Evan Grant links a more optimistic interpretation of today’s ruling, from Eric Morath of the Dow Jones wire:
The judge said the plan must be modified to grant them the same rights
against the bankrupt entity, Texas Rangers Baseball Partners, once it emerges
from Chapter 11, as the lenders had before that entity filed. But since that
entity likely will have sold its most valuable asset—the Major League
Baseball team—the lenders’ “rights may have lost much of their usefulness,”
The lenders have suggested that a trustee be appointed to act on behalf of
equity holders, citing a conflict of interest on the part of Hicks. At the
court hearing held Tuesday, Lynn indicated that possibility is remote. He said
he preferred the idea of hiring a chief restructuring officer to manage the
team’s bankruptcy matters rather than appoint a trustee.
Lynn said he still intends to hold a plan confirmation hearing July 9.