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Cubs Bankruptcy Filing Could Be Last Piece For Sale To Ricketts
Published July 14, 2009
|Cubs' Bankruptcy Filing Could Be
Accompanied By Motion To Sell
NO IMPACT ON PLAYERS: In Illinois, Ted Cox notes the Cubs yesterday "took immediate pains to insist bankruptcy would not nullify any player contracts or otherwise alter any of the team's financial dealings, while not denying the move was under consideration" by Tribune Co. and Chair Sam Zell. In theory, the Cubs "would simply go into bankruptcy court, register their creditors, then go about business as usual." Univ. of Illinois College of Law professor Robert Lawless: "This is more of a legal maneuver than something actually going on with the Cubs. ... If you're solvent, the creditors should be paid 100[%]." New York Univ. Tisch School of Sports Management professor and former MLB Rangers President Michael Cramer said of the process, "You take it in the front door, and it's just like you're getting radiation. It comes out the other door about a half-minute later. It's clean" (Illinois DAILY HERALD, 7/14).