As expected, the creditors are objecting to the Rangers bankruptcy plan

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The first hearing was held in the Texas Rangers bankruptcy yesterday.  As I presumed might happen, the creditors to Hicks Sports Group spoke up and objected to the Greenberg-Ryan sale, insisting that baseball “fast-tracked” the team’s sale to a lower bidder and that “there’s a better bid out there.”

There will be a lot happening in the bankruptcy case because, as we established on Monday, bankruptcy is really friggin’ complicated.  The creditor’s objection, however, is the thing to watch, because it’s the thing that could derail the sale as currently constructed.

With the usual caveat of “please let me know if I’m wrong about this, bankruptcy experts,” the upshot of what is going to happen now is that the judge will hold a hearing as to whether, in fact, there is a better deal for the creditors* out there, and if he finds that there is, he will repoen the bidding, allowing in Jim Crane, Dennis Gilbert, you, me and anyone else who wants to buy the Rangers to bid again. The hearing is set for July 9th.

The inquiry about whether a better bid exists isn’t merely a price comparison however. For example, it’s quite possible that the Crane and Gilbert bids are no longer operative and Greenberg is the only game in town. It’s possible that, even if they are operative and had higher sales prices that their terms for the creditors were no better and in fact worse than Greenberg’s.

What I’m saying here is that just because we’ve heard reports that Greenberg wasn’t the high bidder doesn’t mean that the bankruptcy court will put the kibosh on this deal. Indeed, in filing this bankruptcy the Rangers — no doubt in consultation with Greenberg — knew that this analysis would likely happen and felt confident enough about their chances to go through with it.

We’ll know if this was a good gamble some time after July 9th.

*Until now all decisions on the sale have been between the Rangers, the Greenberg Group and Major League Baseball.  In the usual order of things that’s fine — they can decide to do what they want to do, and if the Rangers want to take a lower bid they can.  Once the team goes to bankruptcy court, however, the law mandates that the best interests of the creditors — and not just the best interests of the owner of the bankrupt business — reign supreme. 

The Phillies have shut down Jake Thompson

CLEARWATER, FL - MARCH 03:  Jake Thompson #75 of the Philadelphia Phillies throws a pitch during the first inning of a spring training game against the Houston Astros at Bright House Field on March 3, 2016 in Clearwater, Florida.  (Photo by Stacy Revere/Getty Images)
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Phillies rookie starter Jake Thompson has been shut down for the year. Not that there’s much of the year left, but he will not make what would’ve been his last start.

Thompson allowed three earned runs over four innings in the Phillies’ 17-0 blowout loss to the Mets. That leaves him with a 5.70 ERA in 53.2 innings for the season. Which, while that’s kind of ugly, it was a function of some bad starts mixed in with good starts as opposed to overall badness.

Everything about his 2016 should be viewed as “get yourself used to the big leagues, because you’re going to be part of this rotation in 2017 and beyond,” and from that perspective, you can call 2016 a success.

Congressional candidate uses Jose Fernandez’s death to score political points

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As a horrible Sunday unfolded yesterday there was at least one thing buoying the public mood: the overwhelming outpouring of emotion and love for Jose Fernandez and warm remembrances of his all-too-brief time on Earth.

But it wasn’t a unanimous sentiment. Some people, like this Florida state representative who is currently running for Congress, thought it was a great time to make a political point:

Setting aside the tastelessness of Gaetz’s timing and intent, one wonders if he appreciates that the reason Fernandez risked his life on multiple occasions was specifically so he could live in a country where protesting and not exhibiting a reflexive loyalty and patriotism is a fundamental right and does not get you thrown in jail.

But really, it’s the tastelessness which most galls here.