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 Twins trampled the White Sox on Friday night, cruising to a cool 11-4 lead over their division rivals and collecting their sixth double-digit win of 2019. Even more impressive, they picked up their 99th, 100th, and 101st home runs, a feat that’s rarely been matched in a team’s first 50 games of any given season.
The first homer of the night was delivered by Eddie Rosario in the third inning. Working against a single-run deficit, Rosario lifted an 0-1 fastball from the White Sox’ Reynaldo López, planting it firmly in the left field stands and evening the score, 4-4. Two batters later, Rosario’s solo home run got a sequel: a 398-footer from Miguel Sanó, this one postmarked for the upper deck in left.
In the fourth, now leading 5-4, the Twins saw a third and final homer from the bat of Max Kepler, whose center-field blast traveled a projected 397 feet to give the club a two-run advantage. Per MLB Stats, the Twins’ record — 101 homers in 50 games — stands second only to that of the 1999 Mariners, who managed to club 102 home runs before their 51st game of the season.
While the record has undoubtedly been a team effort, Rosario leads the pack with a team-best 15 homers so far this year, closely followed by C.J. Cron (13), Max Kepler (11), and Jonathan Schoop (10). Sanó, whose solo shot marked the team’s 100th home run of 2019, has just five, though there’s little doubt he’ll reach double digits before the end of the season.
According to MLB.com’s Do-Hyoung Park, the Twins also made it to an even 300 runs scored in 2019, for a satisfying average of six runs per game and a new franchise record (previous high mark: 273 runs scored in 1992). With the win, they improved to 34-16 on the year and continue to hold a comfortable eight-game lead in the AL Central.