Thursday, August 5, 2010
Rangers auction updates
By Jim Reeves
After hours of delay, the Greenberg-Ryan group countered with a bid of $363 million, plus an elimination of the escrow account for debtors, making its offer worth $377 million, some $23 million more than the last offer made by the Cuban-Crane group.
Court was recessed for 15 minutes while the chief restructuring officer evaluated the bid. Cuban and Crane will be up next as the hearing, which brought reporters to the courthouse as early as 7 a.m., moves into Thursday morning without a resolution to the often-contentious auction proceedings.
Less than 30 minutes later, Cuban-Crane returned with a bid of $390 million and also eliminated the escrow account. The attorney representing Greenberg-Ryan has voiced his displeasure with the bid increments constantly changing.