Bankruptcy trustee tells the Rangers to get new lawyers

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Many people thought it problematic when it was revealed several months ago that Tom Hicks was both (a) selling the Rangers; and (b) part of the ownership buying the Rangers.  Different capacities, sure, in that Tom Hicks the individual was buying from an entity — Hicks Sports Group — that Hicks just so happened to own and run, but it is the kind of thing that raises eyebrows among those who are not used to the often convoluted and incestuous world of closely-held corporations.

But public perception may not be the only problem. The trustee overseeing the Rangers’ bankruptcy has a problem with at least one aspect of the overall arrangement, and that involves the law firms.  Take it away Barry Shlachter:

U.S.
Trustee William Neary asserted that all of the work – and millions
in fees – Weil Gotshal & Manges received from team owner Tom Hicks
jeopardized the fairness and transparency expected by the
public, including Rangers fans. Attorneys for the baseball
franchise are charged with acting in its best interests, not that
of the outgoing ownership.

“Undoubtedly, Weil
Gotshal & Manges’ role evolved and shifted as events
transpired before the bankruptcy case, but it was WGM’s responsibility
to focus on the conflicts issue,” Neary said in the filing with a
U.S. bankruptcy court in Fort Worth.

Weil Gotshal denies any suggestion that it was conflicted, of course.

My view: I’m just a dumb litigator who nobody ever let near the table when a complicated deal was being negotiated, but it’s not like having the same law firm all over a transaction like this has never happened before. There are a lot of ways to guard against conflicts when you have hundreds and hundreds of lawyers you can throw at a deal, many of whom don’t even know one another.  Best practice in the world? Nah, but it’s not, in and of itself, fatal.

In light of that my guess is that there was something specifically troublesome that either Hicks or the law firm was doing during the course of this deal that raised the ire of the trustee. These things tend to get ironed out pretty quickly, however, and my guess is that the law firm problem doesn’t cause any big hiccup in a deal that has enough other hiccups.

Biden praises Braves’ ‘unstoppable, joyful run’ to 2021 win

Geoff Burke-USA TODAY Sports
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WASHINGTON — President Joe Biden said the Atlanta Braves will be “forever known as the upset kings of October” for their improbable 2021 World Series win, as he welcomed the team to the White House for a victory celebration.

Biden called the Braves’ drive an “unstoppable, joyful run.” The team got its White House visit in with just over a week left before the 2022 regular season wraps up and the Major League Baseball playoffs begin again. The Braves trail the New York Mets by 1.5 games in the National League East but have clinched a wildcard spot for the MLB playoffs that begin Oct. 7. Chief Executive Officer Terry McGuirk said he hoped they’d be back to the White House again soon.

In August 2021, the Braves were a mess, playing barely at .500. But then they started winning. And they kept it up, taking the World Series in six games over the Houston Astros.

Biden called their performance of “history’s greatest turnarounds.”

“This team has literally been part of American history for over 150 years,” said Biden. “But none of it came easy … people counting you out. Heck, I know something about being counted out.”

Players lined up on risers behind Biden, grinning and waving to the crowd, but the player most discussed was one who hasn’t been on the team in nearly 50 years and who died last year: Hall of Famer Hank Aaron.

Hammerin’ Hank was the home run king for 33 years, dethroning Babe Ruth with a shot to left field on April 8, 1974. He was one of the most famous players for Atlanta and in baseball history, a clear-eyed chronicler of the hardships thrown his way – from the poverty and segregation of his Alabama youth to the racist threats he faced during his pursuit of one of America’s most hallowed records. He died in January at 86.

“This is team is defined by the courage of Hank Aaron,” Biden said.

McGuirk said Aaron, who held front office positions with the team and was one of Major League Baseball’s few Black executives, was watching over them.

“He’d have been there every step of the way with us if he was here,” McGuirk added.

The president often honors major league and some college sports champions with a White House ceremony, typically a nonpartisan affair in which the commander in chief pays tribute to the champs’ prowess, poses for photos and comes away with a team jersey.

Those visits were highly charged in the previous administration. Many athletes took issue with President Donald Trump’s policies and rhetoric on policing, immigration and more. Trump, for his part, didn’t take kindly to criticism from athletes or their on-field expressions of political opinions.

Under Biden, the tradition appears to be back. He’s hosted the NBA champion Milwaukee Bucks and Super Bowl champion Tampa Bay Buccaneers at the White House. On Monday he joked about first lady Jill Biden’s Philadelphia allegiances.

“Like every Philly fan, she’s convinced she knows more about everything in sports than anybody else,” he said. He added that he couldn’t be too nice to the Atlanta team because it had just beaten the Phillies the previous night in extra innings.

Press secretary Karine Jean-Pierre was later questioned about the team’s name, particularly as other professional sports teams have moved away from names – like the Cleveland Indians, now the Guardians, and the Washington Redskins, now the Commanders – following years of complaints from Native American groups over the images and symbols.

She said it was important for the country to have the conversation. “And Native American and Indigenous voices – they should be at the center of this conversation,” she said.

Biden supported MLB’s decision to pull the 2021 All-Star Game from Atlanta to protest Georgia’s sweeping new voting law, which critics contend is too restrictive.