The Rangers file for bankruptcy

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We’re still light on the details (Maury has the press release and some analysis), but the Texas Rangers filed for Chapter 11 bankruptcy this morning. It was a voluntary filing that is being characterized as a “prepackaged” bankruptcy proceeding, which means that all the terms of the bankruptcy are agreed
to before filing, which can result in a shorter turnaround time.  The team is characterizing it as a necessary step to allow Hicks Sports Group to sell the team to Chuck Greenberg and Nolan Ryan. The target date according to the filing: “midsummer.” You may recall that the Cubs did something like this prior to their sale to the Ricketteseseses.

This just came down so the details are still a bit sketchy, but something that sticks out to me is that the creditors of Hicks Sports Group — the ones who have been causing all the problems — aren’t part of the filing. If that’s the case, how could they have agreed to the terms of the “prepackaging?” Moreover, the verbiage in the press release says that the deal will provide “for all Rangers creditors to be paid in full.”  That can’t be technically right, because if there is enough money in the sale to fully satisfy all outstanding debts, the bankruptcy filing — which basically says that part X owes creditors more money than it has — would be tossed out, right?  This deal can’t be a “paid in full” thing. It has to be a “we’ve been paid enough to be happy” thing.

Another possibility — a pretty good one actually — is that there is separate deal in place between Hicks Sports Group and the creditors to settle the outside debt on some sort of payment plan or something else, but to do it outside the framework of the Rangers sale.*  If that were the case it would not necessarily have to be a part of this bankruptcy case. We just don’t know, however, based merely on the terms of the bankruptcy filing.  I will say that it would be pretty reckless for the team to file like this without any creditor signoff, official or otherwise, because it would invite the sort of proceeding — creditors going deep into the Rangers’ business — that they had been threatening to do back when they were at each others’ throats.

The primary upshot: there has to more going on here than meets the press release, probably in the form of some backroom dealing that will (a) keep the dirty financial laundry of the Rangers, Hicks and Major League Baseball out of bankruptcy court discovery proceedings but (b) makes the creditors happy. Otherwise, there’s no point to this filing.

Secondary upshot: if this is going down as the Rangers say it is, the team will be out of ownership limbo within a couple of months and, hopefully, able to resume normal operations, sign draft picks and add payroll in a way that a team in their competitive position should.

More on this, obviously, as the story develops.

*I’m aware that most of the debt at issue is not technically owed by the Rangers — it’s owed by Hicks Sports Group, thereby meaning that the big creditors like Monarch Alternative Captial couldn’t really go after the Rangers. But that’s kind of beside the point. All along these creditors have been making noises about dragging the team itself into bankruptcy if they weren’t paid, and it the suggestion has been strong that they would try to advance legal theories — however novel — that would allow them to encumber the team in order to get the money they are owed by Hicks.  For MLB and the Rangers to make this filing today, they have to think that such a move is not a threat.  This underscores my belief that some sort of side deal between Hicks and the creditors has to have taken place.

Matt Carpenter suspended one game for bumping umpire

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Cardinals first baseman Matt Carpenter has been suspended one game for bumping home plate umpire John Tumpane when he didn’t like a called strike three in the seventh inning of Sunday’s game against the Brewers. Manager Mike Matheny was also ejected along with Carpenter.

Carpenter will serve his suspension Tuesday night, per Derrick Goold of the St. Louis Post-Dispatch.

Through his first 69 nice plate appearances this season, Carpenter is hitting .236/.362/.364 with a pair of home runs and five RBI.

Dave Stewart says Diamondbacks’ early success is proof he was good as GM

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After the completion of the 2016 regular season, the Diamondbacks fired then-GM Dave Stewart and then-manager Chip Hale. Stewart acted as GM for two seasons. His most controversial move occurred in December 2015 when he acquired pitcher Shelby Miller and minor league pitcher Gabe Speier in exchange for outfielder Ender Inciarte and prospects Dansby Swanson and Aaron Blair. After his firing, Stewart blamed his superiors for the trade and said his gut was telling him not to make the trade.

The D-Backs are now led by new GM Mike Hazen and manager Torey Lovullo. The club had a relatively quiet offseason, as its biggest acquisitions were Taijuan Walker and Fernando Rodney. Defying expectations, though, the Diamondbacks enter Tuesday night’s action with a 13-8 record, just a game and a half behind the first-place Rockies. Stewart spoke to Bob Nightengale of USA TODAY Sports and said that the D’Backs’ success shows that he knew what he was doing all along.

This means a lot to me because this is the same team, or very close to the one that I put on the field. So basically all of those guys and baseball analysts who said I didn’t know what I was doing, it showed I knew exactly what I was doing.

Everybody was just beat up and not living up to expectations. So all of a sudden, it’s my fault. Well, it’s not my fault. I couldn’t prevent injuries or jump in their bodies to make them pitch better in the starting rotation. We put the right people on the field. So I don’t think anybody should be surprised how well those kids are playing. They’re healthy now. I knew this was going to happen.

Everyone should have seen it coming.

Not to rain on Stewart’s parade, but the Diamondbacks are five games over .500 in a relatively tiny 21-game sample size. Had his team valued analytics during his tenure, he might have known that. Additionally, few of the players performing well for the team right now are players Stewart himself was responsible for bringing to Arizona. Furthermore, the team’s success doesn’t retroactively justify what he gave up for Miller nor does it justify practically giving away Touki Toussaint and signing a 32-year-old Zack Greinke to a six-year, $206.5 million contract.

During and after his tumultuous tenure with the D-Backs, Stewart has appeared very insecure. When he was fired, he quipped, “Quite frankly, I’ve got better things to do.” He appeared on MLB Network Radio in February to deflect any blame directed at him for the team’s failure. And then there’s his most recent quotes in which he heaps praise on himself for the team’s success.

Stewart was an All-Star starter who finished in the top-three in AL Cy Young Award voting three times in his career. He’s understandably competitive and has probably built up a very strong distaste for failure. Sometimes, though, one has to make peace with the fact that things didn’t go one’s way. Stewart simply appears to be tilting at windmills to protect his ego.