Texas Rangers File For Bankruptcy, Alex Rodriguez To Lose $25MM In Deferred Comp As Largest Unsecured Creditor
The long expected bankruptcy of the Texas Rangers is now a fact as case #10-43400 in Northern District of Texas. The company has listed $100-500MM in assets, and the same amount in liabilities, on 5000-10,000 creditors, of which the largest unsecured one is none other than Alex Rodriguez, who is owed $24.9 million in deferred comp and will likely see at best pennies on the dollar of this GUC. The only beneficiary in this most recent collapse of an American symbol: Dubya, who made about a 1,000% IRR on his investment in and out of the Rangers in the 90s. Tom Hicks, not so much.