Alex Rodriguez, former Texas Rangers and current Yankees third baseman, has filed an objection to the bankruptcy plans of his former team, the Texas Rangers. The objection comes as Rodriguez feels he may not see the $24.9 million that is still owed to him in deferred compensation.
Rodriguez is not the only player that is listed as a creditor to the Texas Rangers, either. With other players falling in line, there is over $20 million that is owed, and these players want to see that money before things start to get auctioned off on August 4th 2010.
Not only do the players have second thoughts about these plans, but even the lenders are having issues with some of the aspects of the plans. However, that isn’t going to stop the team from being sold off to the highest bidder. Potential bidders have up to Tuesday to put in their bids for the team.
Once they have a bid in, they can include different aspects and provisions that will be included in the bid to start. If the provisions of the winning bid aren’t up to standard, there could be much more trouble ahead for lenders and players.