Judge Rejects Baseball Team Owner's Motion
It seems as though the owner of a Major League Baseball team cannot get ahead in his Chapter 11 bankruptcy case, particularly in his fight to retain ownership of his team.
The owner went before a judge today to discuss the manner further, only to have his latest motion be rejected. He had hoped to use financing obtained through a third party to keep the team in operation while they are in bankruptcy. Instead, the judge told the owner that he must work with MLB to obtain financing through their organization rather than using a third party for funds.
After reviewing the details of the case, the judge decided that the owner's judgment was clouded by the offer from a third party, making him unwilling to cooperate with MLB. Since a deal with MLB would personally cost the owner money, rather than accepting the first loan, he had avoided all negotiations with the league to his own detriment.
If your business is not performing as well as it used to, you may have to file for Chapter 11 bankruptcy to reorganize and deal with your debt. However, this type of bankruptcy is complex and should be filed in conjunction with a Houston bankruptcy attorney's help. To obtain legal assistance with Chapter 11,
contact the Malaise Law Firm today.