Dubsism

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Frank McCourt Death Watch: Chapter 11

Frank McCourt Death Watch: Day 6

Los Angeles Dodgers owner Frank McCourt filed for Chapter 11 bankruptcy in an effort to prevent a takeover by Major League Baseball, Fox News reported Monday.

Color me shocked.

The guy’s been hemorrhaging money for years, he’s in the middle of the ugliest divorce in the history of divorces, and even an idiot like Bud Selig has turned on him.  One would think this might mean McCourt has had a moment of clarity; that he realizes the gig is up. Nothing could be further from the truth.  Look at the quotes in the following piece and you see the delusion level in McCourt’s head is still off the charts.

The Los Angeles Dodgers filed for bankruptcy protection in a Delaware court Monday, blaming the refusal of Major League Baseball to approve a multibillion-dollar TV deal that owner Frank McCourt was counting on to keep the troubled team afloat.

The Chapter 11 financing permits the Dodgers to use $150 million for daily operations and buys time for the team to seek a media deal, the team said in a news release.

“There will be no disruption to the Dodgers day-to-day business, the baseball team, or to the Dodger fans,” the statement said.

Uhh, Frank, did you notice that a guy who doesn’t get his paychecks from the Dodgers is now running the team, and has been for close to three months? Did you notice that the coverage of your franchise revolves more around legal briefs than box scores? Did you  notice three of the worst human beings ever to walk the face of the earth are in the following photo?

Stalin and Bud Selig were out getting a Dodger Dog.

See, the working theory here is that bankruptcy protection will provide the Dodgers with a process to address its immediate financing requirements by giving the team a chance to obtain the capital necessary to ensure it’s long-term financial stability.

Uh huh…and right after that happens, we can all go visit the Fairy Princess together.

McCourt said the Dodgers have tried for almost a year to get Selig to approve the Fox transaction. The deal would have provided him with $385 million up front and was vital to a binding settlement reached between him and his ex-wife and former Dodger CEO Jamie McCourt last week. McCourt now faces the potential of missing a June 30 team payroll without the TV funds and that could lead to a MLB takeover.

The McCourts have been embroiled in a contentious divorce where their lavish spending habits were detailed in court documents. The former couple took out more than $100 million in loans from Dodger-related businesses, records show.

In April, MLB took the extraordinary step of assuming control of the troubled franchise. Former Texas Rangers President Tom Schieffer was appointed to monitor the team on behalf of Selig, who said he took the action because he was concerned about the team’s finances and how the Dodgers are being run.

McCourt has maintained he met the criteria set forth by baseball officials in order for the TV contract to be approved and would amend the conditions if need be. The Dodgers’ current TV deal with Fox expires in 2013.

You see Frank, somehow for once Bud Selig has managed to not be an idiot. Everybody in the world can tell if you were to get that cash infusion from Fox, you would simply blow it on something not related to baseball…that’s what you’ve been doing all along.

Not to mention, there’s the whole problem of the deal that was rejected to pave the way for you to join the ownership ranks.  The McCourt’s paid $430 million, of which $9 million was in cash; the rest being assorted bits of string and magic beans.  Meanwhile, Eli Broad’s nearly all-cash bid for the same amount was rejected.

Then there’s the matter of your divorce…

The divorce settlement, now voided because of Selig’s decision, called for a one-day “characterization” trial Aug. 4 to determine if title to the Dodgers is in Frank McCourt’s name or if the team should be considered community property and sold. Sacks said the trial may be shelved and Superior Court Judge Scott Gordon could decide how to handle the former couple’s assets at a later date.

Gordon ruled in December that a postnuptial marital agreement that gave Frank McCourt sole ownership of the Dodgers was invalid. That cleared the way for Jamie McCourt, who served as the team’s CEO and was fired by her ex-husband two years ago, to seek half the team under California’s community property law.

Let’s be honest…you’ve fucked this up so badly you’re not even paying Vin Scully.  It is time for you to go away; even Hitler had a more gracious exit.

About J-Dub

What your view of sports would be if you had too many concussions

12 comments on “Frank McCourt Death Watch: Chapter 11

  1. ChrisHumpherys
    June 27, 2011

    “There’ll be no disruption to the Dodgers day-to-day business?”

    That’s probably a bad thing considering they’re nine games under .500.

    Like

    • JW
      June 27, 2011

      Hmmm…its almost as if nobody in MLB or the Dodgers ever heard the term “distressed property.” Everytime McCourt opens his mouth, he’s dropping the selling price of the team.

      Like

  2. By the way, that angry letter that I wrote was supposed to go to Casey Anthony but I ended up sending it to Elizabeth Smart. Boy is my face red.

    Like

    • JW
      June 28, 2011

      Did you write it on duct tape?

      Like

  3. Wait…$430 million and only 9 in cash?

    Like

    • JW
      June 27, 2011

      Floored me when I saw that…that’s not even 2%.

      Like

  4. tophatal
    June 28, 2011

    Frank McCourt a man who ought to be in politics perhaps sitting on the House Appropriations Committee or Senate Finance Committee ? Think of it he could’ve fuc##ed up the country and we’d still believe that it’s still better off than it was before ?

    Now that the Dodgers are in Chapter 11 it’ll be interesting to see how their creditors will react and what Selig and the league hierarchy can do to abate their fears . Pennies on the dollar for their debts ? That’s great ! And if Selig can’t find a buyer willing to assume the debt should then what if the creditors aren’t agreeable to any type of deal that allows them to recoup the greater part of their losses . And will the owners around the league now be willing to pay the salary for a team that they in large part would have a vested interest in seeing go belly up ?

    Man Ram , Ted Lilly and Andruw Jones are said to be owed in excess of $25 million in back salary by the Dodgers and they aren’t even on the current roster . How fu%%ed up is that to begin with ?

    Way to go ………… Selig due diligence was really used here in approving the sale to a guy who at the time had legal problems not just within the state but also on the East Coast but yet this was somehow overlooked by the league hierarchy .

    Fred Wilpon and Saul Katz of the Mets must really be laughing at the Dodgers’ mess .

    tophatal ……..

    Like

    • JW
      June 28, 2011

      Let Wilpon and Katz laugh…they’re in the “on-deck” circle…

      Like

      • tophatal
        June 29, 2011

        Batter up !

        Selig isn’t going to take aim at Katz or Wilpon anytime soon ! His brain is now in overload from all of this . I wonder if Garvey and Hershiser are still that interested in buying the team ?

        I hear however US Treasury Secretary Tim Geithner would like to hire Dodgers’ CFO Peter Wilhelm to audit the books of the federal government and recommend to he and the Prez where cuts ought to be made . Do I hear a federal default ?

        Like

  5. sportsattitudes
    June 28, 2011

    Frank…would you like a Dodger Dog…? (end of Death Watch shortly after consumption)

    Like

    • JW
      June 28, 2011

      That offer had better come before the filing of any criminal charges, otherwise that whole “cruel and unusual punishment” thing kicks in…

      Like

  6. Pingback: Frank McCourt: The Final Days of the Regime Are Finally Here « Dubsism

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This entry was posted on June 27, 2011 by in Baseball and tagged , , , .

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