A law-practicing FrontBurnervian points us to this Zero Hedge post, which not only includes the entire Rangers bankruptcy filing but also points out that none other than Alex Rodriguez turns out to be the largest unsecured creditor — to the tune of nearly $25 million. He’ll get pennies on the dollar for that deferred compensation. Couldn’t happen to a nicer guy.
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I don’t think Zero Hedge is correct about him being screwed. Although he is an unsecured creditor w/ respect to TRBP, TRBP will have enough cash with the proceeds of the proposed sale to cover all TRBP creditors, both secured and unsecured. Selig’s letter attached to the bankruptcy filing shows this to be the case. The extra funnels through the partner/owners and it is this portion that is used to satisfy the HSG debt.