Looks Like End of Road for San Angelo Colts

San Angelo Colts LogoTexas Attorney General Ken Paxton asked the Bankruptcy Court of the Northern District of Texas to convert the San Angelo Colts (Indy Pro, United League) baseball team’s bankruptcy to Chapter 7, or liquidation, on behalf of the Texas Tech University System and Angelo State University.  The order was granted last week, according to court documents.  Read more here.  Read previous post here.

1 Comment

Filed under League & Franchise, Legal

One response to “Looks Like End of Road for San Angelo Colts

  1. ballparkbiz

    Based on my review of the bankruptcy documents, an order HAS NOT been issued. There is a motion on the table filed on May 14 by the Texas AG’s office representing the Texas Tech University System on behalf of San Angelo State to convert the Chapter 11 reorganization to a Chapter 7 liquidation. A hearing is scheduled for June 17. The motion makes the following preliminary statement:

    “Creditor ASU seeks the conversion of the above-referenced case to chapter 7 because the Debtor has failed to enter into a new Stadium Use Agreement with ASU or commence payments to creditors as contemplated by the confirmed Third Amended Plan of Reorganization [Dkt. No. 75]. Despite repeated inquiries, the Debtor has remained silent and failed to cure those defaults or otherwise achieve substantial consummation of the plan. Accordingly, ASU respectfully prays that the Court convert the instant case to chapter 7 or, in the alternative, dismiss the case.”

    At this point, I can’t see how this ends well for Bryant and Pierce, but we’ll see.

    Alan

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