As expected, the creditors are objecting to the Rangers bankruptcy plan

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The first hearing was held in the Texas Rangers bankruptcy yesterday.  As I presumed might happen, the creditors to Hicks Sports Group spoke up and objected to the Greenberg-Ryan sale, insisting that baseball “fast-tracked” the team’s sale to a lower bidder and that “there’s a better bid out there.”

There will be a lot happening in the bankruptcy case because, as we established on Monday, bankruptcy is really friggin’ complicated.  The creditor’s objection, however, is the thing to watch, because it’s the thing that could derail the sale as currently constructed.

With the usual caveat of “please let me know if I’m wrong about this, bankruptcy experts,” the upshot of what is going to happen now is that the judge will hold a hearing as to whether, in fact, there is a better deal for the creditors* out there, and if he finds that there is, he will repoen the bidding, allowing in Jim Crane, Dennis Gilbert, you, me and anyone else who wants to buy the Rangers to bid again. The hearing is set for July 9th.

The inquiry about whether a better bid exists isn’t merely a price comparison however. For example, it’s quite possible that the Crane and Gilbert bids are no longer operative and Greenberg is the only game in town. It’s possible that, even if they are operative and had higher sales prices that their terms for the creditors were no better and in fact worse than Greenberg’s.

What I’m saying here is that just because we’ve heard reports that Greenberg wasn’t the high bidder doesn’t mean that the bankruptcy court will put the kibosh on this deal. Indeed, in filing this bankruptcy the Rangers — no doubt in consultation with Greenberg — knew that this analysis would likely happen and felt confident enough about their chances to go through with it.

We’ll know if this was a good gamble some time after July 9th.

*Until now all decisions on the sale have been between the Rangers, the Greenberg Group and Major League Baseball.  In the usual order of things that’s fine — they can decide to do what they want to do, and if the Rangers want to take a lower bid they can.  Once the team goes to bankruptcy court, however, the law mandates that the best interests of the creditors — and not just the best interests of the owner of the bankrupt business — reign supreme. 

Mark Lowe wants to attempt a comeback

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Reliever Mark Lowe wants to make a comeback, Jerry Crasnick reports. The 35-year-old veteran is working out in Portland, Oregon and would take an opportunity to pitch overseas as well as a minor league contract with an invitation to spring training.

Lowe signed a minor league deal with the Dodgers back in January, but was cut in the middle of March and didn’t end up signing with another team. He last pitched in the majors in 2016 with the Tigers. Across parts of 11 seasons, Lowe has a career 4.22 ERA with 352 strikeouts and 163 walks in 385 2/3 innings. Lowe spent 2017 at Triple-A for the Mariners and White Sox, compiling a devilish 6.66 ERA in aggregate across 48 2/3 innings.