Wednesday, 25 November 2015
Last updated 3 min 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…