Dodgers file for bankruptcy

[Meghan54]

The Los Angeles Dodgers filed for bankruptcy protection in a Delaware court Monday, blaming the refusal of Major League Baseball to approve a multibillion-dollar TV deal that owner Frank McCourt was counting on to keep the troubled team afloat.

The Chapter 11 financing permits the Dodgers to use $150 million for daily operations and buys time for the team to seek a media deal, the team said in a news release.

http://sports.espn.go.com/los-angeles/mlb/news/story?id=6708046

 

[Vette73]

Whonder is players can use this to get out of contract. That and does bankruptcy allow the dodgers to cancel contracts as well?

 

[Numenorean]

They can get rid of Kershaw. We'll take him.

 

[boomhower]

Why is a CA organization doing bankruptcy in Delaware?

 

[SP33Demon]

We'll take Kemp and Ethier, kthnx. 😉

 

[Gibsons]

Whonder is players can use this to get out of contract. That and does bankruptcy allow the dodgers to cancel contracts as well?

They become free agents if they miss a paycheck. I think MLB won't let that happen, they'll cover the checks if they have to.

 

[Kev]

Why is a CA organization doing bankruptcy in Delaware?

They're probably incorporated there for tax benefits.

 

[Vette73]

They become free agents if they miss a paycheck. I think MLB won't let that happen, they'll cover the checks if they have to.

Yea it be funny to see a pile of free agents that would pop up right around the time of the playoffs. Talk about players holding all the cards then. :awe:

 

[ElFenix]

They're probably incorporated there for tax benefits.

delaware is about lax corporate oversight. for ex: paying each of your sons $600,000 a year while one gets his degree at stanford and the other works at goldman sachs

 

[TheNinja]

The Los Angeles Expos!

 

[Mr. Lennon]

Why is a CA organization doing bankruptcy in Delaware?

Same reason why big name actors own "production companies" in other states. Studios pay the actor's production company that's conveniently located in Nevada instead of the actual actor themselves.

Gotta love the loopholes....

 

[shiner]

Did they finally get the bill for all the pizza Lasorda ordered during his 20 years with them?

 

[thegimp03]

Being a Giants fan, this is wonderful news!