A bankruptcy administrator’s lawsuit filed August 15, 2011, alleges that former Texas Rangers owner Tom Hicks “embarked on a scheme to build a real estate empire on the backs of the Texas Rangers’ players and creditors and fans of the team.” The Fort Worth Star-Telegram reported that the suit filed by the team’s bankruptcy administrator, Allan M. Jacobs, claims more than $30 million was misdirected and the Rangers were forced to spend on projects that benefitted Hicks and his firm, Ballpark Real Estate, which owns parking lots near the Ballpark at Arlington and Cowboys Stadium.
Hicks spokeswoman Lisa LeMaster told the Star-Telegram that the lawsuit was a “money grab” and the creditors who did not get all of their money back were “trying to confuse the public and the courts by throwing lawsuit allegations at a target, Tom Hicks, in order to see what sticks.”
In May 2010, Hicks placed the team in Chapter 11 bankruptcy after defaulting on more than $400 million in loans. A group led by Nolan Ryan and Chuck Greenberg then purchased the Rangers in an auction for $593 million.
Debt settlement of any type can become an ugly affair, but that illustrates why it is essential to make sure that you speak with an expert who will address all of your concerns and answer all of your questions about bankruptcy information. If you need help with ending debt collector harassment, you should speak with a Washington DC bankruptcy lawyer who can help you obtain a “fresh start.”
The Law Firm of Kevin D. Judd – Maryland bankruptcy attorney