Brown: The Brilliance of the Texas Rangers Ruling

As the age-old adage goes, haste makes waste. News organizations (this one included), looking to get the report of U.S. Bankruptcy Judge Michael Lynn’s opinion in the Texas Rangers bankruptcy case out timely, skimmed over the 28 page ruling, focused mostly on the “Conclusion” at the end of the document, and said, “The prospective owners of the Rangers have been dealt a major blow. The creditors can block the sale to Chuck Greenberg and Nolan Ryan.” The document, complex, deft, and heavily focused on nuance to its touches, needed an extensive going over. Here’s expanded analysis that shows, if the Greenberg/Ryan group’s legal team can weave its way through the technicalities, and the independent restructuring officer clears Tom Hicks’ approval process of the group, the creditors of the Rangers will have virtually no leg to stand on via appeal, should Lynn approve the prepackaged plan. How the $75 Million Lien Allowed for Impairment The interests for the Rangers have argued that du...