Monday, June 27, 2011
BREAKING NEWS: Dodgers Start A New Chapter In Their History: Chapter 11
The Los Angeles Dodgers this morning filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy court in Delaware. The filing is the latest event in the ongoing divorce drama between the McCourts, who have mananged to run the storied franchise into the ground, while their divorce case has eaten up funds that were needed to make payroll and other expenses. Many observers believe that the rejection of a Fox Sports TV extension by baseball commissioner Bud Selig necessitated the move, which many of these same observers believe was a move by Selig to force the McCourts to sell the team, given the fact that Selig's move voids the divorce settlement, and will force the parties back into court to re-negotiate the settlement. As far as practical matters go, What this move does to the baseball end of the franchise is unknown, as it may force several quality players onto the market.
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In the e-mail I was sent, I was asked whether or not the McCourts are originally from Delaware and whether there was a particular reason for filing it there. Actually, the McCourts are not from Delaware; the reason for filing there is that Delaware has the most favorable corporate laws in the U.S.
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