Judge says Texas Rangers plan must be revised-NY Times

6/22, NY Times: "A federal bankruptcy court judge said Tuesday that he would not approve the plan to sell the Texas Rangers

• unless it was modified by a newly appointed chief restructuring officer.

The decision amounted to a victory for the lenders, who have argued for months that at least two other bidders are willing to pay more for the Rangers than a group led by Chuck Greenberg and Nolan Ryan, whose $575 million offer for the team was approved by Major League Baseball in January.

• The lenders are not opposed to the Greenberg-Ryan group per se but say that the team is worth more than what has been offered. They have called for a fresh auction of the team as a way to fetch a higher sale price....

“We don’t favor reopening the bidding,” said Bob DuPuy, the president and chief operating officer of Major League Baseball. “Our goal has always been to see the team sold and see this sale completed in as expeditious a process as possible. We continue to work with the team and the Greenberg-Ryan group to get this deal done.” "

• "Judge requires revision of plan to sell Texas Rangers, " by Ken Belson

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