Hedge Funds Take On Former Rangers Owner

Aug 16 2011 | 2:25pm ET

More than a year after the team was sold, the Texas Rangers' post-bankruptcy administrator has sued its former owner on behalf its creditors, led by hedge fund Monarch Alternative Capital.

According to the lawsuit, filed on behalf of Texas Rangers Baseball Partners by administrator Alan Jacobs, Tom Hicks, the private equity veteran, wrongly used tens of millions of dollars from the team to buy and develop parking lots near the Ranger's home ballpark in Arlington, Texas.


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