Couple of months back we noted that Mark Cuban and Jim Crane were trying to get back a few mil after unsuccessfully bidding on the Texas Rangers during the August auction. Cuban wanted $1.121 million; Crane, $1.527 million. The reason? The men behind Radical Pitch LLC figured that since they drove up the team's price tag from $493.5 million to $593 million, well, they had every right to expect a refund. From court docs filed Friday: "The Applicants' very participation in the auction, on very short notice and in the face of multiple bid qualification and bid valuation challenges before and during the auction, resulted in significant additional value to the estates as the auction resulted in approximately $110.0 million in additional sale value to creditors, including the second lienholders."
But that same doc, posted yesterday to the Texas Rangers Baseball Partners Information website that continues to turn coal into gold, also offers the white flag of surrender. Cuban and Crane are ditching their legal fight because, well, it ain't worth the time or money it'll take to get their dough back. So that's that. Says the filing:
Despite substantial benefit provided by Cuban and Crane of over $100 million, given the current circumstances, it is not a sound business decision for Cuban and Crane to continue to incur the expense and time necessary to pursue this matter.
After extensive discussions with the United States Trustee and creditors, the Applicants were informed that the United States Trustee intends to object to the Applications on policy grounds. Based on this information, coupled with the objections by the second lienholders and the possibility that resolution of the relief requested in the Applications may not be final for several months, if not years, following likely appeals thereof, the Applicants have determined in their business judgment to withdraw the Applications.