<blockquote class="twitter-tweet" lang="en"><p>"We saw it move to the middle a little bit," Jim Crane said of CSN mediation.</p>— Jose de Jesus Ortiz (@OrtizKicks) <a href="https://twitter.com/OrtizKicks/statuses/451090385645760513">April 1, 2014</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
I have to side with the Rockets on this. Comcast should stand to the side and wait for their money just like the teams are doing.
They had a meeting about it, but couldn't agree to which bullet to use, which gun to use, who would be pulling the trigger, how much force used to pull the trigger, and where they would end up shooting it...
If Judge Hughes did throw this out of bankruptcy on appeal. Is that the end of the legal debate? Would Comcast be able to appeal his decision? Who absorbs all the losses that have racked up? Just from those 3 parties you have Comcast Loan 100M Astros 27M Rockets 36M Comcast Services 3.1M If the Astros have 46% equity, they are on the hook for paying 46% of those numbers. That comes to 76.4M in the Astros share of debt and amounts to a lot more than they are owed. That's not counting all the bills either. I suppose Liquidation would offset some costs here but they would only get 46% of that money too.
that's so easy. everybody bring his own gun, and point it at Bud Selig. Once pointed there, the force question answers itself.
Everyone would be out what they are owed. Since the Comcast loan is likely secured by the assets of the company, it would probably get any liquidation proceeds before other creditors.
If it went into liquidation, outside of whatever is recovered from CSN-H's limited assets, the people who are owed money just don't get paid. None of the parties would be expected to pour in new money to pay the remaining debts. So the Astros and Rockets would lose the rights fees owed, Comcast would lose their loan, and the vendors would lose whatever they are owed.
I haven't been anti-Crane at all in this fiasco, but I'm starting to get the feeling that he might be best served to keep his mouth shut.
Crane also thought Comcast was going to offer to buy him out a couple of weeks ago. (Although maybe they did and he didn't like the offer.)
So Crane is out 326M that he paid for his share of the Network too? The Astros share (9.2M a year in Network losses over a 10 year period)while raking in 80M a year on the team side don't seem as bad now.....
I think he didn't like the offer and ran that stupid MLB TV bluff on Comcast and they called him on it.
He would be. Same as you investing in a bank that went belly up during the economic crisis. That is the risk.
