In Bankruptcy, Bankruptcy In The News, Blog, Chapter 11 Bankruptcy
While the owner’s legal counsel has already drafted court documents stating that he has a substantial personal financial stake in the team, the league is not giving up without a fight. Rather than accept owner’s proposal, the league is arguing that his deal would not only benefit him personally, but would cost the league an additional $15 million to finance the team.

In addition to rejecting his offer, the league has asked the owner to seek financial backing from other institutions, which he continues to reject. However, due to league rules, the owner’s refusal to consider those offers could cost him the team.

Since MLB cannot finance the team while it is in bankruptcy, it has asked that the court maintain watch over the daily operations of the team until it has exited Chapter 11 bankruptcy protection.

If you plan to file for Chapter 11, contact the Malaise Law Firm to discuss your financial and legal options with a San Antonio bankruptcy attorney today.