June 24, 2010

Mediation for the Rangers

The judge in the Rangers bankruptcy case wants the two sides to work out their differences:

A federal bankruptcy judge has ordered the Texas Rangers and their angry creditors into mediation, delaying a hearing on the team’s long-delayed sale.

U.S. Bankruptcy Judge D. Michael Lynn ruled Thursday that mediation will begin July 16.

He delayed until July 22 a hearing on whether to approve the Rangers’ bankruptcy plan to pay creditors $75 million and sell the club to a group led by Hall of Fame pitcher and team president Nolan Ryan and Pittsburgh attorney Chuck Greenberg.

Mediation is not binding. This should encourage the sides to work out their money issues, because if they don’t, the judge will likely decide for them. We’ll see if this works.

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