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: Byron Pierce
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.
Texas 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.
The San Angelo Colts (Indy Pro, United Baseball League) appear to have new life, after U.S. Bankruptcy Judge Barbara J. Houser approved a third amended version of a Chapter 11 reorganization plan on March 10. Records also indicate that team and Angelo State University have agreed to enter into a new 15-year Stadium Use Agreement for the use of Foster Field starting at $4,166.66 per month plus utilities, with the first payment due by May 1, 2015. Read our previous analysis here.
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
Earlier this week, John Cannon, general manager of the indy pro Rio Grande Valley WhiteWings (United League), confirmed that the team has ceased operations. Doneen Poulton, a widow on a fixed income who forked over $276 for two season tickets for what would have been the 2015 season, said she is concerned she will never see a refund. Read more here.