Thursday, 21 August 2014
Last updated 3 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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note