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


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. 

Report: Athletics sign Trevor Cahill to one-year deal

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Free agent right-hander Trevor Cahill reportedly has a one-year deal in place with the Athletics, according to’s Jane Lee. The exact terms have yet to be disclosed, and as the agreement is still pending a physical, it has not been formally announced by the club.

Cahill, 30, is coming off of a decent, albeit underwhelming year with the Padres and Royals. He kicked off the 2017 season with a 4-3 record in 11 starts for the Padres, then split his time between the rotation and bullpen after a midseason trade to the Royals. By the end of the year, the righty led the league with 16 wild pitches and had racked up a 4.93 ERA, 4.8 BB/9 and 9.3 SO/9 in 84 innings for the two teams.

The A’s found themselves in desperate need of rotation depth this week after Jharel Cotton announced he’d miss the 2018 season to undergo Tommy John surgery. Right now, the team is considering some combination of Andrew Triggs, Daniel Gossett, Daniel Mengden and Paul Blackburn for the back end of the rotation — a mix that seems unlikely to change in the last two weeks before Opening Day, as Lee points out that Cahill won’t be ready to shoulder a full workload by then. Instead, he’s expected to begin the year in the bullpen and work his way up to a starting role, where the A’s hope he’ll replicate the All-Star numbers he produced with them back in 2010.