Big surprise: Frank McCourt to keep the Dodgers running with a crappy loan

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Frank McCourt, who knows from crappy loans, received one for $150 million in order to meet payroll on the 30th and to keep the team running while the bankruptcy proceeds through its paces, reports the Wall Street Journal.  Some basic questions you may have, followed by the best answer I have (again, bankruptcy types, feel free to correct me if I’m wrong):

First question: How in the hell did Frank McCourt get a loan? I thought he was tapped out!

Answer: It’s a special bankruptcy loan for debtors in possession. These things happen frequently. The moment the bankruptcy goes down, the lender of such a beast goes to the front of the line for payment. It would not have been available before a filing, as a lender would then be behind all of the other creditors. The idea: better to favor a post-bankruptcy lender than to have no one get paid.

Second question: What makes this a crappy loan?

Answer: The interest rate for starters, which at 10% is higher than your usual debtor-in-possession financing. Even Borders bookstore, which is basically in a dying industry, got a better deal. Also the fact that McCourt had to pay the lender a $4.5 million fee on top of it all. Also because McCourt had to put a lien on Dodger Stadium and offer personal guarantees on the load too.

Third question: Why such bad terms?

Answer: Apparently because no one else would lend him the money, preferential treatment aside.  According to the Wall Street Journal, a J.P. Morgan-affiliated hedge fund — Highbridge Principal Strategies — was the only entity willing to do business with Mr. McCourt. Maybe next time he should call Moneytree, where lenders compete for your business!

What? You mean he called Moneytree already?  And they pretended they weren’t home?  Awwwkwaaard.

Bud Norris exits outing with right knee soreness

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Angels’ right-handed reliever Bud Norris made his 23rd appearance of the season on Friday, and after just three pitches, he was done for the night. He worked a 2-1 count to Marlins’ Dee Gordon in the eighth inning, then promptly exited the field after experiencing some tightness in his right knee. Neither Norris nor manager Mike Scioscia believe the injury is cause for major concern, and the 32-year-old right-hander admitted that it may have had something to do with his lack of stretching before he took the mound. For now, he’s day-to-day with right knee soreness, with the hope that the issue doesn’t escalate over the next few days.

While the Angels are lucky to have avoided serious injury, they’ll need Norris to pitch at 100% if they want to stay competitive within the AL West. They currently sit a full nine games behind the league-leading Astros, and haven’t been helping their cause after taking five losses in their last eight games. Friday’s 8-5 finale marked their third consecutive loss of the week.

 

When healthy, Norris has been one of the better arms in the Angels’ bullpen. Through 23 2/3 innings, he’s pitched to a 2.66 ERA, 3.4 BB/9 and an outstanding 11.8 SO/9 in 23 outings. The righty hasn’t allowed a single run in four straight appearances, recording three saves and helping the club clinch four wins in that span. This is his second setback of the year after sustaining a partial fingernail tear on his pitching hand during spring training.

Video: Max Scherzer sets record with 13-strikeout outing

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Max Scherzer is a force to be reckoned with. The Nationals’ right-hander delivered a season-high 13 strikeouts against the Padres on Friday, locking down his fifth win and his fourth double-digit strikeout performance of the year.

More remarkably, it was also the 53rd double-digit strikeout performance of Scherzer’s career, tying Clayton Kershaw for the most 10+ strikeout appearances by an active major league pitcher. Chris Sale is a distant third, with 43 to his name, though he’s been making considerable strides to catch up so far this spring.

Scherzer took the Padres to task on Friday night, whiffing 13 of 31 batters during his 108-pitch outing. He started strong, catching Allen Cordoba swinging on a 1-2 count to start the game and keeping the game scoreless until Ryan Schimpf unleashed a home run in the fourth inning. That was the first and final run the Padres managed off of Scherzer, who retired 14 consecutive batters following the blast and came one out shy of a complete game in the ninth inning. (Fittingly, Koda Glover polished off the win with a final strikeout, bringing the total to 14 on the night.)

It’ll take more than one stellar start to advance Scherzer and Kershaw on the all-time list, however. Their 53-game record ranks 13th, about 159 games behind second-place Hall of Fame hurler Randy Johnson and a full 162 games shy of the inimitable Nolan Ryan.