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Post-Bankruptcy Administrator: Tom Hicks 'Stole Millions From Rangers'

According to an article by Barry Schlacter in the Star Telegram, Tom Hicks continued to do his franchise in right to the bitter end.

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[Alan Jacobs] says the wealthy Dallas investor "stole" tens of millions from the major-league franchise to acquire what are now highly lucrative parking lots near Rangers Ballpark in Arlington and Cowboys Stadium. Jacobs also accused Hicks of forcing the Rangers to spend at least $18 million on parking lots and roads rather than fund deferred compensation for ballplayers, as required by Major League Baseball. In all, some $30.5 million was misdirected, the suit said. Hicks issued financial statements that concealed the funding shortfall, according to the suit filed with the 116th state district court in Dallas.

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As a result, Hicks' Ballpark Real Estate now generates several million dollars a year in parking revenue near Cowboys Stadium and could be worth $100 million -- or more "if Hicks is successful in extorting additional parking revenue from the Texas Rangers' new owner and the team's fans."

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The language gets even worse:

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Asking for unspecified exemplary damages, the suit argues that Hicks's conduct was "outrageous, malicious, fraudulent, grossly negligent or otherwise morally culpable."

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Hicks' people not surprisingly don't think much of the suit.

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Hicks spokeswoman Lisa LeMaster rejected the lawsuit's claims as baseless and said they represent a "bizarre flip-flop" by the team's major creditors, including hedge funds that bought up Rangers debt. "We welcome the opportunity to challenge these allegations in court," she said.

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Photographs by jamesbrandon, jdtornow, phlezk, flygraphix, mcdlttx, tomasland, and literalbarrage used in background montage under Creative Commons. Thank you.