Category Archives: Distressed M&A

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No Clear Exit Yet for Texas Rangers

The Chapter 11 case of Texas Rangers Baseball Partners (“TRB Partners”) continues to take fascinating turns, and is fast becoming a cautionary tale about the risks of using the bankruptcy process to achieve a quick result without the consent of all major parties.    As previously described, the team’s indirect owner Tom Hicks and Major League … Continue Reading

Hardball in the Texas Rangers’ Chapter 11 Case

The 2010 Major League Baseball season may not yet even be at the halfway point, but events in the Chapter 11 case of Texas Rangers Baseball Partners are beginning to resemble the taut back and forth of the final weeks of a pennant race.  It appeared last week that Judge Michael Lynn of the U.S. Bankruptcy … Continue Reading

Judge Clears Way For Sale of Texas Rangers

The Texas Rangers’ lenders thought they had thrown a perfect strikeout pitch to prevent the confirmation of the Rangers’ proposed plan of reorganization. Instead, they now know how Hugh Casey felt.  The Texas Rangers recently filed for bankruptcy under chapter 11 in order to consummate a sale of the team that is opposed by its lenders. Judge … Continue Reading

Philadelphia Newspapers – Will The Lenders Make the Check Out to Themselves?

In the end, all of the maneuvering in the Philadelphia Newspapers chapter 11 case appears to have done nothing but leave behind some very bad case law and a great deal of future uncertainty.  As previously described on this site, the Third Circuit Court of Appeals upheld the debtor’s efforts to deny the secured lenders the right to credit … Continue Reading

“Plain Meaning” Trumps Long Standing Commercial Lender Expectations in Third Circuit Philadelphia Newspapers Decision

Some cases really should not be all that difficult. However, when judges choose to divorce statutory text completely from any reference to underlying legislative intent and long standing commercial practice, inexplicable results follow.   A few months ago, I wrote of a decision by the U.S. District Court for the Eastern District of Pennsylvania that denied secured … Continue Reading

Use of so-called “Plain Meaning” Rule of Interpretation Vexes Lenders in Philadephia Newspapers

A recent decision regarding a secured lender’s right to credit bid its debt in the Philadelphia Newspapers chapter 11 case has raised significant concern among financial institutions and investment funds. The U.S. Court of Appeals for the Third Circuit has agreed to hear arguments on an expedited basis in the lenders’ appeal from the decision … Continue Reading