In re Texas Rangers Baseball Partners

As the financially troubled Texas Rangers (debtor), controlled indirectly by heavily indebted Thomas Hicks, sought to sell to Express over the objection of Hicks's lenders (who held a contractual veto over any sale), the Rangers filed Chapter 11 to cram down the sale; the court-approved auction procedure named Express as stalking-horse bidder with a guaranteed breakup fee of roughly 2 percent of the purchase price if another bidder won instead, and Hicks's lenders moved for reconsideration after the bankruptcy court approved the procedure.