Chicago Cubs get needed bankruptcy court OK
WILMINGTON, Del. (AP)—The sale of the Chicago Cubs moved closer Tuesday as a bankruptcy court judge said the team can go to the family of billionaire Joe Ricketts in a $845 million deal.
The judge had already cleared Tribune Co. to sell the team and Wrigley Field. But he gave his approval again Tuesday because the Cubs filed separately for Chapter 11 protection on Monday.
The team cited assets of $1.42 billion and liabilities of $1.26 billion, but the Cubs’ finances weren’t in question. The bankruptcy filing was made to ensure that the team can’t be hit with claims by Tribune creditors, because the ballclub wasn’t covered when Tribune filed for Chapter 11 last December.
The Ricketts family’s deal for the Cubs could close in a couple of weeks, according to Don Liebentritt, Tribune’s general counsel. The deal—which involves a record price for a major league team—has been approved by the other baseball owners.
After taxes and fees, Chicago-based Tribune, which owns newspapers and TV stations, expects to reap about $740 million from unloading most of its stake in the baseball team. Tribune will maintain a 5 percent stake.
Ricketts is the founder of Omaha, Neb.-based TD Ameritrade.
AP Business Writer Andrew Vanacore contributed to this report from New York.
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258 Comments
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LOL!!! I am a loooong way from liberal!!!! About as far from liberal as you can get, actually.
And my feelings are...if you have to "step on the little people" at ANY point for ANY type of gain, then it's morally wrong...period. Again, you are in the same boat as I told the other gentleman earlier......your attitude/morals (or lack thereof) is the reason our country is in the state it's in. Greed that makes people willing to do anything, including "stepping on people" or worse, so they can have more. Sad...
You can call it what you want, capitalism or whatever, but it doesn't change the fact that it is wrong. Don't believe me??? Just wait until YOU are the one that gets completely squashed by some that's willing to "step on the little people" for their personal gain. Because no matter who you are, eventually there is always someone bigger in this country/world that will be willing to step on you to make another million. So enjoy it when you get to experience it, and remember this conversation...lol. And no, I won't be moving anytime soon, but since my "type" were here before you, then by all means feel free to move yourself, and take your capitalism or whatever you want to call your greed, with you.....PLEASE!!!
I would LOVE to be in Congress and be able to change the laws!!! But, alas, I don't have the money to spend millions on a campaign (surprise), and I'm not willing to lie, step on any "little people", or kiss anyones backside to get it. Only to have to pay the money 'loaners' back later (return the favor) with taxpayers money, when I got elected.
And you're right, I shouldn't use the word buttholes; I apologize to everyone for that.
However, I stand by my other comments wholeheartedly.
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Billionaires spend there lives reaping the rewards of your work, MLB billionaire owners do it in plain site as you cheer them on with their Steroid Freak Show.
* Keep those Asterisks coming * - right In Yo Face
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Hmmm.... I have "bandwagoners"? Well, maybe that's because there are other people that are actually smart enough to understand what's going on here....????
I guess I won't include you in that list though...lol.
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and whats with all the hate towards ricketts? he is a true cubs fan with an enthusiasm that has long been needed within the cubs management. - dont hate just because he is financially successful, you could probably learn a thing or two from his work ethic.
BRAD, looks like you have a lot of band wagoners, too bad they are just as nonsensical as your comments. greedy buttholes? wow, where has our logic gone?
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Cubs suck, dynamite Wrigley.
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Winning? You'd better not Cubbies, then fans might realize your playing in a dump . The mystic will be gone replaced by fans that just might want a good team. And a comfortable place to watch them from. What a concept!
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P.S. How did you think Joe Mauer did with his 3-game audition for the Yankees?
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Just because the governments loopholes allow something, doesn't make it morally right, and just because it's been going on for two years now, doesn't increase the validity of a 'great deal', for those that are being left owed money to. After all, many of the 'laws' now put in place by the government were put ther by greedy, rich buttholes that were able to raise enough money (how many millions does it take to get elected to a high office now?), and make enough promises to greedy, buttholes to help them push their agendas through once they help them get elected (with millions of dollars of funds) in the first place. So, some of the people that make it to that stage of government, 1) Already have a rich man's shallow, greedy, materialistic mentality. 2) Have many rich man's pockets to line with laws that are 'convenient' to them and their pocketbooks, to pay them back for the millions they spent to help them get elected so they could push their agendas. Sounds like am talking in circles, doesn't it? That's because the whole cycle is one BIG, viscious, circle. You have to be rich to make it that part of the governent in the first place....Hmmmm.... And now in this country, people think just because someone is monetarily weathly, then they MUST be wise and will make good decisions....lol. THAT couldn't be farther from the truth.
I see the point you are making...they aren't doing anything against the law. Point taken...but like I said...just because something isn't against the law, doesn't cover up the stench that it creates for everyone to smell. And the ill-feelings generated that people that are out of work, or are otherwise suppressed, have to feel as they watch multi-millionares play their money games to get out of paying the moeny that they really do owe, and that would certainly help the economy....that is if Washington would be more wise with their spending, too.
The "working man" I am talking about is the Middle Class in our country. They have supported this country since its inception, and it looks like they will continue to do so until they rebel...if they ever do.
So, really, I'm not "just another mis-informed poster", I'm actually a well-informed poster that disagrees with you, and that is tired of all the greed on this country and the rich people taking advantage of the whole world when they can, if it means putting another buck in their pocket.
And like I said in my original post, this bankruptcy (and many other transactions like it) certainly exploits more legal loopholes put in place by our rich mentality goverment, to scratch the backs of the rich man in this country, and to 'us working men', it certainly leaves a stench that we get to smell for years, possibly decades to come. Legal or not.....
I guess I'm done "spewing" my ignorance....
Good day to you, riskybusiness, I've enjoyed reading your comments.
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1. Bankruptcy court judge said the team can go to the family of billionaire Joe Ricketts in a $845 million deal.
2. The judge had already cleared Tribune Co. to sell the team and Wrigley Field. But he gave his approval again Tuesday because the Cubs filed separately for Chapter 11 protection on Monday. That step was taken to ensure that the team can’t be hit with claims by Tribune creditors.
3. The deal—which involves a record price for a major league team—has been approved by the other baseball owners.
4. After taxes and fees, Chicago-based Tribune, expects to reap about $740 million from unloading most of its stake in the baseball team. Tribune will maintain a 5 percent stake.
As we say at Wrigley - Shut up and Drink your Beer.
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Crooked Deal?? What proof do you have? Just show me something. Come on, anything... You got nothing. Just crap spewing from your mouth about rich guys, buttholes, and morals.
This sale has been in the works for 2 years. Why do you think that now, it's crooked?
Can you provide me one example of a "good-business"? And who is this "working-man" you talk about? Are you about to say "workers of the world unite...?
And to all brainiacs that say "Cubs suck", I say that people who say suck, suck.
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I guess the North side of Chicago has money to waste so they can overpay for underachievers like Soriano and Bradley because the fans will provide them the means to overpay someone else this off-season.
Out south we know trash when we see it, and do as most sensible fans do, and save our money.
GO WHITE SOX.......FOREVER
SCREW THE C.U.B.S.
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LOL.
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