Another delay.
Greenberg trying to broker another deal?
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So if both sides have left the courtroom
to try a backdoor deal to purchase the team….
Why the hell are we having an auction again?
They can't figure out how to put a value on the bids
Which contain all kinds of provisions and side deals and things…it’s not straight cash.
Did no one think about this before they set an effing date for this thing? They’re taking up time in a court house for pete’s sake… This is ridiculous.
Andro:
Source: Latest delay is to go over small details in Cuban-Crane bid to buy #Rangers.
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Oh, fun.
Chuck Greenberg is confident this will all be done by noon ….. Tomorrow. His timeline guesses haven’t gone so well in the past.
This is pretty damn hilarious.
Of course, after all this, than an actual auction would not take place at the court appointed date for the auction.
It’s ridiculous.
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What's funny is that the breaking news of the day has consisted of
Cuban is walking in
Cuban is walking out
There are 10 people in the court room
There are 70 people in the court room
Greenberg sighed
Cuban is chewing gum.
HAFGBLSAIFGLIUGEWLIUWGELIUWGBELIUEWGBLIUEWBG:LGB:WEBGIUEWGB:LIW $#^%$&$# &&
by Brad Gardner on Aug 4, 2010 2:29 PM CDT reply actions 1 recs
It's like they scheduled an auction,
got to the court room this morning, opened a brand new book entitled “how to have an acution” and they said “hmmmm….probably should’ve thumbed through this last night…”
Maybe the problem is they accidentally bought
“How to have an acution”
And this is exactly how it’s done?
Well, Nolan IS
A snow monkey ambassador.
I need to listen to that audio. Maybe something as explosively hilarious as that can stop my head from exploding.
It's on.
They have risen.
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by Brandon Worley on Aug 4, 2010 2:47 PM CDT reply actions 1 recs
Cuban and Crane
Highest bidder.
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Okay....so now what happens...
we wait an hour or more while greenberg ryan put something else together?
Eesh.
tx rangers just told court that cuban and crane have the highest and best bid at this point by $25 mln
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wut?
but rangers attorney says it could take some time approve cuban that would detract from that amount
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I'm pretty sure.
Lone Star Ball just exploded.
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....
Greenberg-Ryan lawyer says a court order is in place. Says bid received in time wasn’t higher than theirs.
I have no idea what this means.
I need to go buy a bankruptcy law book.
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by Brandon Worley on Aug 4, 2010 2:57 PM CDT up reply actions
But the judge already ruled that it was a qualifying bid...
it wouldnt qualify if it was lower… and it’s 25 million more according to MLB, so….what?
someone decipher this?
TRBP lawyer saying that due to extended time for C/C approval, the $25M is overstated. GnR asking for time to evaluate offer.
OH SHIT SON.
It’s getting ugly in the courtroom now.
greenberg’s lawyer says will file an appeal if his client does not win and will block cuban bid
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Good argument from Greenberg's side
From CBS11tv.com chat:
R-G: Ryan group says they want to know what discounts were given for lack of MLB approval and timeliness so they can compete with that with cash bid. They’re arguing they have cash ready now and MLB approval and you can’t put value on that.
"Diving stab by Andrus, gets up, throws.... GOT HIM!!! An unbelievable play! From short left field!"
-Eric Nadel on 5/17/10
Here's a great live blog:
http://cbs11tv.com/rangers/Texas.Rangers.New.2.1839297.html
From CBS11.tv
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How is this possible?
Ryan-Greenberg: we didn’t know Radical Pitch (Cuban) had a bid until 10 minutes ago
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I really don't understand that either.
In order to submit a bid yesterday, it had to be at least $15 million more than G/R, right?
So…if someone else submits a bid, doesn’t it logically follow that they had a higher bid?
Forget the fact that they’re even saying they didn’t know they had a bid. Why the hell else would there be an auction today?
no no no.
The bid announced today was just the initial bid.
Each side submitted a blind bid. That’s why there would be a delay in evaluating the bid, to see how they would respond.
This isn’t:
25, 30, 35, 40.
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by Brandon Worley on Aug 4, 2010 3:06 PM CDT up reply actions
No shit, sherlock.
BizballMaury RT GnR feels something is fishy.
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This is like a freaking movie, playing out in real time
Except I only understand half of what is being said.
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Ok , I think I know what GnR's argument is.
They’re saying that since C&C aren’t guaranteed to be approved by the MLB, that their bid — while lower — is in fact more valuable. Especially since they can pay everything off by August 12th.
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and they have more actual cash availiable up front
"Diving stab by Andrus, gets up, throws.... GOT HIM!!! An unbelievable play! From short left field!"
-Eric Nadel on 5/17/10
by Jason Brynsvold on Aug 4, 2010 3:09 PM CDT up reply actions
Debtors are saying otherwise, though.
They say that C&C’s bid works just fine for them. If the debtors don’t have an argument with it, and MLB approved it, I don’t really see how G&R has a viable argument.
The MLB has not approved it.
And there’s no guarantee they will.
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by Brandon Worley on Aug 4, 2010 3:11 PM CDT up reply actions
No, they didn't.
That was report was deemed to be inaccurate. The MLB would have to vote on C&C, after the auction is completed.
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by Brandon Worley on Aug 4, 2010 3:12 PM CDT up reply actions
Per Andro:
The big question seems to be with the discounts involved with Cuban-Crane bid.
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by Brandon Worley on Aug 4, 2010 3:12 PM CDT up reply actions
Me either.
I think that’s why GnR is saying there’s something shady afoot.
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by Brandon Worley on Aug 4, 2010 3:13 PM CDT up reply actions
GnR has one hour to respond.
Not what GnR wanted.
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it drags on
Judge: be that as it may, we should continue with the auction, and we will. I’m going to give Rangers Express an hour on their evaluation of Mr. Cuban’s group. I’m hoping that your analysis will be expidited
"Diving stab by Andrus, gets up, throws.... GOT HIM!!! An unbelievable play! From short left field!"
-Eric Nadel on 5/17/10
Holy fuck. Does this guy every actually work?
This should be interesting… Lynn has a wedding to attend to and wants to be out of the court tomorrow by around noon. This could drag out
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And so we rest for an hour.
Yeesh.
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My grandfather is a bankruptcy attorney in Mississippi.
I should get him involved somehow.
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That certainly was an action packed 10 minutes, though.
Almost worth delaying the auction for the last 7 hours.
This isn't a good sign.
greenberg’s attorney just cursed out in the hallway the cro’s attorney, who cursed back
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No kidding.
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by Brandon Worley on Aug 4, 2010 3:27 PM CDT up reply actions
That's exactly what it sounds like to me.
All of this sounds like frustration from Greenberg that he won’t get the team.
Supposedly...
Some F-bombs were dropped.
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So this 25 million more...
I want to make sure i’m clear on what this means…
Didn’t G&R take off the property on their bid so that they could increase their cash portion by $70 million, or something like that? Does that mean that C&C essentially beat out their original buid by $95 million?
Or am I just confusing my facts yet again?
I have no clue.
Since we don’t know what went into those bids.
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by Brandon Worley on Aug 4, 2010 3:30 PM CDT up reply actions
Here's a great explanation of the "discounts".
Discounts in this case aren’t "cash off" like you tend to think of them. Discounting is done in cash flow analysis to bring cash to a present value, or net present value (NPV). GnR is arguing that because cashflow from C/C is delayed, the bid is overvalued, as the time value of money needs to be represented and reduced by a certain "discount rate."
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okay....
gimme your best idea at what you think the G&R bid was around Brandon… I’ll try and discount the C&C for ya.
oh holy hell.
It’s going to be in the $500s. So we’ll say $565.
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by Brandon Worley on Aug 4, 2010 3:36 PM CDT up reply actions
At 565
Discount rate would only be 6% over 9 months for a $25 million high bid to break even…
That rate is way too low. We’re lookin for a normal rate to be 8%-10% based on the risk involved.
Shit.
If Trevor (Travis?) did it in 10 freaking minutes…..
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by Brandon Worley on Aug 4, 2010 3:42 PM CDT up reply actions
It's Trevor.
Official Hello
From what we’ve been readin, it looks like the judge isn’t necessarily considering these discounts. I’m assuming that G&Rs lawyers will try to make an argument as such, but no clue whether or not the Judge will accept it as valid. If not, I think they’ll still try to win by bidding again anyways.
If they lose though, they may have a case if they file. The only problem with filing is that it will take too long, and they will lose their contract rights on the 14th.
You can bet your sweet bippy that cuban’s lawyers bid like this for exactly that reason.
What?
Smart lawyers?
I highly doubt it.
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by Brandon Worley on Aug 4, 2010 3:49 PM CDT up reply actions
Tweet of the day.
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by Brandon Worley on Aug 4, 2010 3:33 PM CDT up reply actions
According to the financial guys
GnR have a decent argument.
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by Brandon Worley on Aug 4, 2010 3:35 PM CDT up reply actions
yeah, they really do.
if a bid was around $550 million… And a ROI was 10%… And assuming that Cuban would take at least 9 months to approve…
G&R have the higher bid by $16 million, not C&C by $25
So...
Greenberg is going to appeal no matter what, if he doesn’t get the team.
And then there’s this:
Greenberg said a legit bid was never submitted by Cuban’s team and they still haven’t seen the Cuban bid.
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greenberg’s lawyer to CRO lawyer: ‘’yu told me we were going to get a reasonable amnt of time to review the bid,f..k you.’’
to which the CRO’s lawyer, louis streubeck to thomas lauria, greenberg’s lawyer, “F..k you.”
This is better than television.
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by Brandon Worley on Aug 4, 2010 3:37 PM CDT up reply actions
Another financial take:
of C/C’s bid was done. I feel like there are too many lawyers and not enough financial types in the court room, especially doing the bid valuation. Discounting is not a science, though. You can make informed decisions, but look at a discount rate like this:
It’s similar to a baseball trade – two people can have equally valid opinions on the merits of a trade, but you won’t know until you see performance.
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I'm hanging with friends at 7....
but if it’s not over by then, I’m going to be hard pressed not to stay and keep up with this. This is some damn good drama.
No kidding.
This is amazing stuff.
And no one is the good guy here.
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by Brandon Worley on Aug 4, 2010 3:45 PM CDT up reply actions
Definitely not.
Hicks has an inside Debtor driving up the bids. G&R are trying to get out for as cheap as possible any way they can. And C&C are deliberately blackballing G&R
I still don't understand how what Galatioto did is legal.
Isn’t that collusion?
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by Brandon Worley on Aug 4, 2010 3:50 PM CDT up reply actions
Trevor, here you go.
I was WAY off.
CBS 11 News:
Ryan’s first bid was $306.7 million. Cuban topped that by $25 million, making his bid $331.7 million. Ryan group has another 20 minutes or so to decide their next move. Their next bid must be at least $2 million more— or $333.7M total.
Wednesday August 4, 2010 3:49 CBS 11 News
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I went back and read through again...
and it sounds like the debtors have in fact included a discount at this point. So the 331.7 is a present value thing, and not the actual dollar amount you would see in the bid.
The question that G&R had, and is being answered (privately) for them on what discount rate is being applied. If it is too low, 4-6%, G&R have a reasonable argument that they aren’t being outbid by $25 million, and more like 15-18 million.
But, since the bids are only in the 300s and not the 500s like we thought, it looks like they are in fact being out bid regardless.
I'm seriously confused, by the way.
I could have sworn the sale was for around $500 or so.
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by Brandon Worley on Aug 4, 2010 4:00 PM CDT up reply actions
i think that it is including the ballpark lease
maybe this bid is w/o that. just guessing
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-Eric Nadel on 5/17/10
by Jason Brynsvold on Aug 4, 2010 4:02 PM CDT up reply actions
Yeah.
I got it now. That price included the Ballpark, which is out.
Also, the assumed debt is the same for both sides.
This is a cash-only option.
Makes sense.
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by Brandon Worley on Aug 4, 2010 4:04 PM CDT up reply actions
The real question that comes up now
is what qualifies as $2 million more than C&C based on a fair rate. $20 million? $27 million?
Either way, it looks like Hicks may not be pocketing as much as he had hoped in this auction, since almost $300 million total is going to creditors.
Also, I still don’t understand the argument that they didn’t know C&C had a bid, either. I think they’re just bullshitting so they can file a suit if they lose.
They're saying that C/C never had a qualified offer
That the had the chance to amend it, and they still haven’t seen the actual offer, so they don’t know how to respond exactly.
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by Brandon Worley on Aug 4, 2010 4:05 PM CDT up reply actions
Hmm.
3:20 p.m.: Chuck Greenberg tells me he is now very "frustrated by the process." He is angered that Cuban’s groups submitted an unqualified bid last night and was then given the chance to amend it. "We have still not seen a bid, this is a moving target we have no idea what we need to come up with," Greenberg told me. We believe Cuban’s offer that exceeds the ‘original Ryan -Greenberg bid’ by $25 million would make their bid would make it $331.7 million.
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Lol..
I think Pat, Brad and Trevor took a break.
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Here's another question to add to the complexity...
Let’s say that G&R can’t match C&C, but they can come close. Can they go ahead and submit a slightly lower bid than C&C, lose the auction, and entice MLB to approve the second highest, but slightly lower bid?
Here's the clarification on the cash amount:
CBS 11 News:
Just want to clarify some numbers here: Ryan-Greenberg’s total first bid package is worth about $510 million. The cash part of their bid was $306.7 million. Cuban-Crane’s bid numbers are $25 million more either way (cash or total package) That’s why you see some conflicting numbers about the amounts. Generally, we talk here about the cash part of the bids to keep it simpler.
Wednesday August 4, 2010 4:05 CBS 11 News
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Yes.
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by Brandon Worley on Aug 4, 2010 4:07 PM CDT up reply actions
I think.
Actually, I think GnR’s argument is that they can, but C/C can’t.
I don’t freaking know?
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by Brandon Worley on Aug 4, 2010 4:08 PM CDT up reply actions
I believe "Cash"
Just means debt free. Not necessarily cash on hand, but as long as it’s tied up in liquidatable equities, they count.
Exactly.
Of course, they’re still taking on debt. Wheee.
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by Brandon Worley on Aug 4, 2010 4:09 PM CDT up reply actions
Greenberg once again saying they still haven't seen a bid.
The bid that was due at 8pm last night was unqualified. C/C amended it, but GnR haven’t seen that one apparently.
We’re not picky at this point" says Greenberg “We Just want to see it” We think the grand Cuban strategy is to slow this down and kill our finance"
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It's interesting, isn't it?
And there’s no way for us to know the truth, either way. I’m almost starting to believe him.
But if they know they value of the contract, they should be able to assemble some kind of bid, regardless.
I give up.
GREENBERG: We were supposed to report back right around now, what we can report is that we’ve heard a rumor. We think they’re trying to drag this out.. so far they are getting away with it.
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What's sad about all this.
Is that if Greenberg wins, his relationship with Cuban is likely destroyed. And that’s the Maverick’s owner.
How is that a good thing, at all?
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Pittsburgh attorney/businessman.
Helped Lemieux purchase the Penguins. He owns some minor league teams.
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by Brandon Worley on Aug 4, 2010 4:17 PM CDT up reply actions
hes the guy that should have owned this team 5 freakin months ago
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-Eric Nadel on 5/17/10
by Jason Brynsvold on Aug 4, 2010 4:18 PM CDT up reply actions 1 recs
Trevor...translate:
Source: Cuban deal is $25 million more in cash, which court officials will figure the loss in value for weeks or months it takes to close.
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Sounds like they're going to apply an official discount rate to all of C&C bids from now on.
G&R won that argument. I think that means they’re not outbid by a whole $25 million anymore. It depends on what the court decides though. C&Cs original bid could be anywhere from $2-$20 million more than G&R.
But I may be way off base...
Kind of hard to tell what they mean from one quick blurb… especially since half the information is secret, and the other half isn’t.
Thanks.
Awesome.
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by Brandon Worley on Aug 4, 2010 4:27 PM CDT up reply actions
My guess is that G&R will outbid C&C by the minimum.
Then, let C&C out bid them again if they choose.
At that point, G&R will choose to lose the auction, and see if MLB selects the second highest.
And sue to block if they don’t.
Ready for this one?
Greenberg-Ryan group just got markup of document. It could take an hour or more.
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Time for a break.
Holy hell.
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You guys in for the long haul?
I am.
Judge Nelms says we’re going work through the night to make bid happen.
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Looks like the Judge is validating C&C's bid yesterday
because it was essentially based off of G&R’s original bid.
Yeah.
They’re aggregating info from a couple of sources, it’s great.
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by Brandon Worley on Aug 4, 2010 4:38 PM CDT up reply actions
630 pm et is when now we are expected to hear from greenberg group on responding to cuban bid: heard judge nelms willing to work all nite
I still want to know more about C&Cs plan...
including hard details on the discounts applied. For an auction based on only $2 million increments, the discount rate can make a huge difference.
Especially if you’re basing it on the whole value of the purchase (debt included) and not just the cash portion. And now that I think about it, that may be the case, but everyone just keeps using the cash portion since it’s the only portion that is changing during the auction.
Hmm.
4:20 p.m.: So there is plenty of confusion over what the Cuban offer really amounts to. The court announced its $25 million over the Ryan – Greenberg offer. After long discussions with a few attornies who were in the court room, including one of Tom Hicks’s attornies, I believe the Cuban bid amounts to somewhere around $330 million dollars. Some news organizations are reporting the bid is actually over $500 million. I don’t believe that is correct. The land has been stripped from the deal to ensure fairness during the auction. Which would mean the original Ryan cash offer would amount to $306.7 million. But again, even Chuck Greenberg, one of the main players, couldn’t say for sure. That’s how complicated this all is.
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by Brandon Worley on Aug 4, 2010 4:48 PM CDT up reply actions
HEY.
Lurkers. I know you’re out there.
How many of you are reading, following along, not commenting?
Speak up! It’s gonna be a long night.
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im here, but i've been saying stuff hah
"Diving stab by Andrus, gets up, throws.... GOT HIM!!! An unbelievable play! From short left field!"
-Eric Nadel on 5/17/10
by Jason Brynsvold on Aug 4, 2010 4:50 PM CDT up reply actions
Yeah, you don't count.
Our traffic today is through the roof.
There’s some shy strangers out there….I can feel it.
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by Brandon Worley on Aug 4, 2010 4:53 PM CDT up reply actions
And we welcome ya, and thank ya.
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by Brandon Worley on Aug 4, 2010 5:10 PM CDT up reply actions
I'm just here to see how this will might play out concerning the Stars...
Other than that.. Go Twins!
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by Art Middleton on Aug 4, 2010 4:51 PM CDT up reply actions
At Work
I’m at work right now. I’ve just been checking on the comments from time to time.
I kinda hope Cuban wins it and then gets the owner approval process fast-tracked.
i dont think there is any way this is solved quickly if cuban wins the bid
which would be a nightmare for Rangers fans….
"Diving stab by Andrus, gets up, throws.... GOT HIM!!! An unbelievable play! From short left field!"
-Eric Nadel on 5/17/10
by Jason Brynsvold on Aug 4, 2010 5:02 PM CDT up reply actions
I figure as much
I don’t really care about the Rangers (or baseball in general). I just like what Cuban has done for the Mavs and think he could help make Dallas an even more attractive Sports market overall.
The problem is
That if Cuban wins, he’s very unlikely to get approved by MLB, and we go back to the start.
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by Brandon Worley on Aug 4, 2010 5:07 PM CDT up reply actions
bingo
especially since he is teamed up with Crane. I don’t even know why they are being allowed to be in this process. I don’t see any way they get approved.
"Diving stab by Andrus, gets up, throws.... GOT HIM!!! An unbelievable play! From short left field!"
-Eric Nadel on 5/17/10
by Jason Brynsvold on Aug 4, 2010 5:13 PM CDT up reply actions
Ha ha.
Nolan said on a day like today, he even misses spring training. And that can get old in a hurry.
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This is just retarded now.
greenberg told me that crane cuban bid is a phantom bid, with no partership agreement or details on debt equity split.maybe but ct accepted
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I feel like I felt last night at the Aerosmith concert with clouds of secondhand pot smoke hovering everywhere.
HEAD SPINNING DON’T KNOW WHAT’S GOING ON MAN
By the way.
You have made get tickets now.
Going to their show in Atlantic City.
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by Brandon Worley on Aug 4, 2010 5:31 PM CDT up reply actions
I know.
I’ve seen them 8 times already.
Awesome every single time.
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by Brandon Worley on Aug 4, 2010 5:34 PM CDT up reply actions
Y'know, all I could think about driving home last night was:
“Dammit, I’m never going to be able to see Oasis in concert.”
They’ve gotten praise for their live performances just as much as Aerosmith..sigh. Ah well.
Yeah, they were incredible.
But what I don’t understand is when people scoff when you say you’re gonna see Aerosmith.
“They’re so old”.
Fool, there’s a good reason those tickets are so damn expensive.
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by Brandon Worley on Aug 4, 2010 5:37 PM CDT up reply actions
It's the sex.
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by Brandon Worley on Aug 4, 2010 5:42 PM CDT up reply actions
Concert WAS epic!
So was the car accident we heard right behind us as we left, too. Some guy ran a red light and BAM – smoke filled car heading our way. We weren’t hit, but I thought I was about to see someone get punched in the face.
I'm definitely not surprised by that...
….there were not many sober people by the end of that concert. I think Blue October drove everyone to drinking before Aerosmith even came out.
They have Sammy Hagar opening
In AC.
Nice.
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by Brandon Worley on Aug 4, 2010 5:38 PM CDT up reply actions
Here we go.
Action about to start again.
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Ok, here we go.
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Bid submitted..
Supposedly.
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Yay?
CBS 11 Newsroom:
Ryan lawyer approaches bench and makes what he says would be top bid. says they will top the cash part of Cuban’s bid by $2m. The auction rules required at least $2m
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C/C already making counter offer?
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Holy crap.
The Crane-Cuban topping bid is $15 million for $335 million cash.
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Like I said before...
G&R should go ahead and lose the bid, and hope MLB chooses the second highest.
Sigh...
5:47
CBS 11 Newsroom:
Cuban lawyer says they will bid $335 million for the cash part of their bid
Wednesday August 4, 2010 5:47 CBS 11 Newsroom
5:47
CBS 11 Newsroom:
Ryan atty comes back, asks for CRO to find out what numbers are before they come back
Wednesday August 4, 2010 5:47 CBS 11 Newsroom
5:47
CBS 11 Newsroom:
debtors say they have not had chance to review, so they make separate motion
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The frustrating thing is....none of this could matter.
MLB still likely won’t approve the bid…..and we’re back to square one.
LMAO.
Recovene at 6:15.
So 30 minutes.
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True.
No way GnR can keep up with this.
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by Brandon Worley on Aug 4, 2010 5:50 PM CDT up reply actions
I think that's exactly the message
that C&C are trying to send by going up in $15 million increments instead of $2 million
Trevor. Translate.
If I understand correctly, Greenberg-Ryan will have to up the value of their deal by $44 million from stalking horse bid to stay in game.
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they started out 25 mil behind cuban
then went $2 mil ahead of them ($27 mil raise of original bid). Now Cuban outbid him by another $15 mil, so if they want to outbid them again, it would have to be $17 mil more than their current bid, equaling $44 mil.
"Diving stab by Andrus, gets up, throws.... GOT HIM!!! An unbelievable play! From short left field!"
-Eric Nadel on 5/17/10
by Jason Brynsvold on Aug 4, 2010 6:00 PM CDT up reply actions
Yeah, I got that.
Still unsure what “stalking horse” means though.
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by Brandon Worley on Aug 4, 2010 6:01 PM CDT up reply actions
me either
oh well
"Diving stab by Andrus, gets up, throws.... GOT HIM!!! An unbelievable play! From short left field!"
-Eric Nadel on 5/17/10
by Jason Brynsvold on Aug 4, 2010 6:04 PM CDT up reply actions
Smartass.
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by Brandon Worley on Aug 4, 2010 6:07 PM CDT up reply actions
I was thrown off by the bid/deal wording.
Was thinking at first he meant GnR’s next bid had to be $44m more than C/C’s bid.
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by Brandon Worley on Aug 4, 2010 6:05 PM CDT up reply actions
Gotta love google....
What Does Stalking-Horse Bid Mean?
An initial bid on a bankrupt company’s assets from an interested buyer chosen by the bankrupt company. From a pool of bidders, the bankrupt company chooses the stalking horse to make the first bid.
Sigh...
Dumb.
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by Brandon Worley on Aug 4, 2010 6:06 PM CDT up reply actions
Oh...by the way.
Don’t be thrown off by the raise of $15m meaning the Cuban is strongarming or anything.
While GnR has to raise bid a minimum of $2m, C/C has to take into account the $13m breakup fee owed to GnR. Hence…$15m.
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Contention by MLB and Greenberg: They must show money is funded and in bank. Cuban/Crane under no such guidelines. #Unequalplayingfield?
Who said that?
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by Brandon Worley on Aug 4, 2010 6:08 PM CDT up reply actions
nvm.
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by Brandon Worley on Aug 4, 2010 6:09 PM CDT up reply actions
evan grant
"Diving stab by Andrus, gets up, throws.... GOT HIM!!! An unbelievable play! From short left field!"
-Eric Nadel on 5/17/10
by Jason Brynsvold on Aug 4, 2010 6:09 PM CDT up reply actions
Let's see what happens here.
I think GnR backs off.
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OT...
Nate Newton is SKINNY.
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I mean
He looks like…he’s sick. I know he’s not, but I can see his cheekbones. Omg.
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by Brandon Worley on Aug 4, 2010 6:22 PM CDT up reply actions
What's funny.
After all this, Judge Lynn could just approve GnR tomorrow anyways.
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Alrighty..
I’m checking out for now. I’ll check back in periodically via the miracle of mobile commenting.
Sayonara…
Loser.
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by Brandon Worley on Aug 4, 2010 6:35 PM CDT up reply actions
CBS 11 Newsroom:
So now the auction rules say Ryan must bid at least $2M more.
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Wait a tick...
one of the rules was that anyone other than G/R bidding has to bid a minimum of 15 million more than their bid. G/R only have to bid in 2m incremints. Cubans has to stay 15mil above.
I had been thinking it was only 15 million over the initial bid yesterday, not every bid that G&R makes. Wowie Zowie, this could get pricey fast.
Exactly.
That’s why it’s actually bad for GnR, each round.
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by Brandon Worley on Aug 4, 2010 6:47 PM CDT up reply actions
Maybe not.
CBS 11 Newsroom:
JRS, that’s right. Cuban’s first bid had to be at least $15 M more than Ryan’s first bid. It was $25M more. After that first bid, the increment is $2M minimum for everybody. They can go as high as they want—Cuban went $15M higher on his second bid—but the minimum is $2M.
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by Brandon Worley on Aug 4, 2010 6:48 PM CDT up reply actions
So..
We are now 35 minutes past the 30 minute time limit set by the judge.
I’ve decided I don’t want to be a lawyer.
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I think something is happening.
I have no life.
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Your life is to run this blog.
At least you have an excuse. I’m just watching Tosh.0 and keeping track of what’s going on.
Fair enough.
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by Brandon Worley on Aug 4, 2010 7:04 PM CDT up reply actions
Cocked and ready.
CBS11 in Court:
Ryan nervously tapping on back of bench with fastball arm outstreched
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Sigh.
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by Brandon Worley on Aug 4, 2010 7:16 PM CDT up reply actions
So much drama...like a damn movie.
7:13
CBS11 in Court:
Baseball President Bob DuPuy walked in, almost sat down and then was ushered out by an aide
Wednesday August 4, 2010 7:13 CBS11 in Court
7:14
CBS11 in Court:
Ryan now has arm around guy next to him and talking calmly, staring at judge’s chambers and bobbing head, not what you would expect from someone with so much on the line.
Wednesday August 4, 2010 7:14 CBS11 in Court
7:15
CBS11 in Court:
guy in doorway looked at someone with the parties involved, shrugges shoulders in a “who knows” move
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I hope this never ends.
The drama is so awesome.
by Pat Iversen on Aug 4, 2010 7:19 PM CDT via mobile reply actions
wtfisgoingon
CBS11 in Court:
rest of the room waiting. more people beckoned outside of room. this time two attorneys from jury box
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all of this just shows how much we should all hate tom hicks
"Diving stab by Andrus, gets up, throws.... GOT HIM!!! An unbelievable play! From short left field!"
-Eric Nadel on 5/17/10
Hm
CBS11 in Court:
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.
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Wheee....
CBS11 in Court:
Just stepped into hallway for brief moment… Greenberg walking around drinking bottle of water. Much more nervous than Ryan… Crane poked head into room, mumbled “they’re not in here” in passing, then walked away. The two were a few steps away from each ofhter but did not acknowlegdge each other.
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I'm sure they were able to mumble
at least something close to “suck it” as they walked by each other.
Oh brother.
It’s not a good sign that the Cuban group just had a bunch of pizza delivered.
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Are you kidding me???
CBS11 in Court:
greenberg just walked by, “we’re just waiting,, but the ball is in our court”
Uhhhh… so what the hell are you waiting on then?
I wonder if Ryan is not stressed
because he plans on staying with the Rangers no matter who becomes the new owner?
Not according to Maury Brown.
He knows all.
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by Brandon Worley on Aug 4, 2010 8:04 PM CDT up reply actions
not so much
JD’s like, "you want some fucking pitching? Here’s all the pitching you can stand. Now choke on it, bitches!"- RCCook
so....
already 3000+ comments on this at LSB and shooting for 500 over here…
I guess the BR hearing is big news huh?
JD’s like, "you want some fucking pitching? Here’s all the pitching you can stand. Now choke on it, bitches!"- RCCook
Yeah, seems that way.
This is our biggest traffic day in a while.
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by Brandon Worley on Aug 4, 2010 8:11 PM CDT up reply actions
Stars?
I know it is some what stated above but still slightly confused….Is the consensus that the Cuban group is bad news? Because MLB would need to approve the group which could take another 6 months….and the thought is the Stars will NOT be sold until the Rangers are?
It's more our fear that if Cuban wins the Rangers
Fox Sports will want to buy the Stars to maintain some programming control in Dallas. And we don’t want a faceless corp running the stars for profit only. We want a passionate owner that wants to win the cup.
It's a couple of things
It’s the delay of the sale, mainly.
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by Brandon Worley on Aug 4, 2010 8:16 PM CDT up reply actions
This whole process.....
Just seems brutal….like honestly of all the things that make you discouraged about a sports team the fact that one of the biggest is about the sale of another team is just dumb.
This is so true.,
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by Brandon Worley on Aug 4, 2010 8:27 PM CDT up reply actions
It's not that it's the biggest thing....
It’s just the only thing going on that’s remotely related to the Stars right now.
Yeah, Modano signed with the Wings officially today, but we’ve known for days and discussed it to death for the last month.
Well...to be fair.
I’m a big Rangers fan as well.
But, this directly impacts the Stars. Especially seeing the way that Hicks is handling it. Also, there’s this:
According to several reports from the courthouse today, Greenberg and Ryan attempted to broker a deal to purchase the Rangers at the very last minute last night. This sale, and the deal, as supposedly approved by Monach — the lending company that’s been the biggest thorn in the side of this sale all along. The deal was close to being made….
..yet was blocked by a secondary lien holder. That lien holder: Sal Galatioto.
Wait a second…isn’t Sal Galatioto the one whose firm has been hired by Tom Hicks to broker the sale of the Dallas Stars? So he’s working hand in hand with Hicks on one side, yet blocking the sale of the Rangers from the other side. It’s no secret now that Hicks does NOT want to sell to Greenberg and wants the most money, trying to force the sale of the club to Jim Crane and Mark Cuban. He’s been playing both sides all along apparently.
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by Brandon Worley on Aug 4, 2010 8:29 PM CDT up reply actions
Ha ha.
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by Brandon Worley on Aug 4, 2010 8:33 PM CDT up reply actions
That is skeezy
But I suppose hes already managed to pry and extra what is it 44mil out of the sale thus far
Oh thank you baby jesus.
judge nelms just told me he is ready to call time, meaning he would force the parties back into the court room.
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WTF
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by Brandon Worley on Aug 4, 2010 8:42 PM CDT up reply actions
Good lord
That is friggin insane ridiculous. How do they have so many fans?
by 30 ft. fence on the Rio on Aug 4, 2010 8:49 PM CDT up reply actions
YAY.
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by Brandon Worley on Aug 4, 2010 8:43 PM CDT up reply actions
Interesting.
CBS11 in Court:
Greenberg back in room, strolls in with purpose. Ryan walks in back door, works way up to front.
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Ha ha...yeah right.
CBS11 in Court:
Back in session. Back on record. Taking announcement from Debtor and CRO about highest and best bid. Judge does not know nature of bid. Judge says we are at point we need to move proceedings along. We will break 30 to eval, if bid is sooner, it will be sooner.
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Sounds like he's ready for things to move along now.
After a 2 or 3 hour break, G&R should be able to know exactly how far they want to go in this auction.
Sounds like the judge is just about as tired of all this as we are.
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Sounds like the CRO has re-evaluated the discount we were discussing earlier...
and that may have been what was taking so long… It’s easy to ballpark it, but they need an exact figure…
CRO: we are waiting for recent spreadsheet, we have printer probs in office. at this point we think bids are neck and neck. we need 2 minutes to take a look at bid.
Good, bad?
CBS11 in Court:
CRO approaches bench. gives judge a copy. CRO says two bids are effectively even.
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Good, if you're wanting the sale to be done quickly.
That greatly reduces the value of Cuban’s bid from the 25 million plus he was originally over.
hm..
there was a 4.7 mil deduction for other needs, and a 23.5 mil deduction because Cuban could not close without business plan and baseball approval.
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supposedly...but wait...
CBS11 in Court:
Greenberg Ryan says bid was based on sliding sale, they were told the CRO ruling was non-negotiable
Wednesday August 4, 2010 9:11 CBS11 in Court
9:12
CBS11 in Court:
They say Cuban bid is then 290 million, and would need to come up with 40 mil to top their bid. They were told by
CBS11 in Court:
They were told that Cuban funding got around Judge Lynns July 2 ruling over bids
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by Brandon Worley on Aug 4, 2010 9:12 PM CDT up reply actions
man, I'm so lost.
So basically, that means that the $42 million above G&R that C&C bid a few hours ago actually just barely meets the minimum requirements for yesterday’s submission?
I think that’s what G&R are arguing now.
Some crazy lawyering going on right now.
Lauria: Ripping into CRO for lenders right now. Voice is getting a little raised.
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Good god.
CBS 11 Newsroom:
Greenberg attorney; this process has devolved to the point we have no faith in the process. We thought we were 33 million ahead and now you’re telling us we"re dead even.
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C/C and GnR are going at it.
9:24
CBS 11 Newsroom:
Cuban atty: they’ve only added 2 million dollars all day and now that things aren’t going the way they like it they want it to stop
Wednesday August 4, 2010 9:24 CBS 11 Newsroom
9:24
CBS11 in Court:
CRO: we are trying to streamline, we have got a total of 3-4 bids since 9… but if we have someone willing to make a bid, then Ryan group can protest, but the bid will go on.
Wednesday August 4, 2010 9:24 CBS11 in Court
9:25
CBS11 in Court:
Ryan atty: we were on the clock for hour fifteen, since then others have held this up. we increased out bid by 30 mil, not 2, we then raised it 2 after that.
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by Brandon Worley on Aug 4, 2010 9:26 PM CDT up reply actions
C/C attorney is saying that GnR is trying to delay the auction as long as possible.
GnR says they aren’t playing fair, not giving GnR ample time to bid. I think.
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by Brandon Worley on Aug 4, 2010 9:27 PM CDT up reply actions
Really sounds like G&R are just posturing
instead of bidding, hoping to catch Cuban on a technicality. It sounds like they’re grasping at straws.
Maybe they’re hoping to draw this out as long as possible to keep the bids down as low as they can.
Sounds like GnR have been fighting the same exact fight all day long.
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No matter what.
Judge Lynn will have a confirmation hearing at 9:30 tomorrow morning?
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by Brandon Worley on Aug 4, 2010 9:33 PM CDT up reply actions
That's a statement.
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by Brandon Worley on Aug 4, 2010 9:34 PM CDT up reply actions
C&C just upped the bid to make G&Rs argument irrelevent.
G&R will be out of arguments now. They’re either going to have to bid, or surrender.
umm...yes?
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by Brandon Worley on Aug 4, 2010 9:44 PM CDT up reply actions
I hate you.
One of the last Joe Nieuwendyk supporters in Dallas....
Defending Big D - Dallas Stars news & analysis; SB Nation Dallas-Fort Worth
by Brandon Worley on Aug 4, 2010 9:57 PM CDT up reply actions
hahahaha....
my friends and I like to find the most disturbing ones we can…
I haven’t even shown you the worst one ever. It’s from a Tosh.0 episode if you ever watch that…
Yeah that ones okay
But this one takes the cake…
by Tsudbury on Aug 4, 2010 10:28 PM CDT via mobile up reply actions
I'm about to quit.
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i duynko'...
Myh dohy .,.odi hyea dogk.
One of the last Joe Nieuwendyk supporters in Dallas....
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by Brandon Worley on Aug 4, 2010 10:14 PM CDT up reply actions
Pretty sure brandon's brain just melted
by Tsudbury on Aug 4, 2010 10:24 PM CDT via mobile up reply actions
okdidn.
CBS11 in Court:
Large group of people just returned to room, many fans have gone home. Cuban and attorney are seated, Bob Du Puy just came and sat down in the back.
One of the last Joe Nieuwendyk supporters in Dallas....
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This should never have been as anticipated as it was
As great as the drama is, it was never going to decide anything. There’s going to be some kind of legal battle bc of all the bitterness, unless Greenberg just decides he’s done with this sh%t, and I wouldn’t blame him…
So, before I have a drink and head off to bed, bc this day has been just so fantastic...
Where are we with this thing?
Right where we left off
Except hicks is now guaranteed to pocket $45 million more than he was yesterday
by Tsudbury on Aug 4, 2010 11:13 PM CDT via mobile up reply actions
That'll be chump change
compared to what he pockets in the pending Liverpool sale, whenever that goes down.
by Brad Gardner on Aug 4, 2010 11:16 PM CDT up reply actions
BTW, Thanks for coming out today guys
Come back tomorrow.
This horse is dead, but I think it can take another beating tomorrow as it lies rotting in this 106 degree weather…
Mark Cuban really wants this
Is this some vendetta b.s. from the Cubs thing, or what?
This is obviously personal and venomous now… At what point do they draw the line? It seems it’s not a matter of “what’s a smart investment” and more a matter of what they can get financed. Crazy.
When Greenberg is submitting bids
That are actually less in cash value than Cubans last bid…you know where this is headed.
GnR have put up a good fight but I gotta think Cubes is going to defeat them really soon.
HOLY CRAP.
GnR win!!!!!!!!!!!!!!
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AHHHHHHHHHHH
CBS11 in Court:
CRO: Cuban Crane let Rangers Express have bid. Standing ovation in court
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It's because.
- million in cold hard cash right now.
Beats $390 million 6-9 months from now.
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by Brandon Worley on Aug 5, 2010 12:47 AM CDT up reply actions
that 1st numner should be $385 milliom
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by Brandon Worley on Aug 5, 2010 12:49 AM CDT up reply actions
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