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Dodgey Notes?

posted by Adam Levitin

Gotta love that a team named the "Dodgers" filed for bankruptcy. Is that streetcars they're dodging or creditors?

Comments

They owe Vin Scully $152,000? How could they not pay him??

Or they're dodging alimony payments. Colorful history behind this, with Mr. & Mrs. McCourt splitting and even a cautionary tale for drafters of high-net worth separation agreements:

http://sports.espn.go.com/los-angeles/mlb/news/story?id=5629718

During their closing arguments, attorneys for Frank McCourt said the postnuptial agreement should be validated because their client and his estranged wife always intended to have the Dodgers as his separate asset. Lawyer Sorrell Trope said that Jamie McCourt was the driving force behind the agreement.

Frank McCourt's attorneys also said she wanted no part in the risk associated with the $430 million purchase of the Dodgers that was mostly funded by short-term loans to be repaid within two years. They pointed out that Jamie McCourt didn't call any witnesses during the trial to corroborate her claim that she was a team owner.

"I'd like to challenge the other side to give us a case where the court has enforced an agreement where two directly contradictory versions were signed," Wasser said.

Lawyers for Frank McCourt acknowledge three copies of the contract were altered after being signed by the couple, but say Silverstein simply believed he was correcting a typo.

As a read of credit slips, and an avid baseball fan. I'd love to see an ongoing section on this at Credit Slips? For instance, legally, how does the power granted to the commissioner to take over control of a team play out?

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  • As a public service, the University of Illinois College of Law operates Bankr-L, an e-mail list on which bankruptcy professionals can exchange information. Bankr-L is administered by one of the Credit Slips bloggers, Professor Robert M. Lawless of the University of Illinois. Although Bankr-L is a free service, membership is limited only to persons with a professional connection to the bankruptcy field (e.g., lawyer, accountant, academic, judge). To request a subscription on Bankr-L, click here to visit the page for the list and then click on the link for "Subscribe." After completing the information there, please also send an e-mail to Professor Lawless (rlawless@illinois.edu) with a short description of your professional connection to bankruptcy. A link to a URL with a professional bio or other identifying information would be great.

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