Now the Texas Attorney General objects to the Rangers bankruptcy

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I imagine there have been worse “prepackaged” bankruptcies in the history of Anglo-American jurisprudence, but there hasn’t been one that got as much press as the Rangers’ has.

The latest: The Texas Attorney General urged the bankruptcy court yesterday to reject the team’s current reorganization plan.  Add this to the fact that the bankruptcy trustee wants the Rangers’ lawyers off the case, that the creditors are objecting to the whole plan and that, rather than have this thing go through on greased skids, the restructuring officer has recommended that the team simply be auctioned, and you have an absolute mess.

The likelihood of this thing being done before the trade deadline has to be about nil at this point.  The likelihood of Chuck Greenberg and Nolan Ryan actually being the next owners of the Rangers is still high, but those odds are sinking.

The likelihood that Major League Baseball learns anything from this process such as, oh, I dunno, the folly of letting owners put their teams in the kind of debt Tom Hicks allowed the Rangers to get into?  No man can say.

Cubs sign Drew Smyly to a two-year, $10 million contract

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The Cubs announced on Tuesday evening that the club signed pitcher Drew Smyly to a two-year contract. Ken Rosenthal of The Athletic reports the contract is for $10 million total and allows Smyly to earn another $7 million with performance bonuses. Smyly was non-tendered by the Mariners at the beginning of the month and became a free agent.

Smyly, 28, underwent season-ending Tommy John surgery in late June. He’s expected to miss, at minimum, the first half of the 2018 season. The Cubs are hoping he can contribute to a playoff push in the latter half of the season as well as in 2019.

Smyly didn’t pitch at all in 2017. When he was healthy the season prior, he made 30 starts for the Rays and put up a 4.88 ERA and a 167/49 K/BB ratio in 175 1/3 innings.