Monday, 20 April 2015
Last updated 6 hours ago
Jan 27 2010 | 3:40am ET
A hedge fund may be all that stands in the way of private equity veteran Tom Hicks’ deal to sell his baseball team in an effort to retire more than $500 million in defaulted debt.
Last week, Hicks’ sports team holding company, Hicks Sports Group, announced its plan to sell the Texas Rangers for an unspecified amount, believed to be more than $500 million. But Monarch Alternative Capital, which holds $100 million of Hicks’ $525 million in defaulted debt, is reportedly unhappy with the deal to sell to a group led by Pittsburgh lawyer Chuck Greenberg and Nolan Ryan, the legendary Hall of Fame pitcher who serves as president of the Rangers.
HSG’s creditors, including Monarch, must approve the sale.
It is believed that the Greenberg-Ryan offer was not the richest received by HSG: Houston businessman Jim Crane’s bid was reportedly higher than the one that was accepted.
Monarch, a New York-based distressed-debt hedge fund, may think that the Greenberg-Ryan group isn’t offering enough, SportsBusiness Journal reports.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…