Barry Schlacter reports that Judge Michael Lynn has ruled that the Rangers auction date will in fact be August 4, against the wishes of creditors.
U.S. Bankruptcy Judge Michael Lynn rejected major lenders’ push to postpone the auction date until Sept. 30. The lenders are owed more than $525 million by Hicks Sports Group, the team’s owner, and want more time for prospective bidders to assemble financing.
But Lynn said that bidders, including a group headed by Hall of Famer Nolan Ryan and Pittsburgh attorney Chuck Greenberg, could make offers that omit controversial provisions contained in the current Greenberg-Ryan deal that major lenders have challenged.
Mark Cuban’s attorney Clifton Jessup informed the court that Mark Cuban may bid.
Cuban’s attorney, Clifton Jessup, said he was “under the gun” to review terms of the sale in less than two weeks. Cuban, recently qualified by Major League Baseball to participate in the auction, has not decided whether to bid but hopes to make an offer on his own rather than join an existing group, Jessup said.