The Texas Rangers officially exited Chapter 11 bankruptcy last Thursday after former Ranger and Hall of Fame pitcher Nolan Ryan won the auction to purchase the team.
The team’s auction lasted for eight hours between Ryan and Dallas Mavericks owner Mark Cuban. The winning bid was $590 million. U.S. Bankruptcy Judge Stacey Jernigan approved the sale and exit from bankruptcy later in the day Thursday. The MLB also approved Ryan and sports attorney Chuck Greenburg as owners this week.
In reference to the new owners, former owner Tom Hicks stated, “You have to admire their endurance, dedication and commitment over the last 15 months to get this transaction complete”.
If you or someone you know is considering filing for Chapter 11 bankruptcy protection, contact the New Orleans Chapter 11 bankruptcy lawyers of The Law Offices of Kervin & Young, LLC at 504-599-5906 to learn more about your rights.
The number of bankruptcy filings in the first half of this year reached their highest point since 2005, when the Bankruptcy Abuse Prevention and Consumer Protection Act was created to curb a dramatic increase in filings.
In the first two quarters of 2010, consumer bankruptcy filings totaled 770,117- 14 percent more than the total filings in the first two quarters of 2009. The American Bankruptcy Institute expects 1.6 million filings by the end of the year.
The month of June had a total 127,000 filings- a 7 percent decrease from May’s total filings. June’s filings were 8 percent more than the total number of bankruptcies filed in June 2009.
If you or someone you know is considering filing for bankruptcy protection, contact the New Orleans bankruptcy lawyers of The Law Offices of Kervin & Young, LLC at 504-599-5906 to learn more about your rights.
The national mall operating company General Growth Properties Inc. filed a motion this week in federal bankruptcy court in New York seeking consent to emerge from Chapter 11 bankruptcy.
The company, which is based in Chicago, has recently received a $6.55 billion investment from Brookfield Asset Management, Fairholme Capital Management, and Pershing Square Capital Management. This financial backing, along with a $1.5 billion debt issuance, will be used to form a new company.
According to a spokesman for the business, the new company will be called General Growth Opportunities and will oversee a portfolio of real estate assets.
If you are facing financial problems, get on the right track to recovery by contacting the New Orleans Chapter 11 bankruptcy attorneys of Kervin & Young, LLC, at 504-599-5906.
