A liquidation sale of the San Angelo Colts (Indy Pro, United Baseball League) was recently held at Foster Field, pursuant to a court order because the ownership failed to satisfy the requirements of the their Chapter 11 reorganization plan. Former GM Mike Babcock, who left the team in 2012 after his eight-year tenure at the helm, blamed central league ownership for the team’s demise and said, “We were making money, and in our worst years, we broke even.” Read more here.
Tag Archives: Bankruptcy
San Angelo Colts Liquidated
Filed under Legal, Money & Financials
Time, Patience Run Out on Colts
The Bankruptcy Court of the Northern District of Texas in Dallas has put the final nail into the coffin of the San Angelo Colts (Indy Pro, United League Baseball). In a recent ruling, the court ordered the ownership’s Chapter 11 reorganization proceedings be dismissed. The next step is liquidation of its assets under the guidance of the court. Read more here.
Colts, United League Still Not Toast
The owners of the indy pro San Angelo Colts (United League) are still fighting to keep the team alive as they continue to pursue a reorganization plan in bankruptcy. To protect their interests, a number of debt holders have filed objections. A hearing on the confirmation of the debtor’s plan is scheduled for March 4. As you recall, the bankruptcy trustee would like to convert the Chapter 11 reorganization Continue reading
Filed under Uncategorized
Bryant Claims ULB Not Yet Dead
Contrary to reports that the indy pro United League Baseball will shut down — along with all of its teams, including the San Angelo Colts — ULB owner John Bryant says the league is in danger but not yet dead. Read more here (subscription required). Read our relevant comments below our San Angelo posting here.
Filed under League & Franchise, Legal
San Angelo Colts File for Chapter 11 Bankruptcy
Here we go again with the Bryant and Pierce show, as the ownership of the indy pro San Angelo Colts (United League), led by former Congressman John Bryant, has filed for Chapter 11 bankruptcy, which will stay a foreclosure action and keep the team in operation. The Colts recently received notice of foreclosure from their lender on the stadium note for Foster Field, where the team plays. Read more here.
Filed under Lease & Contracts, Legal, Money & Financials, Stadium Issues
L.A. Dodgers: Bids Next Week, New Owners By End of April
Initial bids for the bankrupt Los Angeles Dodgers are expected next week, and MLB Commissioner Bud Selig is confident that the team will be sold by April 30. Read more here.
Filed under Money & Financials, Personnel & Operations
Dodgers, Fox Sports Settle Dispute
The Los Angeles Dodgers and Fox Sports have settled their dispute over a lucrative television rights deal, which clears the way for a sale of the storied franchise. Read more here.
LaGrave Field Now Under Bankruptcy Protection
In a last ditch maneuver to protect LaGrave Field from foreclosure, owner Carl Bell (LaGrave Reconstruction Co.) filed Chapter 11 bankruptcy on Monday. The stadium is the home of the indy pro Fort Worth Cats (formerly American Association/now North American League), which Bell recently sold to a group led by former Texas Rangers president Mike Stone, and United League and Texas-Louisiana League Continue reading
Bankruptcy Judge: McCourt Must Negotiate with MLB for Loan
U.S. Bankruptcy Judge Kevin Goss has rejected a plan by Los Angeles Dodgers owner Frank McCourt to use a loan he arranged to sustain the franchise in bankruptcy. Goss said McCourt must negotiate with MLB for a loan instead, which would save the team millions of dollars. Read more here.
SmartMoney.com Provides Financial Lessons from Dodgers’ Dealings
SmartMoney.com’s Jack Hough takes an interesting look at Frank and Jamie McCourt‘s operation of the Los Angeles Dodgers and the seven (7) personal finance lessons that can be learned from their financial dealings. BTW, we love the t-shirt idea! Read more here. Thanks to John Cerone for the link.
Filed under Money & Financials
L.A. Dodgers: Bankruptcy Hearing Today
Los Angeles Dodgers filed bankruptcy on Monday, and Major League Baseball immediately countered by filing a motion stating that it would provide an alternative financing plan for a loan to keep the team afloat with better terms than the loan secured by owner Frank McCourt. A bankrupcty hearing is scheduled for today at 1:30 p.m. Read more here.