Friday, 9 October 2015
Last updated 15 hours ago
Jul 15 2011 | 12:01pm ET
Major League Baseball yesterday continued its legal campaign against Highbridge Capital Management's proposed $150 million loan to the Los Angeles Dodgers, accusing Dodgers owner Frank McCourt of continuing to use the team as "his personal piggy-bank."
Baseball has offered its own financing to the team that it says would cost the Dodgers almost $15 million less than the Highbridge loan and would not encumber any team assets. But the league accuses the Dodgers of rejecting that offer due to McCourt "allowing personal reasons"—i.e., his animus towards baseball Commissioner Bud Selig—"to dictate."
But, baseball argued in a Delaware bankruptcy court filing, "the pertinent question is not what financing proposal is in the best interest of Mr. McCourt, but, rather, what proposal is in the best interest of the debtors and their estates."
McCourt had the Dodgers file for bankruptcy last month after MLB rejected a $3 billion, 17-year television deal. Much of the proceeds of that sale were to go to settle McCourt's divorce from former Dodgers CEO Jamie McCourt.
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…