Thursday, August 11, 2011

Conditions of the loan by baseball ease Dodgers fear before the seizure - New York Times

"The worst that happened can - narrow standard - it is to stop financing," said Bruce Bennett, an of the Dodgers lawyers. "It is not a secured loan, so baseball exclude something can not."

Bennett, said that the team current cash needs not dire have been and that it is not immediately needed to questions, for all of $150 million. "they have more than adequate resources, to meet their liabilities as they become due," he said, adding, "We need to borrow not the maximum amount of the loan".

If the order approving the loan Judge Kevin gross of the bankruptcy court should characters, tensions between the team and M.L.B abate. In the court filings have the Dodgers Commissioner Bud Selig forcing the bankrupt reject credit and a TV deal accused with Fox Sports. Blessed Frank McCourt, the Dodgers owns accused of mismanagement.

McCourt said that Selig is actions - including setting a monitor to the team to monitor and send investigators to check their work - up to the plan to take the franchise and sell it added.

At a hearing in the bankruptcy court in Delaware last month, the Dodgers, was that it $150 million from Highbridge capital, a hedge fund, despite a higher interest rate than baseball offered and the default wanted to borrow the risk of foreclosure in the event. Big loan Highbridge refused and said, M.L.B. and the Dodgers, an agreement to negotiate.

The loan agreement presented gross removes the conditions, which prompted Bennett call it a "deal with the devil". The short-term loan is due on 30 November 2012.

Bennett has doubts about baseball ability to fund the loan, but he said: "we are pleased that either they have it, or, that judge gross is sure, they have to do it."

Bennett would not to discuss what was expected, that the Dodgers next step be: filing court documents developed, set up a process to sell their future TV rights. The estimated $2 billion $3 billion deal with Fox Sports - which would have given McCourt $385 million forward - in June of Selig was rejected.


via:News Sports Google

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