To the Mediator! Or: So Much for the Texas Rangers Sale Getting Done By Early July.
So, U.S. Bankruptcy Judge Michael Lynn just -- and I mean just -- ordered mediation in the Texas Rangers' Chapter 11 bankruptcy case. Which means ...? Long story short: The sale of Your Texas Rangers won't wrap in early July, which was the best-case scenario following Judge Lynn's ruling earlier this week, in which he told the Texas Rangers Baseball Partners to go write a new plan and come back July 9. But mediation -- with U.S. Bankruptcy Judge Russell Nelms, whom Lynn appointed as mediator -- won't begin till July 16, and Lynn's set a new hearing date for July 22. Which means TRBP's FAQ from yesterday is a little bit FUQ'd.
A couple of other interesting notes: You'll see on the other side that a whole bunch of people have been ordered into mediation. Texas Rangers Baseball Partners. Major League Baseball, including the Office of the Commissioner. The First-Lien Lenders. JPMorgan Chase. A Committee of the Unsecured Creditors. But not on the invite list: Chuck Greenberg and Nolan Ryan.
Also: Discovery in this case is suspended immediately and "until the mediation is terminated by the Mediator" (a movie poster tagline begging for a movie poster). Which means, as it was pointed out to me, if mediation stalls out and the creditors need to do some discovery, then no way that July 22 hearing can happen.
Long story short: This sale won't be done by July. Now jump or, at least, slide ...
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