Oh the indignity.
Long-suffering Chicago Cubs fans have new reason to bemoan their perenially dashed hopes now that the team has filed bankruptcy. http://www.chicagotribune.com/business/chi-biz-chicago-cubs-bankruptcy-oct12,0,2182633.story It was the first Major League Baseball team in 39 years to file for bankruptcy. The last was the Seattle Pilots. http://www.bloomberg.com/apps/news?pid=20601109&sid=aArEAGUlLmS8
As the Chicago Tribune explains, http://www.chicagotribune.com/business/chi-tue-chicago-law-10-13oct13,0,6235222.story the team’s lawyer relied on a special provision of the Bankruptcy Code normally used to shed outdated or useless equipment.
However, the Cubbies are really in no financial danger. The bankruptcy detour through Delaware expedited the sale of the team from the broke Tribune company to Joe Ricketts, the founder of TD Ameritrade. U.S. Bankruptcy Judge Kevin Carey http://www.deb.uscourts.gov/ approved the sale to Joe Ricketts, the founder of TD Ameritrade yesterday. http://www.bloomberg.com/apps/news?pid=20601079&sid=ahFWz9bK5MsA The bankruptcy lawyer for the Cubbies was Bryan Krakauer of Sidley & Austin http://www.sidley.com/krakauer_bryan/ while his partner James Conlan is the lead lawyer for Tribune http://www.sidley.com/conlan_james/.