Posted on 07/13/2009 9:19:47 AM PDT by Oldeconomybuyer
CHICAGO (Reuters) - The Chicago Cubs baseball team may file for Chapter 11 in order to speed its sale by bankrupt media company Tribune Co (TRBCQ.PK), two sources familiar with the process said on Monday. "It's pretty certain that they will do it," said one of the sources, who asked not to be identified because the sales process is continuing.
Such an approach would likely be taken to ensure the storied baseball team and related assets are free of liabilities so as to speed a sale, said the other source, who also asked not to be identified. Tribune filed for bankruptcy last December, but the Cubs were not part of that filing.
"I assume it will be a quick in and out," the first source said, adding the team could emerge from bankruptcy in anywhere from weeks to days.
(Excerpt) Read more at reuters.com ...
I bid $5
I will double to $10.
Buy it now....$19.95
Do I get a stickup light?
Well, their approach to winning Championships is certainly bankrupt. It’s been running a deficit for over 100 years.
Demonstrates how bad the Tribune Company is....because the Cubs are the one entity that brings in revenue...and it may file for bankruptcy....
Major embarrassment for the Liberal Media....a real big Dinosaur Media Death Watch tag needed for this article.
And I am surprised the Cubs could not be sold in an outright straight-up sale. Granted Wrigley Field is old and does not have the luxury suites like the new stadiums....but the Cubs never have a problem with attendance...or TV revenue. And, they made the playoffs last season
Since they got rid of Mark De Rosa and picked up Milton Bradley these Cub fans don’t care what they do. Haven’t even watched a game this season.
If they’re getting rid of their liabilities, does that mean they’re dumping Zambrano and Bradley?
I wonder if the bankruptcy action will invalidate all of the players contracts and make them all immediate free agents?
Don’t follow baseball, but are there any bad contracts the Cubs can get rid of?
I think the Baraqqis are Sox fans based on their logo wear.
Don’t look for a federal bailout on this one, LOL.
If the Cubbies fire their current roster and hire a bunch of Little Leaguers, the team will certainly improve; maybe they’ll even get a World Series title at last.
They already have a buyer. You’re about $899,999,995.00 short of what they offered.
If they're bad contracts, who would the Cubs get rid of them to?
Darn. maybe next time. But if that offer falls through.
They could simply void them under BK rules, but I suspect MLB may have something to say about that.
Go White Sox!
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