Baseball: Dodgers Owner's Anger At Commissioner Behind Highbridge Deal

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.


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

A Hard Look At Your ‘Soft’ Hedge Fund Marketing Information

Dec 8 2016 | 9:03pm ET

Conventional wisdom holds that due diligence examines quantitative as well as qualitative...

 

From the current issue of

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. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR