The United States Trustee Breaks Down (And Tears Apart) the Rangers' Bankruptcy Filing
Chuck Greenberg, Tom Hicks and Nolan Ryan at Monday's press conference formally announcing the Chapter 11 filing on Monday
Below you'll find one of many docs submitted to the federal bankruptcy court this week concerning Your Texas Rangers' voluntary Chapter 11 filing, done with the intention of finally sealing the deal with Chuck Greenberg and Nolan Ryan's Rangers Baseball Express. William Neary, the U.S. Trustee for the Northern and Eastern Districts of Texas, filed a 22-page review of the Tom Hicks, Hicks Sports Group and the Rangers' filing on Monday and found it lacking: "The Proposed Disclosure Statement provided to the United States Trustee had many blanks."
One big problem among many, per the Trustee: The Rangers didn't allow the creditors, chief among them the JP Morgan Chase lender group, an opportunity to vote on or participate in its restructuring plan before it was filed with the court. Which means Neary isn't necessarily inclined to treat this as a "pre-packaged" bankruptcy. Not at all: "Under the facts, fairness and procedural due process support assuming impairment, requiring disclosures, and treating this case as a traditional bankruptcy filing." In other words, so much for that 45-day window to git 'er done?
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