Tom Hicks Defaults On Loans On Purpose

To be honest, it's a smart business move on his part...Banks and a lot of other folks need his business long-term, so he's doing this short-term to renegotiate his current debt load. We do it when it comes to re-financing our homes. Hicks is doing it with a lot more zeroes attached.((HT: myfoxdfw.com))The company that owns baseball's Texas Rangers and hockey's Dallas Stars has defaulted on about $525 million in loans, but owner Tom Hicks ((pictured, myfoxdfw.com)) said Friday that he intentionally made the move to help negotiate with banks.Hicks told The Associated Press the teams won't be affected after Hicks Sports Group, his holding company, didn't pay an interest payment on the syndicated bank loans Tuesday. A syndicated bank loan is one made by a group of lenders to one borrower."What we want is the banks to allow us to use our interest revenue," Hicks said. "We need 51 percent approval, which we anticipate. It is hard to get two banks to ...