The Rangers bankruptcy decision: maybe not as bad as it seemed yesterday

2 Comments

As I admitted yesterday, I had not had not yet had a chance to read the judge’s decision in the Rangers’ bankruptcy case. I read it last night, however, and in light of that it’s probably worth dialing back my initial reaction a bit.

Yes, this was still a setback for the Rangers and the sale of the team.  Neither the parties nor those who followed last week’s hearing expected the decision that the creditors’ rights were impaired. Indeed, the fact that Nolan Ryan and others close to the Rangers felt comfortable talking about potential trade targets in recent days suggests that they expected the judge would OK the prepackaged plan with little fuss.  The court’s ruling yesterday constitutes fuss, however, and the team does need to do some work in order to get through the process and have the team sold.

But it’s not as huge a fuss as it first seemed yesterday.  Yes, the creditors now have a right to vote on the bankruptcy plan which, if they had not been found to have had their rights impaired, they would not have.  I was wrong in suggesting yesterday, however, that the creditors could block the sale to Greenberg. The vote they now have is on the bankruptcy plan, not a veto over the sale.

The only way the sale itself could be hindered is if, for some reason, the Rangers do not restructure the bankruptcy plan in a way that gives the creditors the rights (e.g. the right to sue for damages, etc.) that the judge says they have. Given that the Rangers and creditors will be working with a mediator on this, that seems rather unlikely. It would also be rather stupid of them not to make the necessary changes.

But while my initial reaction was a bit overheated, it would probably be wrong to swing the pendulum too far back the other way as well. This decision, while not as devastating as initial reports first made it seem, does occasion delay and at least a possibility that more bumps could form in the road ahead. After all, if you give lawyers enough time to talk about something, they’re likely to come up with seven problems no one ever considered in the first place. And of course delay and uncertainly was exactly what the team’s bankruptcy filing was designed to avoid in the first place.

Nevertheless, while the news was not good for the Rangers, it was not as bad as my report and the reports of others made it seem.  Such are the perils of blogging, of course, but when it comes to legal stuff like this I, more than anyone, should know better than to go all ready-fire-aim like this. I’ll try not to do that again.

Note: a mighty shoutout to Baseball Time in Arlington on this point is in order.  BBTIA correctly illustrated how the media — and particularly I — got sloppy yesterday in an effort to try and be first and fast and all of that. I’ll gladly take my spanking from them in exchange for their handy digest of all of the day’s coverage of the decision, to which they link. 

Danny Espinosa reportedly skipped Nationals Winterfest because of Adam Eaton

WASHINGTON, DC - OCTOBER 13: Danny Espinosa #8 of the Washington Nationals celebrates after teammate Chris Heisey #14 (not pictured) hits a two run home run in the seventh inning against the Los Angeles Dodgers during game five of the National League Division Series at Nationals Park on October 13, 2016 in Washington, DC. (Photo by Rob Carr/Getty Images)
Getty Images
7 Comments

According to Jorge Castillo of the Washington Post, Nationals infielder Danny Espinosa declined to attend the team’s annual Winterfest because of his dissatisfaction with management following their trade for outfielder Adam Eaton.

A source told Castillo that Espinosa’s unhappiness stemmed from a belief that the acquisition would jeopardize his starting role in 2017. With Eaton in center field, Trea Turner will likely return to his post at shortstop, leaving Espinosa out in the cold — or, as the case may be, on the bench. The move shouldn’t come as a big surprise to Espinosa, however, as Nationals’ GM Mike Rizzo spoke to the possibility of trading the infielder or reassigning him to a utility role back in early November.

Offensively, the 29-year-old had a down year in 2016, slashing just .209/.306/.378 with 24 home runs in 601 PA. Defensively, he still profiles among the top shortstops in the National League, with eight DRS (Defensive Runs Saved) and 8.3 Def (Defensive Runs Above Average) in his seventh year with the club.

Espinosa will reach free agency after the 2017 season.

Nick Cafardo: Red Sox should deal Pomeranz, not Buchholz

BOSTON, MA - SEPTEMBER 18: Drew Pomeranz #31 of the Boston Red Sox pitches during the first inning against the New York Yankees at Fenway Park on September 18, 2016 in Boston, Massachusetts. The Red Sox won 5-4. (Photo by Rich Gagnon/Getty Images)
Getty Images
9 Comments

The Red Sox might be trying to move the wrong pitcher, according to the Boston Globe’s Nick Cafardo. Cafardo revealed that while the Sox have been trying to market right-hander Clay Buchholz, more teams would be interested in trades involving southpaw Drew Pomeranz.

The club appears reluctant to deal Pomeranz, especially because his price tag comes in at a cool $4.7 million to Buchholz’s $13.5 million in 2017. Those who have already expressed interest in the veteran hurlers, including the Twins, Mariners and Royals, also seem put off by Buchholz’s salary requirements as he enters his 32nd year.

Health could be another factor preventing teams from jumping to make trade offers, as Cafardo quotes an AL executive who believes the “medicals on both Pomeranz and Buchholz probably aren’t that great.” Neither pitcher suffered any major injuries during the 2016 season, though Pomeranz missed just over a week of play due to forearm soreness.

Pomeranz outperformed his fellow starter in 2016, pitching to a 3.32 ERA and career-best 9.8 K/9 through 170 2/3 innings with the Padres and Red Sox. He got off to an exceptionally strong start in San Diego, where his ERA dropped to 2.47 through the first half of the year before the Padres dealt him to Boston for minor league right-hander Anderson Espinoza. Buchholz, on the other hand, struggled with a 4.78 ERA and saw a decline in both his BB/9 and K/9 rates as he worked out a career-low 1.69 K/BB through 139 1/3 innings with the Sox.