Posted on 10/12/2009 11:46:28 AM PDT by FromLori
Another insult to long suffering Chicago Cubs fans.
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WILMINGTON, Del. (AP) — The Chicago Cubs are seeking Chapter 11 protection, a step that will allow its corporate parent to hand the team to new owners.
The team filed for bankruptcy in Delaware on Monday. The move was anticipated as the Tribune Co. looks to complete an $845 million sale of the team, Wrigley Field and related properties to the family of billionaire Joe Ricketts.
Tribune, which also owns the Chicago Tribune and the Los Angeles Times, filed for bankruptcy protection in December, but the Cubs were not included in the filing. The team's brief stay in Chapter 11 is expected to protect the team's new owners from potential claims from Tribune creditors.
(Excerpt) Read more at businessinsider.com ...
Rush should buy the Cubbies and gain a foothold in the land that gave us Obama, Emanuel and Axelrod.
1. No one wants to pay their bills anymore
2. Not one cut to any multi-million dollar player salaries. But we will stiff the hot dog suppliers...
Zero can breathe a sigh of relief that his beloved White Sox are safe in Kaminsky Field (yep...that’s what he called it)
.
Steve Bartman’s Fault!
Doubt any hot dog suppliers are being stiffed. The Cubs are in good financial shape, but the Tribune company is at rock bottom.
This is to protect the Cubs new owners from claims made by the Tribune newspaper’s creditors.
Imagine buying the team and having some bondholder who bought worthless Tribune Media paper coming after you.
Exactly. Who is getting stiffed here? It sure isn’t the Trib. Just like Donald Trump, the man with the golden failure touch.
Please explain how a team “in good shape” is filing for bankruptcy. thanks.
Moscow on Lake Michigan.
I expect the Rangers to do the same as Hicks tries to sell the team.
You mean a bond holder who bought these bonds because they were backed by a money making baseball team? You mean a bond holder who bought these bonds because they had an expectation to be paid back through revenue in part earned by the money making baseball team? You mean a bond holder who bought these bonds because the risks of owning that bond was mitigated by a money making baseball team? That bondholder?
The Trib's creditors.
Pittsburgh Penguins record to date is 2 Bankruptcies and 3 Stanley Cups. So take heart, Cub fans!
Never heard of this phenomenon until our current President took office.
Tribune Media is getting $845 million to pay off their debts from this deal. Should the new owner be responsible for the Tribune company’s other debts as well?
The Cubs are just a small part of the Tribune company. Tribune is $13 billion in debt thanks to Sam Zell’s deal to take the company private.
That debt is Sam Zell’s responsibility, not the responsibility of the new owners of the Cubs.
"Dinosaur Media Alerts" are for real
I would have thought the Cubs were a gold mine. Their stands are almost always full.
The Cubs are owned by Tribune Company. Tribune was taken private by Sam Zell in a disastrous $13 billion deal. Since the Cubs are part of Tribune Co., a new owner of the Cubs could be on the hook for debts owed by the Tribune Co.
Even though the Cubs are a profitable team, there are potential liabilities due to their association with Tribune Co. that are many times the value of the team.
Tell Obama, he’ll give them a stimulus payout.
I do not even like football, or baseball, anymore thanks to the racist players and such who do not want Rush to buy a team.. I am more in to Golf, Big Game Fishing, Surfing and Swimming. Screw em. Especially the Buccaneers. Why waste time watching overpaid thugs run around.
Why are they filing Chapter 11 instead of going directly to Congress and filing Chapter Bail Out???
Good Point. I don’t actually like the Cubbies either.
But I do like the idea of Rush making Tsnami-types waves in the Obama-Daley land.
They probably aren’t even Cubs debts, but because they’re owned by the over arching corporation that owns the Trib creditors that the paper owe could go after the Cubs for the money.
As proof, find here a posting dating from 2004. Scroll down a ways, to comment #18.
http://chicagoist.com/2004/06/15/sox_fire_first_shot_in_battle_between_north_south.php
Now if we could only find his birth certificate....
“You do know that calling Comiskey Park “Kaminsky” Park is an old standing joke in the Chicago area, don’t you?”
You DO know that he called it Kaminsky FIELD, right?
“I’m not a Sox fan, so do you think I care about that?”
Funny answer...I dunno, do you? It seemed like you did...It’s Park, not field, whether you call it Comiskey or Kaminsky. It’s Park, not field...what I am saying is that even if he was using an inside joke, ahich I doubt, he got the inside joke wrong and it is not something a “die hard” fan would say...it would be like calling the Red Sox park Fenway “Field” instead of park...my point was that the guy is just another Hillary-esque “my Mom named me after Sir Edmund” type...just another poser...
But, I guess I don’t understand your point in correcting me, so...maybe this is a waste of your time and mine, huh?
One more time; he said Kaminsky FIELD; the inside joke would be calling it Kaminsky PARK. Cripes, for a guy who doesn't care about this, you sure seem to not get it...or do you not WANT to? Did you not read what I just wrote? Your own link (that supposedly clears this up, but doesn't, really) says;
http://chicagoist.com/2004/06/15/sox_fire_first_shot_in_battle_between_north_south.php
"As a Cubs fan, I have no problem going to a White Sox game at Kaminsky Park."
Zero said Kaminsky FIELD. He got neither the right combination or the inside joke right. Clear?
I got nothing to be embarrassed about here, man, but thanks for looking out for me. Check the posts.
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