I'm rooting for the Cubs to file for bankruptcy

[Frobby]

Not that I have anything against the Cubs. But when a company files for bankruptcy, they have to disclose publicly a lot of information about their assets, liabilities, income and expenses. I think it will be fascinating to look at these real numbers, presented under penalty of perjury, and compare them to the stuff we read in places like Forbes' annual valuations of the baseball teams. It will provide some real insight to what really goes on behind the curtain.

[TyCobb]

The fact that they are being sold for 900million... you can expect some pretty big profit numbers.

[Frobby]

The fact that they are being sold for 900million... you can expect some pretty big profit numbers.

Yeah, I expect so, but I'm more interested in the revenues they get from the national TV/radio package, MLB.com and MLB licensing rights. Those numbers should be commensurate with what the Orioles receive.

[JJLinn29]

If the MLB owners wouldn't be so ridiculous and let Cuban buy the team, this wouldn't be an issue.

[scOtt]

I know what you mean FRobby, but I think it'll all get lost in the hugeness of the whole. We all know Trib owns the Chicago Tribune, Baltimore Sun, LA Times, Florida Sun-Sentinel, lord knows what else. They're so huge, it's likely the money numbers of an MLB team will get lost in the shuffle. Hidden and obscured.

[GeorgiaBird]

If the MLB owners wouldn't be so ridiculous and let Cuban buy the team, this wouldn't be an issue.

I am with you on allowing Cuban to be an owner, but that has NOTHING to do with the potential bankruptcy.

Oversimplified, the Cubs' parent company is in Chapter 11. A Cubs bankruptcy, in theory, would be a quick effort to remove any lingering liabilities from the parent from the team. The bankruptcy option would be considered right now even if Bill Gates and Warren Buffett were teaming up to buy the Cubs.

Frobby I agree with you. Had the same thought. A BR attorney friend countered that he guesses much of the good stuff will be redacted from the public record at MLB's request, but I guess that would be up to the judge once they are in there.

I know what you mean FRobby, but I think it'll all get lost in the hugeness of the whole. We all know Trib owns the Chicago Tribune, Baltimore Sun, LA Times, Florida Sun-Sentinel, lord knows what else. They're so huge, it's likely the money numbers of an MLB team will get lost in the shuffle. Hidden and obscured.

Tribune is already in. The Cubs subsidiary is not. If th Cubs go in, which is a very real possbility, it will only be there numbers. And there are plenty of baseball finance geeks who will make sure they are not lost. Of course who knows what they will actually have to make public...

[isestrex]

Well one thing's for sure... they won't be anywhere in the market for big FA anytime soon.

...like until 2013

[Frobby]

Tribune is already in. The Cubs subsidiary is not. If th Cubs go in, which is a very real possbility, it will only be there numbers. And there are plenty of baseball finance geeks who will make sure they are not lost. Of course who knows what they will actually have to make public...

Although I'm not a bankruptcy lawyer, I am a lawyer and I have read bankruptcy filings from time to time. Believe me, there's a lot of interesting information they have to disclose about sources of income, ongoing contracts, etc.

[GeorgiaBird]

Although I'm not a bankruptcy lawyer, I am a lawyer and I have read bankruptcy filings from time to time. Believe me, there's a lot of interesting information they have to disclose about sources of income, ongoing contracts, etc.

I am in the same boat: not a BR lawyer but have read way too many in recent years. No doubt there is good stuff is in there. But I have also seen time and time again things not included due to some pretty flimsy arguments about proprietary information. MLB obviously for the reasons we are interested does not want to have it all out there. I have been following this Cubs situation some but not nearly enough. My understanding is any Cubs Chapter 11 would be uncontested by Tribune creditors eager to monetize what might be their best asset right now. If there is no stakeholder contesting, and if MLB requests the judge not make public all of the data included in the case, I can easily see the judge granting that request.

Hope I am wrong though.

[Moose Milligan]

I'd love to see it happen, I hate the Cubs.

[DrungoHazewood]

Not that I have anything against the Cubs. But when a company files for bankruptcy, they have to disclose publicly a lot of information about their assets, liabilities, income and expenses. I think it will be fascinating to look at these real numbers, presented under penalty of perjury, and compare them to the stuff we read in places like Forbes' annual valuations of the baseball teams. It will provide some real insight to what really goes on behind the curtain.

Agreed for the reasons you state, along with the fact I want to see all non-Oriole MLB teams fail in every way possible short of disappearing from the face of the earth.

[TonySoprano]

Although I'm not a bankruptcy lawyer, I am a lawyer and I have read bankruptcy filings from time to time. Believe me, there's a lot of interesting information they have to disclose about sources of income, ongoing contracts, etc.

The Cubs affairs are intermingled with those of the Tribune's. You're going to need a forensic accountant to help sort that out.

[Frobby]

The Cubs affairs are intermingled with those of the Tribune's. You're going to need a forensic accountant to help sort that out.

We'll see, IF they make a bankruptcy filing. As someone said, they won't be in bankruptcy long. I expect that they will be put into Chapter 11, there will be a motion to sell the team free and clear of creditor liens, and the sale will be approved in a few weeks at most. But, as part of making the Chapter 11 filing and the motion, there will be a lot of financial disclosure required. For example, transactions between the company and its parents, affiliates or shareholders have to be disclosed.

[GeorgiaBird]

The Cubs affairs are intermingled with those of the Tribune's. You're going to need a forensic accountant to help sort that out.

Again, that is not entirely true. Much of the decoupling has happened in preparation for a sale that was envisioned at the time Zell took over a while back. If the Cubs subsidiary goes in as has been discussed it would be a separate docket number with all of its own, Cub-specific filings.

FWIW if anyone is interested in digging through the Tribune dockets for Cubs info, much of the docket is here:

http://chapter11.epiqsystems.com/clientdefault.aspx?pk=7d2b7379-c031-4bdd-b0b1-9977bd9b8091&l=1

[cmcgarvey]

I personally want to see what the Cubs pay for Gatorade machines on a yearly basis.