Sports Business Daily sent out an email alert that a Federal judge ruled the biggest Ranger creditors -- those with the first and second liens -- are impaired. That means, according to Daniel Kaplan of Sports Business Journal on his Twitter account that they can likely block the sale.
Robert Wilonsky of the Dallas Observer talked to a bankruptcy attorney, who said this about today's ruling:
If the creditors are happy, it's because Lynn didn't just completely pour them out. He is not going to confirm the plan as it now stands, but all Hicks has to do is amend the plan to pay the creditors interest on their 75MM.
Once the new plan goes on file, the two Rangers equity companies have to re-vote to approve it. In order to scuttle the deal now, the creditors have to figure out a way to take control of the Rangers equity companies so they can cast the vote the way they want. The involuntary bankruptcy cases that the creditors filed against the Rangers equity companies may eventually get the creditors some control, but not soon enough I'll bet.
So what does all of that mean? First, that this process will take a little bit longer. And it doesn't mean that the Greenberg-Ryan group will not own the team. My understanding is that it will take some time to sort out what the judge is saying by this ruling before we know exactly what it all means. But it sure looks like the transfer of ownership won't go a smoothly as the team hoped. I'll try to fill you in more when I know more. And please note that I'm not a lawyer (and this stuff confuses me).