Category Archives: Bankruptcy

Could MLB and McCourt be close to a settlement

Posted on October 27, 2011 by Roy Kessel

MLB is concerned about having Frank McCourt involved in the operation of the Dodgers on an ongoing basis.  Part of the concern is how McCourt would use the proceeds from the Dodgers TV deal because MLB believes it might be … finish reading Could MLB and McCourt be close to a settlement

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MLB claims McCourt looted $190 million from Dodgers

Posted on October 25, 2011 by Roy Kessel

The animosity between Frank McCourt and MLB continues to overshadow the legal proceedings in the bankruptcy court.  In the latest filing Major League Baseball claims that Los Angeles Dodgers owner Frank McCourt took nearly $190 million from the team in … finish reading MLB claims McCourt looted $190 million from Dodgers

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Dallas Stars filing bankruptcy to clear way for sale

Posted on September 17, 2011 by Roy Kessel

The Dallas Stars are in the process of filing a bankruptcy proceeding to clear the way for them to sell the franchise to Vancouver businessman Tom Gagliardi. “Today’s filing culminates months of cooperative effort by the League, the Club, the … finish reading Dallas Stars filing bankruptcy to clear way for sale

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NJ Devils deny team close to bankruptcy

Posted on September 12, 2011 by Roy Kessel

Negative business rumors can create problems on many levels.  So the NJ Devils are taking great pains to try to distance themselves from a NY Post report that the team was close to filing for bankruptcy. According to the Post’s … finish reading NJ Devils deny team close to bankruptcy

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Vick’s new contract pleases bankruptcy creditors

Posted on September 1, 2011 by Roy Kessel

Michael Vick was not the only one happy when he signed his new agreement.  The terms and magnitude of his contract will allow most of the creditors in his bankruptcy case to recover the funds due to them. The interesting … finish reading Vick’s new contract pleases bankruptcy creditors

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Dykstra pleads not guilty to car theft and drug charges

Posted on August 10, 2011 by Roy Kessel

Len Dykstra pleaded not guilty to charges of grand theft auto as well as other drug charges filed in California according to an ESPN report. Dykstra, already facing federal charges of destroying property related to his bankruptcy case, pleaded not … finish reading Dykstra pleads not guilty to car theft and drug charges

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Bankruptcy Judge rejects Dodgers financing plan

Posted on July 24, 2011 by Roy Kessel

The Dodgers filed bankruptcy in order to try to maintain control over the team financing and other operational aspects. MLB objected to the Dodgers plan and submitted its own financing proposal.   A bankruptcy judge sided with the league and rejected … finish reading Bankruptcy Judge rejects Dodgers financing plan

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MLB asks bankruptcy court to reject Dodgers plan; ruling delayed

Posted on July 20, 2011 by Roy Kessel

The fight between the Dodgers and MLB continued to heat up as the bankruptcy court delayed a ruling on dueling financing proposals from each side. The judge heard 8 hours of testimony and decided that he needed time to consider … finish reading MLB asks bankruptcy court to reject Dodgers plan; ruling delayed

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Judge rules in MLB’s favor and limits Dodger depositions

Posted on July 7, 2011 by Roy Kessel

The Dodgers had filed requests to depose a large number of MLB executives and obtain the turnover of numerous documents and emails which the Dodgers feel showed a pattern of abuse by Commissioner Selig. The bankruptcy court denied the ruling … finish reading Judge rules in MLB’s favor and limits Dodger depositions

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Lenny Dykstra pleads not guilty to bankruptcy fraud

Posted on June 13, 2011 by Mauri Miller

Lenny Dykstra, former outfielder for the New York Mets and Philadelphia Phillies , pleaded not guilty to bankruptcy fraud. Federal prosecutors allege that Dykstra sold more than $400,000 worth of possessions from his $18.5 million mansion without permission from from … finish reading Lenny Dykstra pleads not guilty to bankruptcy fraud

Posted in Arrests, Bankruptcy, Baseball, Criminal law, Daily Digest, Indictments, Jail/Prison, Theft, Trials | Leave a comment

Charlie Batch fares well in bankruptcy court

Posted on June 10, 2011 by Roy Kessel

Despite previous reports, The Pittsburg Post-Gazzette reports that Charlie Batch came out of bankruptcy court with most of his assets. Batch listed $2.3 million in assets and $8.3 million in debts. Under Chapter 7 bankruptcy, Batch is able to keep … finish reading Charlie Batch fares well in bankruptcy court

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Spanish La Liga franchise Zaragoza files bankruptcy

Posted on June 8, 2011 by Roy Kessel

Burdened under the weight of over $145 million of debt, Zaragozia has filed for bankruptcy protection. The team claims that its troubles started with its relegation a few years ago and its battle to return to the first division, a … finish reading Spanish La Liga franchise Zaragoza files bankruptcy

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Is Madoff trustee making things worse?

Posted on May 13, 2011 by Roy Kessel

An interesting perspective in this Wall Street Journal article.  While you have to be a subscriber to reach the content, the initial summary covers the concept pretty well: Bernie Madoff perpetrated the largest financial fraud in American history, but are his … finish reading Is Madoff trustee making things worse?

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MLB prepares for battle if McCourt takes Dodgers to bankruptcy court

Posted on May 10, 2011 by Roy Kessel

The feud between Frank McCourt and MLB may be about to get more heated as the Sports Business Journal is reporting that MLB is preparing for a battle should McCourt put the Dodgers into bankruptcy.  MLB is “preparing for the … finish reading MLB prepares for battle if McCourt takes Dodgers to bankruptcy court

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Dykstra posts $150,000 bond in BK fraud case

Posted on April 20, 2011 by Roy Kessel

Former Mets and Phillies outfielder Lenny Dykstra posted $150,000 bond Wednesday in a federal case where he’s accused of embezzling money from a bankruptcy estate. A disheveled and handcuffed Dykstra appeared in a white prison jumpsuit after spending nearly a … finish reading Dykstra posts $150,000 bond in BK fraud case

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Dykstra charged with bankruptcy fraud and embezzlement

Posted on April 16, 2011 by Roy Kessel

Former New York Mets and Philadelphia Phillies outfielder Lenny Dykstra was arrested for investigation of grand theft, a day after he was charged with a federal bankruptcy crime, authorities said Friday. Dykstra, 48, was arrested Thursday night by Los Angeles … finish reading Dykstra charged with bankruptcy fraud and embezzlement

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Brunell wants to keep rings through bankruptcy

Posted on April 7, 2011 by Roy Kessel

When you file bankruptcy, creditors want to get their hands on every item that is possibly available to satisfy their debts.  They are not typically willing to allow the debtor just to keep things that have value. So if a … finish reading Brunell wants to keep rings through bankruptcy

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Charlie Batch could lose Super Bowl rings in bankruptcy

Posted on March 23, 2011 by Roy Kessel

The number of NFL (and other professional athletes) that file bankruptcy shortly after their athletic careers end is staggering. And when you look at the actual bankruptcy schedules and see the numbers behind the filing it is even more surprising.  … finish reading Charlie Batch could lose Super Bowl rings in bankruptcy

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Duerson had filed for personal BK before suicide; business warnings.

Posted on February 23, 2011 by Roy Kessel

Financial problems often lead to extreme actions.  Now it appears that Duerson’s suicide may have been a result of personal financial troubles. Duerson had filed for personal bankruptcy last September.  In his bankruptyc petition, he listed $34.6 million in assets … finish reading Duerson had filed for personal BK before suicide; business warnings.

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NJ Congressman Garrett introduces bill to prevent Madoff investors from clawbacks

Posted on February 18, 2011 by Roy Kessel

Rep. Scott Garrett (R-NJ), Chairman of the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, today introduced H.R. 757, the Equitable Treatment of Investors Act, which would reaffirm and clarify key protections for ordinary investors that were put … finish reading NJ Congressman Garrett introduces bill to prevent Madoff investors from clawbacks

Posted in Bankruptcy, Baseball, Daily Digest, Financial crimes, MLB, MOJ (Miscarriage of Justice), Owners, Securities Fraud | Leave a comment