Tag Archives: Chapter 11

San Angelo Colts Liquidated

San Angelo Colts LogoA 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.


Filed under Legal, Money & Financials

Time, Patience Run Out on Colts

San Angelo Colts LogoThe 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.

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Colts, United League Still Not Toast

San Angelo Colts LogoThe 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


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San Angelo Colts File for Chapter 11 Bankruptcy

San Angelo Colts LogoHere 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

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

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