Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information.
Friday, 9 December 2016
Last updated 2 hours ago
Jul 8 2011 | 12:38pm ET
A federal bankruptcy judge has ruled that the Los Angeles Dodgers don't need information about other baseball teams to prove they need a $150 million loan from Highbridge Capital Management.
U.S. Bankruptcy Court Judge Kevin Gross rejected the Dodgers' discovery request, which sought information on the New York Mets' financial problems and about violent incidents at other baseball stadiums and other teams' television deals, as "overly broad and burdensome." Dodgers owner Frank McCourt had hoped to use the information to prove that baseball had treated other teams more leniently; Major League Baseball took over day-to-day operations of the team in April following the beating of a San Francisco Giants fan in the Dodger Stadium parking lot.
"This is not the occasion to turn the hearing into a trial of the commissioner," Bud Selig, Gross ruled. The hearing on the Highbridge loan will be held on July 20.
Last month, Gross approved the first $60 million of the Highbridge loan. Baseball is opposing the loan, saying it will offer the Dodgers the same financing with better terms.
The Dodgers filed for bankruptcy last month after MLB rejected a proposed 17-year television deal worth $3 billion. Much of those proceeds were to go to settling owner Frank McCourt's divorce with former Dodgers CEO Jamie McCourt, which made the deal contrary to the team's best interests, according to baseball.