Where to begin? Let's go with Your Texas Rangers, who were back in bankruptcy court in Fort Worth for the second day of "first day" proceedings following Monday's voluntary Chapter 11 filing. Reports the Associated Press, U.S. District Judge D. Michael Lynn finally decided after a bidding war between Major League Baseball and lenders that it'll be MLB loaning the team $21.5 mil to keep things afloat pending a June hearing.
But the judge is also open to finding out if there are higher bidders for the team than Chuck Greenberg and Nolan Ryan's Rangers Baseball Express. Ya know, just in case. Which is why, moments ago, the Dallas PR firm repping the New York-based law firm repping more than one of the first-lien lenders sent to Unfair Park their response to the judge's ruling:
"Since the bankruptcy proceedings first commenced, we have welcomed the involvement and oversight of the U.S. Bankruptcy Court for the Northern District of Texas in Fort Worth. We are pleased that Judge Lynn today recognized the right of the Debtor to speak with other potential purchasers of the Texas Rangers. We are also gratified that the Texas Rangers accepted interim Debtor-in-Possession financing of $21.5M on terms that are far superior to those originally proposed due to the compelling alternative financing proposed by the Ad Hoc Group.Which doesn't even take into account the judge's emergency ruling involving the team's credit card, which needs to be paid down pronto lest the team get stranded in Kansas City, God forbid. Or the U.S. Trustee's unhappiness with the Rangers' initial bankruptcy petition -- as in, either the Rangers deal fair and square or there won't be no "baseball time in Texas," genius. Forty-five days? Right ...
"Going forward, we are optimistic that the sales process will be greatly enhanced by Court oversight and a level playing field."
They'll probably have that In-N-Out in Garland open long before this deal's done. Speaking of which, our old pal Carl Van Fleet, vice president of planning and development for the burger-maker, had his peoples send a statement for all those wondering what's next following
Garland is, in fact, one of the locations that we are currently working on. We continue to work on a number of site opportunities in the DFW market. We're enthusiastic about the Garland location but there is still work to be done, as there is on all of our projects in the area. Because of that and the fact that it is still early in the process, it would be premature to speculate as to when we might actually open.In other words, don't place your orders just yet ...
I'm sorry I can't be more specific at this time, we just want to be careful about being accurate and don't want to mislead anyone. A great deal still has to happen before we can open in Garland and the Dallas/Ft. Worth market.
You, especially, Hosam Maher Smadi. No doubt you've heard by now: The man who tried to blow up Fountain Place pleaded guilty in federal court in Dallas today to Smadi, 19, pleaded guilty to one count of attempted use of a weapon of mass destruction. He faces a max sentence of life in prison and a $250,000 fine, though the plea deal means he won't serve more than 30 years.
"Today's guilty plea underscores the continuing threat we face from lone actors who, although not members of any international terrorist organization, are willing to carry out acts of violence in this country to further the terrorist cause," said said David Kris, Assistant Attorney General for National Security, in a prepared statement. "I applaud the many agents, analysts and prosecutors responsible for this successful investigation and prosecution."
U.S. District Judge Barbara M. G. Lynn will sentence Smadi on August 20. Which gives you plenty of time to read the docs filed with the court.
Smadi Factual Resume
Smadi Plea Agreement