Dodgers file for bankrupcy

Greetings from the Twins City! 

Like many of you, I woke to the news of the Frank McCourt filing for bankrupcy.  It was filed in the state of Delaware. 

From the LA Times   http://latimesblogs.latimes.com/dodgers/2011/06/manny-ramirez-dodgers-frank-mccourt-bankruptcy.html

From that link,:

The 13 creditors owed more than $1 million all involve payments to players, including six payments to players no longer with the team (Kaz Ishii last played for the Dodgers in 2004 and Marquis Grissom last played in 2002) and one to a player who has yet to make the team (Zach Lee, the Dodgers’ first-round draft choice last year).

The million-dollar creditors:

1. Ramirez ($21 million)

2. Andruw Jones ($11 million)

3. Hiroki Kuroda ($4.5 million)

4. Rafael Furcal ($3.7 million)

5. Chicago White Sox ($3.5 million, for Juan Pierre)

6. Ted Lilly ($3.4 million)

7. Zach Lee ($3.4 million)

8. Kaz Ishii ($3.3 million)

9. Juan Uribe ($3.2 million)

10. Matt Guerrier ($3.1 million)

11. Juan Pierre ($3.05 million)

12. Marquis Grissom ($2.7 million)

13. Jon Garland ($1.2 million)

 My droid went crazy after I landed in Minneapolis.  I  lost all my contacts. and  silly me I was not backing up my cell phone.  Also noticed  my computer screen after I landed in Minn.  Other than that having a great time here.  I met Randy of http://heirloom.mlblogs.com/  We will see each other at the game tomorrow.  

Well got to head to the game!  Go Dodgers!  and vote for Matt Kemp!  Our sign at the Twin stadium:

7 Comments

I think it’s sad that Frank Mccourt could screw up a team as established, storied and reputable as the LA Dodgers. They play in such a big market and it’s unbelievable that he could file for bankruptcy. It’s amazing that his divorce has caused not only himself but a huge franchise so much turmoil. The Dodgers obviously aren’t going anywhere but it’s pretty bad that he could let this happen. It’s going to be interesting to see who the Dodgers are sold to because that guy or those guys are going to be awful lucky to get such a storied franchise. Also, you think you could check out my blog cuz I really would love to know what you think. http://chrisross91.wordpress.com/2011/06/27/mark-cuban-is-perfect-for-the-dodgers/

What kind of man does this to a legion of fans. What sentient being conceives this as a route in which to partake in. For all the history this team has had, in one instance, it all became meaningless. This team is no longer class or above every other, it’s lower than dirt. I wish it weren’t true, but it pains me to the point that it hurts to even see or hear anything about the team. Maybe in some far off land, one day this team will rise again, but for now, this spineless, slimeful oaf has taken everything we all grew up with and destroyed it. I’ll be the first to admit that my words are of lost hope and despair, but I’ve held on to hope for so long, that its pointless. His trials will outlast our will to keep fighting. At the end of the day, even if he leaves, the team, the city, the fans, will be left to pick up the pieces and try to put them back together.

Sorry for the bleak outlook Emma, but sometimes, it’s the truth which you must confide in. Hopefully with you being in Minnesota with the team right now, they can win the rest of their games there and make light of this horrific ongoing saga.

Please read my blog.

http://yunghitters89.mlblogs.com

Bankruptcy can be a resolution to clear out the bad and go with good moving forward. This is what happened to GM and Chrysler. Things have improved for both companies. The Dodgers are a different story. The list of debts alone are staggering. One would hope that these debts would be resolved in bankruptcy court and a resolution to change out management would be in the cards.

Ot was great to meet you and Lorena on Sunday. I’ll see you tonight! Happy Birthday, Emma – do something spectacular before the game here in Minneapolis!

– Randy

What may be worse, is that the Chapter 11 proceedings may be simply a case of McCourt lashing out at Bud Selig. Selig has filed an objection and states the Thursday payment deadlines and the $150 million is an issue easily dealt with in-house with MLB at better financing rates. Frank of course blames the nixed Fox deal, however MLB has consistently stated the funds fronted by Fox are to be used in majority for the debts of the Dodgers ball club… not Frank McCourt. Selig has simply said that the Big Blue Box (McCourt’s ATM, not Doctor Who’s TARDIS) is closed.

The aforementioned list shows some of the spectacular and well thought choices not only the McCourt regime but the previous owners were capable of… and just how good sports agents really are. I believe there are many who agree with me when saying the trade for and signing of Manny Ramirez was McCourt’s defining moment. It showed everyone he had little real depth as an owner and was more worried about securing the sizzle than the steak.

And as many have said, Bankruptcy is not an ugly thing as many out of the know think. It’s a re-structuring and re-organization to get back on the right path. GM, Chrysler, Cubs and Rangers… now Dodgers. Of course, the Government took a hand in GM, Fiat in Chrysler while both the Cubs and Rangers changed hands. Let’s keep that trend going. Get McCourt out, kicking in screaming doesn’t matter as long as he’s out. There are interested groups, interested persons and more importantly interested fans. Even if MLB has to take control for a half season or so while searching for owners… do it. The Dodgers (sorry Oakland, Los Angeles Angels, San Fransisco and even you San Diego) are the ‘Crown Jewel’ of the West Coast. Sure, other teams have won more recently (SF, LAA) and there are some with just as much history (obviously SF and the PHI/KC/OAK A’s) but the Blue are the it team.

Like the ‘Sale’ of the Red Sox back in 2002, this could indeed become interesting.

http://cordaro9418.mlblogs.com/

Why was this filed in Delaware? I know that is probably the most insignificant part of the story, but something I want to know nonetheless.
Catherine

Chris,
I’ve been so busy I have not updated my blog. I have many pictures that I have taken but having a communication problem when trying to upload them. I just can’t wait for Bud Selig to retire. McCourt just got to give up. No one wants him in LA. Oh, and I did not repond here but I did visit your blog after you posted here.
.
Randy,
I loved my time in Minneapolis that I am thinking of attending the SABR convention next year there. Had so much fun at SABR41 in Long Beach this year so maybe I’ll see you again next year!
.
Drei,
I hope now you are so down Drei, Dodgers will come out of this limping but the wounds will heal.
.
Cordaro,
You are right, no matter what the Dodgers are relevant. Yeah, I look at how the Rangers came out of the bankrupcy. The bankrupcy had to happen. We can’t change that McCourt bought the team. We can just move forward and hope to get a better owner. An owner that can make this team competitive again.
.

Catherine,
Forgot to answer your question “Why was this filed in Delaware?” The Dodgers are incorporated in Delaware because its the state with the lowest corporate tax rates.

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