Evan Grant draws several conclusions in reviewing today’s decision, including this depressing note:
Judge Lynn’s ruling, apparently indicates the creditors were not impaired financially, but were impaired in a non-monteary manner. The original loan agreement to HSG, called the Pledge Agreement, gave the creditors the right to veto any sale in the event of a default. Had the Rangers been sold while not in default, the creditors would have had no recourse.