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Rangers sued over bankruptcy

FORT WORTH, Texas — The group backed by Major League Baseball to buy the Rangers sued the team Monday, hoping to force the long-delayed sale and halt a new round of bidding that was opened up in their bankruptcy case.

The lawsuit, filed by Hall of Fame pitcher and team president Nolan Ryan and Pittsburgh sports attorney Chuck Greenberg, accuses the Rangers of breaching their purchase agreement. The group also wants an injunction preventing the Rangers from soliciting higher bids. A hearing is set for today.

Selling the team to the Greenberg-Ryan group and paying creditors $75 million was part of the Rangers' bankruptcy plan when it filed for Chapter 11 protection in May after angry lenders had blocked the sale for several months.

The Greenberg-Ryan group was chosen after a bidding process that started last summer with six bidders, according to the suit. After being selected, the group raised its offer by $10 million because the team was still negotiating with other interested buyers before the agreement was signed in January, the suit alleges.

Although Ryan's group recently put money into an escrow account to allay creditors' concerns, the team filed for bankruptcy as a way to speed up the sale.

The suit accuses the court-appointed restructuring officer, William Snyder, of trying to "hijack" the bankruptcy case by recommending the team reopen negotiations with other bidders.

Orioles: The team met with Buck Showalter, former manager of the Yankees, Diamondbacks and Rangers and currently an ESPN analyst, over the weekend but has not offered him its manager's job, the Baltimore Sun reported. The Orioles said only interim manager Juan Samuel will be in the dugout when they resume play Friday.

Rangers sued over bankruptcy 07/12/10 [Last modified: Monday, July 12, 2010 11:53pm]
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