• Kirk Hartley

Would the Cubs Need Bankruptcy Court Approval to Put on The Take Sign in an Important Game (That Mig

The AmLaw Daily has more here on whether the Chicago Cubs corporate entity may file for chapter 11 to cleanse itself of potential claims by creditors. Various involved lawyers were contacted but declined to be quoted. The article goes on to say:

“Should the committee approve the proposed sale, Tribune plans to have the Cubs seek bankruptcy protection in a quick process that could last anywhere from a few days to several weeks, according to several sources. (All agree that the idea of a one-day bankruptcy procedure, which has been floated in some news stories, is unrealistic). The Chapter 11 process would clean up the team’s books in preparation for a sale.” (emphasis added)

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Some uses of chapter 11 create constitutional and bankruptcy law issues because the bankruptcy court orders/injunctions approving the asset sales or a plan purport to cut off present or future state law claims and other property rights held by some persons or entities. (For much more on this topic from a lawyer who argued for tort claimants in Chrysler, go to this blog by Steve Jakubowski.) When I mentioned the Cub’s possible use of chapter 11 to a friend ( a Brooklyn native), the response was brilliant:

“It is the bottom of the 8th in a crucial game against the Cardinals. Cards lead 4 to 3. There are 2 outs. Cubs have the bases loaded with Derek Lee at bat. The count is 2 and 0. Would you need bankruptcy court approval to put “on” the take sign ?”

#Bankruptcy

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