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.
Athletics’ rookie catcher Bruce Maxwell did not stand for the National Anthem on Saturday night. He’s the first MLB player to do so and, like other professional athletes before him, used the moment to send a message — not just to shed light on the lack of racial equality in the United States, but to specifically protest President Donald Trump’s suggestion that NFL owners fire any of their players who elect to protest the anthem by sitting or kneeling.
“Bruce’s father is a proud military lifer. Anyone who knows Bruce or his parents is well aware that the Maxwells’ love and appreciation for our country is indisputable,” Maxwell’s agent, Matt Sosnick, relayed to the San Francisco Chronicle’s Susan Slusser on Friday. He continued:
Bruce has made it clear that he is taking a stand about what he perceives as racial injustices in this country, and his personal disappointment with President Trump’s response to a number of professional athletes’ totally peaceful, non-violent protests.
Bruce has shared with both me and his teammates that his feelings have nothing to do with a lack of patriotism or a hatred of any man, but rather everything to do with equality for men, women and children regardless of race or religion.
While Maxwell didn’t make his own statement to the media, he took to Instagram earlier in the day to express his frustration against the recent opposition to the protests, criticizing the President for endorsing “division of man and rights.”
Despite Trump’s profanity-laced directive to NFL owners on Friday, however, it’s clear the Athletics don’t share his sentiments. “The Oakland A’s pride ourselves on being inclusive,” the team said in a statement released after Maxwell’s demonstration. “We respect and support all of our players’ constitutional rights and freedom of expression.”
Whatever the fallout, kudos to Maxwell for taking a stand. He may be the first to do so in this particular arena, but he likely won’t be the last.
This one is brutal. Tigers’ right-handed reliever Alex Wilson was diagnosed with a broken leg after taking a blistering 103.8-MPH line drive off of his right leg during Saturday’s game against the Twins. According to the Detroit News’ Chris McCosky, it’s a non-displaced fibular fracture, but will still warrant an extended recovery period and signal the end of Wilson’s season.
Wilson replaced Drew VerHagen to start the eighth inning and worked a full count against Joe Mauer. Mauer roped an 93.3-MPH fastball back up the middle, where it struck the pitcher on his right calf. While Mauer took first base, Wilson got to his feet and tried to toss a warm-up pitch, but was in too much pain to continue and had to be helped off the field.
Even in a season that isn’t going anywhere in particular, this isn’t how you want it to end. The Tigers have yet to announce a recovery timetable for the 30-year-old reliever, but he won’t return to the mound until 2018. He exited Saturday’s outing with a 4.35 ERA, 2.3 BB/9 and 6.3 SO/9 over 60 innings.
The Tigers currently trail the Twins 10-3 in the bottom of the ninth inning.