Dodgers file for chapter 11 bankruptcy; White Sox fifth largest unsecured creditor
The White Sox are the fifth largest unsecured creditor, scheduled at $3.5 million. This is presumably money owed to the White Sox for Juan Pierre.
11 months ago
larry
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I like very much that the dodgers owe
Marquis Grissom 2.7 million…seeing as how he hasn’t played for them in nine years.
when someone works for you and you don't have to pay them for nine years
one would normally consider that good business, depending upon the interest rate.
I agree and get a kick out of it
hes been retired since 2005. Would like to know the specifics on that contract
i'd thought they had just deferred $1 million in 2002.
either that’s inaccurate or that’s some interest rate they agreed to.
Here is what Cots says
5 years/$25M (1998-2002), plus $5M 2003 club option
98-02: $5M annually, 03:$5M club option (declined)
agreed to defer at 6% interest $1M in 2001, $1.5M in 2002 (payable when Grissom is 40)
Grissom turned 40 in 2007.
bobby bonilla starts getting paid by the mets
on july 1st. $1,193,248.20 a year until 2035.
sunshiney craig's comment about me has had the effect of rendering me too self conscious to maintain my public exhibition of ennui.
what say the dodgers just take pierre back
and the sox will take the haircut.
sunshiney craig's comment about me has had the effect of rendering me too self conscious to maintain my public exhibition of ennui.
good idea.
i’d prefer it if JP hisself was the 5th unprotected creditor, too.
"A lot of misinformation," the source said.
Juan Pierre.. the gift that keeps on giving.
by Grinder in Training on Jun 27, 2011 9:31 AM CDT reply actions
Can they just give us a prospect and we can cancel the debt?
I guess it’s too late now that they are already in bankruptcy.
by Grinder in Training on Jun 27, 2011 9:38 AM CDT up reply actions
Probably too soon to tell, besides the Pierre thing
Will this effect us at all in regards to our new Spring Training facility?
by Grinder in Training on Jun 27, 2011 9:35 AM CDT reply actions
to elaborate
Camelback Spring Training LLC, the entity owned by Chicago White Sox Ltd. and Los Angeles Dodgers LLC which, in turn, operates Camelback Ranch, is not part of the bankruptcy filing.
McCourt likely wasn't able to take loans out on that business
Like he did with everything else he owned.
well, yeah. because he couldn't.
though i’m sure he used the ownership interest that the LAD has in it as collateral.
PERFECT example of what I said in the Scot thread.
"That might be how you roll at Camp Anawanna, Budnick. But where I come from, we only salute Old Glory." -moroots on May 23rd
by South Side Expat on Jun 27, 2011 12:09 PM CDT up reply actions
I wonder what Reinsdorf thought/thinks of McCourt as a real estate guy.
Whales! Squids! Sharks! They're everywhere! Hello, I am Poseidon! Now, when people told me I was crazy that thinly sliced roast beef would be a delicious fast-food option, I knew it was the greatest idea, and you can thank me later for Arby's.
by Jim Margalus on Jun 27, 2011 1:41 PM CDT up reply actions
Dunno, but I wouldn't want to be on JR's bad side in this case.
He strikes me as a guy who will get that $3.5 million owed him one way or another.
Of course he will.
MLB will stand behind the debts. It’s like when a life insurance company goes belly-up. Another insurer (or the state insurance dept) will guarantee all or part of the contracts, just perhaps with different terms/crediting. Or at least that’s what it sounds like to me.
by winningugly on Jun 28, 2011 12:05 PM CDT up reply actions
YOU CAN'T CUT PIERRE BECAUSE OF HIS SALARY.
CHECK YOUR FACTS, CRAIG.
AJ Pierzynski: You have to want to catch.
by 2ndHalfAdjustments on Jun 27, 2011 9:57 AM CDT reply actions 2 recs
Manny Ramirez is the Dodgers’ largest creditor, according to the bankruptcy filing. The Dodgers owe Ramirez $21 million, followed by Andruw Jones ($11 million), Hiroki Kuroda ($4.5 million), Rafael Furcal ($3.7 million) and the Chicago White Sox ($3.5 million, for Juan Pierre).
The list of creditors includes much of the current Dodgers roster, Hall of Fame broadcaster Vin Scully ($152,778), the city of Los Angeles ($240,563 in tax debt) and two players yet to play for the Dodgers (prospects Zach Lee at $3.4 million and Alexander Santana at $499,500).
http://www.latimes.com/sports/la-sp-dodgers-bankruptcy-20110628,0,6381242.story
Beware the cure isn't worse than the disease
Fun quote:
“I simply cannot allow the Commissioner to knowingly and intentionally be in a position to expose the Dodgers to financial risk any longer.”
Beware the cure isn't worse than the disease
Calcaterra:
This from the guy whose financial irresponsibility is the sole reason why the Dodgers were in a position where he had no choice but to take a pennies on the dollar deal from Fox for TV rights lest the team go belly-up financially. A guy who bought multiple million dollar homes, paid thousands upon thousands of dollars a year for haircuts, gave his kids do-nothing jobs at six figures each and paid a psychic/energy-channeler/faith healer/swami/fraud in an effort to fix Jayson Werth‘s bum wrist and send good vibes across the country to Los Angeles.
In light of this, if that’s not the least self-aware quote in the history of quotes, I don’t know what is.
http://hardballtalk.nbcsports.com/2011/06/27/ridiculous-quote-of-the-day-frank-mccourt-edition/
Beware the cure isn't worse than the disease
is this one of your crackpot conspiracies larry?
Jim Thome sponsor(s) this page.
Highly underrated, Mark Kotsay became the best defensive designated hitter in American League history in 2010.
by onlysoxfaninbasel on Jun 27, 2011 10:07 AM CDT reply actions
The petition lists $500m-$1b as estimated assets
Do you think this is the land, stadium and/or intangibles? It might be worth clarifying in case anyone is wondering why a company with that much in estimated assets can’t make payroll.
Cash on hand.
And no one wanting to lend against assets. Last week $3.5B flowed out of junk bond funds – greatest exodus in history (for one week). And the Dodgers’ notes would have to trade like junk if they were public. Investor risk appetite for unsecured credit is not increasing these days.
by winningugly on Jun 27, 2011 10:22 AM CDT up reply actions
Yep, ask the City of Detroit.
"Good teams win games. Bad teams have meetings."
by BobbySouthSide on Jun 27, 2011 10:26 AM CDT up reply actions
Unfortunately MLB did not approve that.
I’d say FoxSports might be an anomaly.
by winningugly on Jun 27, 2011 12:56 PM CDT up reply actions
if this were a company that wasn’t a major league baseball team, they would be able to get financing no problem, as was evident by the deal with fox sports.
I know your area of expertise is bankruptcy, probably financing.
So I get it. Right now, however, liquidity is getting tighter. Wait until Greece defaults and a lot of folks see their money market funds have 41% Euro bank debt in them (Fidelity, Vanguard, BlackRock funds, to be specific). Contagion, anyone?
And it is a baseball team, so we’re tilting against windmills.
i don't disagree with the overall point.
but the dodgers’ problem wasn’t “no one wanting to lend against assets”. they had a lender. major league baseball was the impediment. the mccourt’s mismanaged the club. selig is using the leverage he has to force the mccourts out by preventing them from accessing liquidity.
Would unsecured debt against an entity like the Dodgers - affiliated with MLB, who are unlikely to let them fail - be more secure, so to speak, than other businesses?
Did I miss WCIU rain delay theatre!?? heads with roll!! - billyok
*with - billyok
oh my god really WILL - billyok
Money owed from a bankrupt team to the Sox, who are owed it for a player now bankrupt of baseball skills
by Yinka Double Dare on Jun 27, 2011 10:52 AM CDT reply actions 1 recs
i can only assume that juan pierre bankrupted the dodgers
the bastard!
brndnprkns: I'm pretty sure the "badass" value of your life is closer to Gigli than The Dark Knight
by whitesoxmatt on Jun 27, 2011 11:05 AM CDT up reply actions
OT: Womens fashion question:
WTF is with galoshes? Rain in the forecast and half the women downtown are wearing galoshes, the kind kids wore in grade school in the ‘50s. Doesn’t matter if they’re in a dress or pants, and it’s mostly women under 30 doing this.
First saw it a year ago or so and thought it would be a 1-season wonder. But no, the use has expanded along with the colors.
Did this come from a movie? From a trendsettting celebrity?
When will it end?
Beware the cure isn't worse than the disease
HA!
picking up his daughter’s slack – a true father!
"Good teams win games. Bad teams have meetings."
by BobbySouthSide on Jun 27, 2011 11:21 AM CDT up reply actions
Probably because they actually keep your feet/legs dry
And the water that gathers in the street gutters is gross.
by Yinka Double Dare on Jun 27, 2011 11:19 AM CDT up reply actions
Well no kidding! But why now? After decades without them?
Beware the cure isn't worse than the disease
it's called fashion - things are in style, then fade away, then come back in style
"Good teams win games. Bad teams have meetings."
by BobbySouthSide on Jun 27, 2011 11:22 AM CDT up reply actions
Better than that weird.. kind of half boot / half sandal thing that is making the rounds.
Just awful.
by Grinder in Training on Jun 27, 2011 11:20 AM CDT up reply actions
I will be happy when Crocs go away.
"You go up there, against a dog-ass line up AND pitcher, and you don’t do a fucking thing with it. They whip your silly, sorry, saggy ass AGAIN, and you look like fucking bottom-ass, bitch-ass chumps doing it." - 2HA
by Shoeless In SC on Jun 27, 2011 6:23 PM CDT up reply actions
They are on fire lately.
And rolling out new lines. Terrible shoes for your feet.
by winningugly on Jun 28, 2011 12:06 PM CDT up reply actions
Really? I thought their whole gimic was that they were good for your feet
That’s why chefs and the like wear them
like nearly anything, if used properly they are fine.
it’s not exactly a good idea, however, to, say, go on a three mile walk in them.
Talk with podiatrists.
They recoil in horror when talking about the lack of proper support Crocs give.
by winningugly on Jun 29, 2011 12:38 PM CDT up reply actions
i'm sure they also recoil in horror when talking about the lack of proper support bedroom slippers give.
and i wouldn’t walk around the mall in those, either.
Every woman wants to be a cutesy, nostalgic, minimalist Audrey Hepburn
I think it has to do with the recession. They are nostalgic for the years where men had to take care of them but defiant because they are empowered. Ha!
Can you tie in the giant sunglasses thing to this theory, or is this a seaparate, Jackie Onassis deal?
Did I miss WCIU rain delay theatre!?? heads with roll!! - billyok
*with - billyok
oh my god really WILL - billyok
I think giant sunglasses are around because women are trying to cover MORE of their faces
with things other than manufactured pigmentation
This seems more Twiggy than Holly Golightly. Some of these have flowers, psychadelic patterns even.
Beware the cure isn't worse than the disease
I thought this was the RR??
Reporter: I was wondering if at any point in my lifetime the Cubs weren't going to be run by a guy who didn't immediately remind me of failure, confusion, or imminent death
FYI - Blago Jurors reach a decision on 18 of 20 counts (can't come to a conclusion on other 2 counts)
Verdict to be announced between 1pm and 2pm Central.
Don’t discuss here, but just wanted to let everyone know!
"Good teams win games. Bad teams have meetings."
by BobbySouthSide on Jun 27, 2011 11:38 AM CDT reply actions
I like baseballs.
sideways smiley face
by TasteeFreeze on Jun 27, 2011 11:40 AM CDT up reply actions
here is my idea:
We place him into somekind of forced indentured servitude. Put him all over reality tv, because those idiots eat him up. Take the money made and put it back into the education system.
hahahahahahahahahahahahahahahaha
ha.
I love seasons too. That's why I live in a place that skips the shitty ones.
Bud and co would never allow it
Which sucks. Even though he is obnoxious, Cuban is a passionate owner who by all appearences runs his team well and pushes to improve the league.
Yeah
Baseball ownership is more like an ultra selective country club, if they wouldn’t let him own the Cubs I don’t see how they would allow him to buy the Dodgers. I don’t like Cuban personally, don’t really want to see him storming on the field and arguing with umpires.
he actually was civilized this past year in Dallas
"Good teams win games. Bad teams have meetings."
by BobbySouthSide on Jun 27, 2011 2:44 PM CDT up reply actions
no but he is obnoxious
I am not going to like every single person I see, especially when they behave like Cuban does in public.
the mental gesticulations of dodgers/lakers fans would be glorious.
I love seasons too. That's why I live in a place that skips the shitty ones.
by thatshortkid on Jun 27, 2011 2:03 PM CDT up reply actions
McCourt is a real estate guy and BK is standard operating procedure
McCourt has something like 50 different companies he controls that do nothing but Dodger business. He has different companies that own the land, the stadium, the parking lot, etc. This is a guy who managed to take a couple hundred million out of the business to buy side by side mansions in Holmby Hills (the nice part of Beverley Hills) yet has not paid a dime of income tax to the federal govt or California over the last 5 years. He hired PR people to promote his and Jamie’s profile in the community, astrologers, a hairdresser for himself that cost $100k a year and gave his kids mid six figure jobs to stick their thumbs up their ass. And he has the balls to say that it is MLB’s fault because they didn’t approve a TV deal. The Dodgers have a TV deal until 2013 so he was selling off future revenue to meet payroll. Do you think Fox is going to give him full value for rights that they won’t see a dime from for nearly 3 years? Of course not. I hope Selig has good lawyers because McCourt does and he has been preparing for this the entire time.
"Fundamentals are a crutch for the talentless" Kenny Powers
Or maybe Selig shouldn't have approved him in the first place?
I know, different topic. But Selig and the other owners put themselves in this pickle.
Beware the cure isn't worse than the disease
true enough, i wouldn't like to think of the implications
if mccourt wins against selig.
that could be a legacy even worse than the steroids era.
this
Jim Thome sponsor(s) this page.
Highly underrated, Mark Kotsay became the best defensive designated hitter in American League history in 2010.
by onlysoxfaninbasel on Jun 28, 2011 10:59 AM CDT up reply actions
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