http://www.dallasnews.com/sharedcontent/dws/spt/stories/071410dnsporangauction.1384dd2e1.htmlFORT WORTH – A U.S. bankruptcy judge, puckishly declaring he wanted to make each side equally displeased, on Tuesday pushed the date of the Texas Rangers auction back to Aug. 4 and said the team could emerge from bankruptcy the same day.
"We're going to get this process on the road," Bankruptcy Judge Michael Lynn said. "I know this doesn't make all of us happy. But if that's so, I've done something right in this case."
Earlier, an attorney for club president Nolan Ryan and Pittsburgh sports attorney Chuck Greenberg softened his stance on a breach-of-contract lawsuit filed Monday against two entities that own the team. The attorney, Tom Lauria, did not formally withdraw the headline-grabbing suit but defused his maneuver by not requesting an injunction to stop the team's restructuring officer from courting new bidders.
Tuesday's courtroom tug-of-war featured the Greenberg-Ryan group's argument that the new auction should occur well before Aug. 12, when its financing agreements purportedly expire. But major lenders wanted a date in September, asserting that an earlier date might not give potential rival bidders – Houston businessman Jim Crane and Dallas investor Jeff Beck – enough time to arrange funding.
Under the judge's bidding procedures, the Greenberg-Ryan group will still make the opening, or "stalking horse," bid. The next bid must be at least $15 million higher, down from the $20 million originally proposed. Subsequent bids each must go up at least $2 million..........
