OT: MLB takes over (running) LA Dodgers owners divorcing; Court sup'd sale agreed to

[LadyStanley]

http://www.nbcbayarea.com/blogs/the-cove/Bryan-Stow-Now-Part-of-Dodger-Bankruptcy-125531453.html

Bryan Stow's parents have now been listed as creditors in the Dodger's bankruptcy, as claim they are responsible for his medical expenses after the Giants fan was attacked by Dodgers fans on opening night.

 

[kdb209]

MLB & the Dodgers fight over the teams financing plans in bankruptcy.

MLB tells court why it should reject Dodgers’ plan

DOVER, Del. (AP)—Major League Baseball renewed its objections to the Los Angeles Dodgers’ proposed bankruptcy financing, telling a federal court the commissioner’s office was offering $150 million in loans at far more favorable terms.

In a filing made Thursday and a sworn statement submitted by MLB Executive Vice President John McHale Jr., baseball said that unlike the financing offered by the Dodgers with the hedge fund Highbridge Capital, baseball would not require any liens on the Dodgers’ assets.

In addition, baseball said its loan would be for 7 percent interest, down from Highbridge’s minimum 10 percent, saving the Dodgers $4.5 million over a year. Baseball also would reduce the approximately $9.75 million in fees that are part of the Highbridge deal, and the loan also would run through Nov. 30, 2012, after the end of Fox’s exclusive negotiating period for the team’s next television contract.

Baseball was highly critical of Dodgers owner Frank McCourt, saying the loan with Highbridge would violate the team’s agreements with MLB and asserting he was responsible for “gross mismanagement.â€

“Mr. McCourt has not allowed these bankruptcy cases to change his practice of using the debtors as his personal piggy-bank,†baseball’s lawyers wrote, adding that it may be necessary for the court to appoint a trustee or examiner.

...

The Dodgers “cannot satisfy their burden of proving that the terms of the Highbridge … facility are fair and reasonable and that no better financing alternatives are available,†MLB’s lawyers wrote in a 39-page objection. Baseball claimed the team had “explicitly refused to engage in negotiations†and that “Mr. McCourt has significant conflicts of interest.†It said his proposed 17-year media deal with Fox “represented yet another attempt by Mr. McCourt to divert the assets of the Dodgers for his own personal benefit.â€

Baseball also said that since the Dodgers filed for bankruptcy on June 27, the team has taken the position that Tom Schieffer, appointed by Commissioner Bud Selig in April to monitor the team’s finances, no longer has any authority.

The Dodgers claim that MLB’s financing would get Selig and his aides too much control over the franchise. MLB said it had made alterations to its proposal addressing that concern.

 

[LadyStanley]

https://twitter.com/EricFisherSBJ

Another SBJ tweeter following Dodger bankruptcy. Had some strong words today in wake of latest round of letters, finger pointing.

 

[LadyStanley]

EricFisherSBJ 9:25am via Web #Dodgers file supplemental reply in support of its interim $ bid, again goes Ackbar route by calling MLB bid a default trap
#Dodgers also claim MLB trying to elevate its league rules above those of bankruptcy court.

 

[Acesolid]

EricFisherSBJ 9:25am via Web #Dodgers file supplemental reply in support of its interim $ bid, again goes Ackbar route by calling MLB bid a default trap
#Dodgers also claim MLB trying to elevate its league rules above those of bankruptcy court.

This is getting almost as interresting as the Pheonix Coyotes saga!

 

[LadyStanley]

EricFisherSBJ
1st interesting admission in cross exam of Ingram: Highbridge has never provided the type of debtor-in-possession financing #Dodgers seek

EricFisherSBJ
MLB hitting on core of its #Dodgers loan: lower costs, fewer defaults. But Ingram says threats exist as team exists outside of MLB rules


He's been tweeting all day with updates from hearing.

 

[LadyStanley]

http://www.upi.com/Sports_News/2011/07/23/Judge-orders-MLB-Dodgers-loan-talks/UPI-60561311436374/

Judge orders McCourt to sit down with MLB to arrange loan for Dodgers.

 

[mouser]

Some other details and opinion:

http://www.marketwatch.com/story/judge-tells-dodgers-mlb-to-work-on-150m-loan-2011-07-22

In a ruling, Judge Kevin Gross told the Dodgers to negotiate the loan from the league.

Gross added in a footnote: “It is unclear to the court how [the Dodgers] think they can successfully operate a team within the framework of Baseball if they are unwilling to sit with Baseball to consider and negotiate even more favorable loan terms while under the court’s protection.â€

The tone of the ruling doesn’t bode well for McCourt, according to one bankruptcy specialist.

“I think this shows that Judge Gross is extremely upset with McCourt,†said Kris Hansen, a partner at law firm Stroock & Stroock & Lavan in New York. “He’s saying the Dodgers aren’t negotiating with MLB, but they have to.â€

Gross’ judgement also suggested that McCourt had financial incentive to take the loan being offered by the J.P. Morgan unit — and that’s a big no-no in bankruptcy cases, said Hansen, who’s argued before Gross.

“In bankruptcy there’s great deference given to you unless there are conflicts of interest [such as McCourt’s purported financial incentive],†he said. “Once that hapens, then you’ve got problems.â€

 

[Melrose Munch]

OT: William Burke, People's Republic of China offer 1.2 billion for Dodgers.

http://www.latimes.com/sports/la-sp-dodgers-mccourt-sale-20110902,0,3026247.story

http://espn.go.com/los-angeles/mlb/...ed-12-billion-los-angeles-dodgers-report-says

 

[LadyStanley]

http://sanfrancisco.cbslocal.com/2011/09/12/bryan-stow’s-medical-costs-to-top-50m-lawyers-say/

Family of injured fan (at Dodgers opening game) now suing. They're estimating his medical bills at $50,000,000.

So, add that to the bankruptcy issues.

 

[Jumptheshark]

http://sanfrancisco.cbslocal.com/2011/09/12/bryan-stow’s-medical-costs-to-top-50m-lawyers-say/

Family of injured fan (at Dodgers opening game) now suing. They're estimating his medical bills at $50,000,000.

So, add that to the bankruptcy issues.

50mill????

gotta love lawyers

 

[Never]

http://sanfrancisco.cbslocal.com/2011/09/12/bryan-stow’s-medical-costs-to-top-50m-lawyers-say/

Family of injured fan (at Dodgers opening game) now suing. They're estimating his medical bills at $50,000,000.

So, add that to the bankruptcy issues.

Lol $50M for medical bills. Whatever.

Not the Dodgers' fault some Giants fan thought it smart to wear SF gear to Dodger Stadium.

 

[Mr Atoz*]

They're estimating his medical bills at $50,000,000.

Probably a tenth of what they estimate his legal bills to be.

 

[jiggsawpuzzle35]

Lol $50M for medical bills. Whatever.

Not the Dodgers' fault some Giants fan thought it smart to wear SF gear to Dodger Stadium.

It is indeed the Dodgers fault for not providing better security at Chavez Ravine. That place is a haven for thugs. If you take your family to a Dodger game, you better be prepared to cover your kids ears and look over your back. Especially if you are rooting for another team.

mod delete

 

[kdb209]

Lol $50M for medical bills. Whatever.

Not the Dodgers' fault some Giants fan thought it smart to wear SF gear to Dodger Stadium.

Lawsuit filing: http://documents.latimes.com/bryan-stow-lawsuit-dodgers/

Despite being the home-opener against the rival Giants, no security was present in the parking lot or by the areas where taxis were waiting. Moreover, the parking lot had inadequate lighting. The lack of security and inadequate lighting presented a perfect opportunity to commit a variety of crimes.

 

[Pinkfloyd]

50mill????

gotta love lawyers

He's been in a hospital bed for almost six months and has had a ridiculous amount of things done to him that cost a ridiculous amount of money. Medically-induced comas and brain surgeries aren't cheap.

 

[kdb209]

http://news.yahoo.com/dodgers-owner-keep-paying-225-000-month-ex-023452874.html

LOS ANGELES (Reuters) - Los Angeles Dodgers owner Frank McCourt will continue paying his ex-wife $225,000 a month in spousal support, at least until the couple's divorce trial in November, under an agreement reached on Wednesday.

...

And in a sign of the high stakes involved, the judge said he was naming two retired judges to assist him in preparation for the November 17 nonjury trial slated to resolve outstanding issues in the divorce case.

Jamie McCourt is continuing to seek half ownership of the Los Angeles Dodgers major league baseball team, arguing that the team should be considered marital community property.

Frank McCourt maintains the Dodgers belong to him exclusively, but a determination that his ex-wife has a stake in the team could force a sale of the storied franchise.

Major League Baseball in April assumed day-to-day control of the financially-troubled team, and in June the Dodgers filed for Chapter 11 bankruptcy protection.

Gordon said he will not make any rulings regarding ownership of the team until the bankruptcy proceedings are completed.

 

[LadyStanley]

http://www.nbcbayarea.com/blogs/the...-Against-Stow-Beating-Suspects-129953603.html

Dodgers file civil action against Stow-beating suspects.

"It's really a tactical move by the Dodgers," said NBC LA Legal Analyst Royal Oakes. "It's an attempt to try to send a message to a judge or jury that in spite of Stow's allegations of poor security, poor lighting, poor response time-- that in fact the real reason for Stow's injuries rests with the criminals who assaulted him."

 

[Ernie]

Fair enough; even if they can prove damages of $50m (which seems tenuous to me), surely the team doesn't carry all of the liability in this situation.

 

[Confucius]

He's been in a hospital bed for almost six months and has had a ridiculous amount of things done to him that cost a ridiculous amount of money. Medically-induced comas and brain surgeries aren't cheap.

So how much does a surgeon make for a brain operation? Maybe 50,000. Say $500 a day for your icu bed, since you aren't doing much. Add it all up, your not even at 200 grand yet.

 

[LadyStanley]

So how much does a surgeon make for a brain operation? Maybe 50,000. Say $500 a day for your icu bed, since you aren't doing much. Add it all up, your not even at 200 grand yet.

ICU? Probably closer to $5,000/day.

And in addition to surgeon's cost, there's the anesthesiologist, surgical nurses, cost for the operating room, etc.


Regular hospital room, probably ~$500/day.

Don't forget he was transported from SoCal back to the Bay Area -- guessing that's at least $10k.

 

[Pinkfloyd]

So how much does a surgeon make for a brain operation? Maybe 50,000. Say $500 a day for your icu bed, since you aren't doing much. Add it all up, your not even at 200 grand yet.

A brain surgery is 200k minimum. An ICU bed for this particular situation is likely running 10k a day. You very highly underestimate the charges that hospitals will hit you for. You're also forgetting that he's put in medically-induced comas and those drugs for however long of time it's been for him are ridiculously costly.

 

[LadyStanley]

EricFisherSBJ 4:42pm via Web 1st mo legal billings for #Dodgers bankruptcy were ~$2M. Btw lawyers, PR now, case will easily exceed $10M in prof. fees before it's over.

 

[LadyStanley]

MicheleSteele 2:57pm via HootSuite MLB claims in court Dodgers bankruptcy is for McCourt's "personal benefit" and thus team should be sold

 

[kdb209]

http://sports.yahoo.com/mlb/news;_y...g=ti-brown_mccourt_los_angeles_dodgers_092411

McCourt-Selig battle is getting personal
By Tim Brown, Yahoo! Sports 2 hours, 25 minutes ago

On the day three division titles were won, and hours before Matt Kemp’s(notes) 37th home run gave body to the first serious Triple Crown pursuit in decades, there could be but a single buzzkill.

Kemp’s own team, the Los Angeles Dodgers, has been threatened by MLB commissioner Bud Selig with sanctions up to and including suspension from the league – or termination – if owner Frank McCourt does not agree to sell.

Not the suspension or termination of McCourt.

The suspension or termination of the Dodgers.

That certainly would suck some of the energy out of Opening Day.

McCourt, of course, will not sell. Not willingly, not ever. Not when the city pleads, not when the fans boycott, and certainly not when Major League Baseball stipulates.

In McCourt’s head, it’s a matter of principle. It’s a matter of business and fairness and conscience and – by the way – U.S. law.

Plus, now it’s personal.