Going, Going, Gone: Cubs And Rangers Bankruptcies

Law360 (February 4, 2011, 6:07 PM EST) -- In the last 18 months, two Major League Baseball teams, the Chicago Cubs and the Texas Rangers, were sold in bankruptcy. Although both teams engaged in very similar processes leading up to their respective bankruptcy filings, the bankruptcy cases took very divergent paths.

On the one hand, the Cubs' trip through bankruptcy — made possible by a somewhat atypical sale process — was "as quick as a 1-2-3 inning."[1] The sale documents and sale procedures were signed, sealed and delivered by the bankruptcy court before the Cubs even filed for bankruptcy. At the time, the sale received praise as an innovative...

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