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.

Jason Kipnis placed on 10-day disabled list with strained hamstring

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The Indians announced on Wednesday that second baseman Jason Kipnis has been placed on the 10-day disabled list with a strained right hamstring. Infielder Erik Gonzalez was called up from Triple-A Columbus.

Kipnis, 30, has been bothered by the hamstring for the last two months. He had to be pulled from Tuesday’s game with renewed tightness. The veteran is hitting .228/.285/.409 with 11 home runs and 30 RBI in 335 plate appearances on the season.

Gonzalez, 25, has a .263/.272/.400 triple-slash line in 82 PA in the majors this season. He provides versatility for the Indians as he’s played second base, third base, shortstop, and both corner outfield positions as a member of the Tribe.

Jackie Bradley Jr. goes on the disabled list with a sprained thumb

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The Red Sox placed outfielder Jackie Bradley Jr. on the 10-day disabled list with a sprained thumb this afternoon.

Bradley’s left thumb got bent back awkwardly as he slid into home plate on Tuesday night in Cleveland. X-rays came back negative, but an MRI taken Wednesday morning in Boston revealed the sprain. It’s unclear at this point how long he might be sidelined.

Bradley is hitting .262/.343/.432 with 14 homers and 54 runs batted in on the season. Andrew Benintendi is likely to take over in center field for Bradley, with Chris Young and Brock Holt sharing time in left.