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Rangers Lenders Say MLB Blocked Competing Bids
By Christopher Norton
Law360, New York (June 15, 2010, 4:28 PM ET) -- The senior secured lenders in the Texas Rangers bankruptcy have released a set of e-mails meant to show that Major League Baseball tried to block the team from brokering a sale deal with Houston businessman Jim Crane that could have been more lucrative than the premeditated sale that sparked the bankruptcy filing.
The evidence available, even in the absence of discovery, demonstrates that the team's Chapter 11 plan is not based on a sale that reflects even the highest or best bid from the proposed purchasers,...