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October 2009



Cubs declare bankruptcy

Written by , Posted in General

As has been reported, this move is not because of the Cubs’ profitability – rather it is to protect the new ownership teams from claims against the former owners, i.e. the Tribune. But usually when businesses go into receivership they are allowed to restructure contracts, including labor contracts. I’m by no means a bankruptcy lawyer but perhaps the Cubs could use this procedure to “restructure” their agreement with Milton Bradley. Some of us have been watching the situation involving Balsalie and the Phoenix Coyotes, bankruptcies present different circumstances once the courts get involved…

  • Here’s a restructure idea. Milton- go away- we ain’t payin you anymo.

    Contracts could probably be reworked in BK court but were does that leave you in future negotiations with free agents? Although, since most free agents are whores I would imagine they won’t turn down the highest bidder due to a past BK manuever.

    How loud would the players union scream? I would be interesting in hearing that.

  • Mr. David M. Beyer

    There is no union more powerful within its industry than the MLBPA. We won’t be so fortunate. That turd don’t flush.

  • Mark Strickler

    LOL David, a toilet sticker! Get out the plunger boys, it’s time for the unpleasant task.

  • MJ

    And I believe it’s been discussed ad nausea [sic] in every publication, that restructuring contracts will not be happening.

  • Doc Raker

    Did the new owner say it won’t be happening? Or just journalist prognasticating [sic]?

  • MJ

    I’ll go back to Dave’s comment from yesterday, that the MLBPA is probably the strongest unions out there. They’d cry foul if the Cubs “restructured” Bradley’s contract. It’d be a mess. Best to try and trade him for a bag of balls, and eat some of his salary, then deal with the union issues, and possible lawsuits it would involve.

  • Doc Raker

    I am sure the MLBPA would cry foul, but that doesn’t mean it can’t legally happen or that the Cubs won’t try. The basic idea of bankruptcy is that business can not continue as is and cost structures and debt need to be reworked.

    I don’t think the Cubs will try due to the post BK ramifications of dealing with free agents but I would be interested to see if they did try and restructure hasbro’s contract.