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.

Report: Three minor leaguers arrested on Sunday after a bar brawl

SAN DIEGO, CA - JULY 10:  Dovydas Neverauskas of the Pittsburgh Pirates and the World Team pitches during the SiriusXM All-Star Futures Game at PETCO Park on July 10, 2016 in San Diego, California.  (Photo by Denis Poroy/Getty Images)
Denis Poroy/Getty Images
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Pirates minor leaguers Gift Ngoepe and Dovydas Neverauskas (pictured) were arrested on Sunday morning in Toledo, Ohio after a bar brawl, Rob Biertempfel of the Pittsburgh Tribune-Review reports, citing documents provided by the Toledo Municipal Court.

Ngoepe was charged with one count of simple assault and two counts of resisting arrest. Neverauskas was charged with two outs of resisting arrest and one count of misconduct. Tigers minor leaguer Warwick Saupold was involved as well and was arrested for simple assault.

Saupold allegedly punched Andrey Goncharuk (not a player for either teams’ affiliates) in the face outside of the Bronze Boar bar, which is across from the Toledo Mud Hens’ ballpark. Ngoepe allegedly wrapped his arms around the police officer who was attempting to arrest Saupold. Ngoepe allegedly twisted free from the officer and walked away. Neverauskas allegedly interfered with an officer and yelled, “What are you going to do, shoot me?” after being ordered to stand on the sidewalk.

Ngoepe, 26, is in his second season with Triple-A Indianapolis. The shortstop has put up a meager .644 OPS in 373 plate appearances.

Neverauskas, 23, was promoted to Indianapolis in mid-June. In 25 relief appearances, he posted a 3.60 ERA with a 24/11 K/BB ratio in 30 innings. The right-hander, who appeared in the 2016 Futures Game last month, is rated as the Pirates’ 25th-best prospect according to MLB Pipeline.

Saupold, 26, has appeared briefly in the majors for the Tigers this season, yielding eight runs on 17 hits and three walks with 10 strikeouts in 9 2/3 innings. He made five appearances from May 14 to 31 and one more on August 12 before returning to Triple-A Toledo.

Report: Yasiel Puig has been claimed on waivers

PHOENIX, AZ - JULY 17:  Yasiel Puig #66 of the Los Angeles Dodgers reacts after a strike out against the Arizona Diamondbacks during the ninth inning of the MLB game at Chase Field on August 17, 2016 in Phoenix, Arizona.  (Photo by Christian Petersen/Getty Images)
Christian Petersen/Getty Images
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Jon Heyman of Today’s Knuckleball reports that Dodgers outfielder Yasiel Puig has been claimed on waivers by an as-yet unknown team. The Dodgers can now attempt to work out a trade with the claiming team, or simply give that team Puig. In that case, the claiming team would assume the responsibility for the remainder of Puig’s seven-year, $42 million contract, which has two years and $14 million left. The Dodgers can also pull him back from waivers if they can’t work out a deal, but that would mean Puig would be ineligible to be traded for the rest of the season.

August 31 is the deadline for teams to acquire players on waivers and still have them become eligible for the postseason roster.

Puig’s relationship with the Dodgers has hit the skids as of late. He’s had a letdown of a season both in terms of injuries and production. In 303 plate appearances, he has a .260/.320/.386 triple-slash line with seven home runs and 34 RBI.

The Dodgers demoted him to Triple-A Oklahoma City in early August. Shortly after arriving, Puig celebrated a win with his teammates that included some profane language and was broadcast on Snapchat. The Dodgers were not very happy about that. Since then, the Dodgers were reportedly “trying to give away Puig” but didn’t find a taker.