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Post by P. Marf on Aug 4, 2010 16:38:19 GMT -5
Cuban purchased a lot of the debt. Therefore its a win win situation for him. What he is doing is driving up the price in the auction so instead of GR buying it at their original amount they are gonna have to pay a lot more. Thus, Cuban will make more and more money the more the price goes up. If he does win he owns a baseball team and still gets that money back. If that makes sense. That's how I was gathering it this morning and they just touched on that on the ticket too.
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sully
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Post by sully on Aug 4, 2010 16:56:17 GMT -5
$25M overbid was the cash portion. GR is disputing that the $25M will be absorbed through the MLB approval process, so their bid is better since already approved...
We won't know anything til morning.
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sully
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Post by sully on Aug 4, 2010 17:42:57 GMT -5
All Rise!
We are back in the courtroom...to see if GR counters.
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sully
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Post by sully on Aug 4, 2010 17:43:38 GMT -5
GR topped the bid by the required $2M
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sully
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Post by sully on Aug 4, 2010 17:50:01 GMT -5
Cuban over the top with $15M more!
GR asks CRO to review bid to find out where additional cash is coming from. GR needs more time to review. Judge declares recess until 6:15. Damn.
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Post by The River Assassin on Aug 4, 2010 20:13:33 GMT -5
Dang, this is pretty crazy.
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sully
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Post by sully on Aug 4, 2010 22:36:55 GMT -5
Recess lasted til 9:30 or so while groups reviewed all bids.
There was some confustion on the Cuban bid, but they say it's legit. Back in the courtroom...
Cuban ups his bid by another cool $20 mil without even getting a counter from G/R. This is getting ugly. G/R appeal, still claiming his bid isn't going to hold up. Court over rules. Lawyers are reviewing new bid now, and asking for G/R to counter.
Wow. I can't even begin to say what I think about all this. If Cuban gets the win, look for this to drag out for many more months. We'll lose Lee for sure, along with Hamilton, due to MLB running the show until it's all ironed out. Along with not being able to sign anyone.
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sully
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Post by sully on Aug 4, 2010 22:42:21 GMT -5
Bid is accepted for 355 M.
Judge asks G/R group if they plan to counter. They asked for another recess. Should convene around 11:30 or 12...15 hrs after court opened.
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cowtownmike
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I done been thru the scruggles.
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Post by cowtownmike on Aug 5, 2010 2:40:01 GMT -5
Cuban purchased a lot of the debt. Therefore its a win win situation for him. What he is doing is driving up the price in the auction so instead of GR buying it at their original amount they are gonna have to pay a lot more. Thus, Cuban will make more and more money the more the price goes up. If he does win he owns a baseball team and still gets that money back. If that makes sense. That's how I was gathering it this morning and they just touched on that on the ticket too. GNR WINS! Rangers are now owned by Greenberg/Ryan group and I am ok with that. Framp nails Cubans involvement with his post. All he did was run the price up on GNR so he could fatten his already overstuffed pockets. If the Rangers have to back off signing guys like Cliff Lee and Josh Hamilton, be sure and thank your MFFL buddy in Dallas. |
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sully
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Post by sully on Aug 5, 2010 14:52:49 GMT -5
I couldn't stay up til the end. Cuban taking ownership would have put us in a hole for the next few years. Greenberg claims their going after Lee now. They better think about Hamilton too. And another pitcher would be nice.
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