Los Angeles Dodgers file for bankruptcy
Recent Cases
The Los Angeles Dodgers filed for bankruptcy protection, blaming Major League Baseball for rejecting a television deal with Fox Network to give the storied baseball team an urgent injection of cash.
Monday's filing marks a dramatic attempt by Dodgers owner Frank McCourt to keep the league and MLB Commissioner Bud Selig from seizing the team, which McCourt has owned since 2004.
In a court filing, the team said it had been "on the verge of running out of cash" but that the Chapter 11 filing will allow it to meet payroll, sign players, pay vendors and continue playing baseball.
McCourt has been struggling to meet payroll and other financial commitments, having been heavily in debt and locked in a bitter divorce battle with his estranged wife Jamie. The bankruptcy could lead to new ownership for the Dodgers.
"The filing preserves the status quo and prevents baseball from invoking its powers to take control," said Jack Williams, a professor at Georgia State University College of Law in Atlanta who specializes in sports law. "Major League Baseball will have a major, if not the predominant, voice in the ultimate ownership structure for the team."
On June 20, the league vetoed the Dodgers' proposed $3 billion, 17-year television contract with News Corp's Fox, saying it would not be in the best interests of the team, the game and fans.
Selig criticized the use of part of a $385 million upfront payment to fund McCourt's divorce. McCourt has said the payment was crucial to the Dodgers' financial health.
Related listings
-
Ex-Delaware pediatrician guilty of child sex abuse
Recent Cases 06/21/2011A former Delaware pediatrician who decorated his office with Disney characters and miniature amusement park rides was found guilty Thursday of sexually abusing scores of his young patients. Earl Bradley, 58, recorded homemade videos of the abuse, sai...
-
Navy subcontractor pleads guilty in bribe case
Recent Cases 06/20/2011A Navy subcontractor pleaded guilty Friday in Rhode Island for his part in what federal prosecutors say was a kickback scheme that cost the Navy millions of dollars.Russell Spencer's plea was part of an agreement with prosecutors in which he promised...
-
US court lets class action against Bayer proceed
Recent Cases 06/20/2011The Supreme Court will let two West Virginia residents revive a lawsuit against Bayer AG over its anti-cholesterol drug Baycol, which was withdrawn from the market in 2001 after reports of a severe and sometimes fatal muscle disorder.The high court o...
Any contracts or any transactions can go awry at any time
We know your business means a lot to you and want to understand all the aspects of your business so that we can help you in the best ways possible. We don’t discriminate depending on the size of your company. Our mission statement is to represent all business owners and entrepreneurs by navigating them through the rough waters of business litigation and guiding them to success.
We are attorneys who want to make sure we understand your business objectives and goals before we start providing you with legal counsel individualized to your business. We know what it means to be dedicated to your business. After all, we are a business as well. And just like you, we want to provide the best service we can to our clients.
Any contracts or any transactions can go awry at any time. Sometimes, making important business decisions without legal help from business attorneys could cost you your business.We don’t want you or your business to be misconstrued by anyone. Our attorneys make sure that we communicate with you often to make sure we are giving you the legal guidance you need at all times. We make sure we are responsive in a timely-manner with every single one of our clients to help them identify risks and prevent legal battles before they arise.