Monday, January 25, 2010

The King is Dead. Long Live the King

Glass Half Empty / Afternoon Cloud:
The sale of your Texas Rangers to the Greenberg-Nolan Ryan group still has to be approved by 70% of the owners and Hicks' dozens of creditors. Why couldn't this sale have been finalized earlier? If the sale had happened months ago would the Rangers still have Marlon Byrd and Millwood on their roster?

Hicks will still have a minority interest in the team and be named "Chairman Emeritus".

Glass Half Full / Silver Lining:
The MLB owners and Hicks' 40+ creditors want this sale to happen.

Hicks will be named "Chairman Emeritus". "Chaiman Emeritus" is a nice way of saying to someone, "you've been with the company for a long time, were maybe once in charge but really weren't all that good at your job. Here's an office and a title. Oh, and don't worry about trying to use the phone in your office, it's not connected."

Thoughts / Observations / Sidenotes:
Get this, Hicks bought the team for about $250 million and this sale is going to be for more than $500 million. Pretty good profit for Hicks except for the fact numerous creditors reportedly hold, as of 5/19/09, $525 million in debt owed by Hicks' company.

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