Reports last week had Mark Cuban interested in a minority role with another bid group, possibly Greenberg/Ryan or Jeff Beck. But Barry Schlacter reports that Tuesday’s proceedings revealed that Cuban could be willing to bid entirely on his own.
After Dallas attorney Clifton Jessup told the court he represented an undisclosed bidder, Hall of Famer Nolan Ryan’s lawyer blithely destroyed any confidentiality by saying the person was Cuban.
But the unnamed bidder had sufficient wealth to write a check for the entire team, New York sports financier Salvatore Galatioto testified. The Greenberg-Ryan bid is valued at about $570 million, including a side deal for parking lots. Forbes magazine estimates Cuban’s assets at $2.3 billion.
No party – from creditors/lenders/CRO to Greenberg/Ryan to Tom Hicks has shown any interest in budging from their stance.
The court-appointed chief restructuring officer quoted major lenders as saying they’d risk losing Greenberg’s current offer to improve the prospects of a better sale in the end.
Alternatively, CRO William K. Snyder said he could sign off on an exclusive deal with Greenberg-Ryan if Hicks made a big enough monetary concession. Snyder did not elaborate.