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View Full Version : Ortiz signing 'imminent'


Gammons Peter
12-10-2004, 12:49 PM
MLB.com reports.....To the D Backs thank god. Does this mean the Unit is outta there?

tlebar318
12-10-2004, 12:56 PM
How are the Diamondbacks signing ANYONE? I thought they had money problems?

Tekijawa
12-10-2004, 12:58 PM
How are the Diamondbacks signing ANYONE? I thought they had money problems?
Bankruptcy make this VERY EASY... after you file you no longer owe any money... Good luck getting those paychecks biys!

voodoochile
12-10-2004, 01:00 PM
Bankruptcy make this VERY EASY... after you file you no longer owe any money... Good luck getting those paychecks biys!
Um no....

If you file for bankruptcy under those conditions, they liquidate ALL of your assets. They would no longer own the team if that were the case. This kind of bankruptcy is different (one is chap 11. One is chap 13).

They now have protection from their creditors and can work out payment schedules that they can afford.

Tekijawa
12-10-2004, 01:14 PM
Um no....

If you file for bankruptcy under those conditions, they liquidate ALL of your assets. They would no longer own the team if that were the case. This kind of bankruptcy is different (one is chap 11. One is chap 13).

They now have protection from their creditors and can work out payment schedules that they can afford.
They are over $300 million in Debt, and the team itself can't be worth that much... The team goes Bankrupt not the owner, so why would he care. His wife still get's to drive her Bently home to their Multi-million dollar house. They just don't own a baseball team anymore, all that means is now hubby is home at 7:05 on the weekdays and she has to send the pool boy home earlier. Spend and Liquidate let the other teams worry about it later... there's some ENRON execs that can attest to this mentality.

santo=dorf
12-10-2004, 01:18 PM
The Diamondbacks are looking at adding Shawn Estes along with Russ Ortiz.
Arizona needs quantity along with quality if it really hopes to contend next season. At the moment, the only lock for the team's rotation is Brandon Webb. A Randy Johnson deal would bring at least one starter in return, so adding Russ Ortiz and Estes would leave just one spot open. Casey Fossum would head into spring training as the favorite for the job. Dec. 10 - 1:51 pm et
Source: Arizona Republic (http://www.azcentral.com/sports/diamondbacks/articles/1210dbacks1210.html)Free agent David Dellucci, now looking for more money after the Ricky Ledee signing, seems likely to put off a decision until at least next week.
Arizona, Florida and Texas have offered Dellucci two-year deals, and the Rockies have a one-year proposal with an option year on the table. "That Ricky Ledee deal (two years, $2.5 million) has changed my mind a lot," Dellucci said. "Teams are starting to realize they're going to have to pick it up a little bit." Dec. 9 - 1:15 pm et
Source: East Valley Tribune (http://www.eastvalleytribune.com/index.php?sty=32851)Would JR run the White Sox like this if the team was $300 million in debt?

voodoochile
12-10-2004, 02:23 PM
They are over $300 million in Debt, and the team itself can't be worth that much... The team goes Bankrupt not the owner, so why would he care. His wife still get's to drive her Bently home to their Multi-million dollar house. They just don't own a baseball team anymore, all that means is now hubby is home at 7:05 on the weekdays and she has to send the pool boy home earlier. Spend and Liquidate let the other teams worry about it later... there's some ENRON execs that can attest to this mentality.
Depends on how the team is set up. Is it privately held or a corporation?

If the current owner is the general partner then he is eventually liable for all of the debts the team incurs.

I do admit that I am not a bankruptcy expert, so I cannot vouch for what the end results will be.

Even if the team is that far in debt, all that would matter is if they can meet the payments necessary to keep the creditors off their back.

SoxFan76
12-10-2004, 02:26 PM
Would JR run the White Sox like this if the team was $300 million in debt?
That is why JR is such a good business man. He will always make a profit. He's not that dumb to end up hundreds of millions of dollars in debt. Is he a good baseball team owner? Hell no, but he's a hell of a businessman.

Lip Man 1
12-10-2004, 07:09 PM
Of course the entire D-backs bankruptcy could simply be creative accounting eh? Just like the Stanford economist found when he examined MLB's book in 1994.

Lip