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.
The Red Sox and Astros felt each other out for Games 1 and 2 and now things shift to Houston for Game 3. Each team faces a challenge of sorts here, with the Astros facing a right-handed starter for the first time in the series — they have hit better against lefties on the season — and the Red Sox entering the game with some questions about their bullpen, particularly closer Craig Kimbrel. Also of note: each team has a big bit — Jose Altuve and J.D. Martinez — which has been cold thus far. Altuve has gone 1-for-8 in the first two games and Martinez is 0-for-7. Altuve is nursing a sore right knee and may be the DH this afternoon. Martinez, of course, will DH for Boston. It’ll be interesting to see if either one of ’em gets of the schneid.
In Los Angeles, the Brewers would take a commanding 3-1 lead with a victory tonight. As noted below, things are set up nicely for them from a pitching perspective, having basically everyone available in what will be, essentially, a bullpen game. The Dodgers have a traditional starter on the mound in Rich Hill, but since Walker Buehler went seven innings and Dave Roberts did not have to use his top relief arms, he’ll likely be calling down to the pen earlier than usual as well. Indeed, expect him to pull out all the stops he can to avoid falling into a 1-3 hole in this best-of-seven series.
Your viewing guide:
ALCS Game 3
Red Sox vs. Astros
Ballpark: Minute Maid Park
Time: 5:09 PM Eastern
Pitchers: Nathan Eovaldi vs. Dallas Keuchel
Eovaldi is coming off seven innings of one-run ball with five strikeouts and no walks in his Game 3 start against the Yankees in the ALDS. Earlier this year he faced the Astros when he was still with the Rays — as you probably heard by now, that didn’t go too well — but he’s been solid as a rock for Boston since the beginning of September, not allowing more than two runs in any start and blanking the opposition three times. Keuchel is working on seven days of rest since giving up two runs over five innings in his Game 3 of the ALDS. Sometimes people say guys with sinking stuff like his do worse with more rest but I feel like every time I’ve heard that for the past decade, a guy like him has either been just fine on extra rest or has gotten shelled on the allegedly good short rest they get. It’s mostly noise. So much small sample stuff this time of year is noise. Including the fact that Keuchel is 0-1 with a 9.15 ERA over four appearances against the Sox in his career. People say that stuff to have something to say. Like I just did.
NLCS Game 4
Brewers vs. Dodgers
Ballpark: Dodger Stadium
Time: 9:09 PM Eastern
Pitchers: Gio Gonzalez vs. Rich Hill
Gio Gonzalez will start the game, but as was the case in Game 1 when Gonzalez pitched just two innings, look for him to be an opener here once again. In Game 1 Craig Counsell used seven pitchers, with Brandon Woodruff going two innings and Josh Hader going three. Hader pitched yesterday but it was only two-thirds of an inning in which he only threw eight pitches, so expect to see him once again. The Dodgers, blanked yesterday, will need to show that they can do something against the Brewers’ best or this thing isn’t going back to Milwaukee for a Game 6 or 7. As for their starter, Rich Hill hasn’t pitched in eight days, last going four and a third against the Braves in the NLDS, allowing two runs. He’ll be pitching to Austin Barnes after Yasmani Grandal’s boo-inspiring performance in the postseason thus far sends him to the pine.