May 30, 2012 |
Irony is one of our most overused words, but come on … News has come from back east that the law firm of Dewey & LeBoeuf is filing for bankruptcy. Besides the little detail that this is the largest law firm to go under in U.S. history, there is this one other notable fact: The law firm going bankrupt is the same law firm that handled Frank McCourt's bankruptcy of the Dodgers. In its filing, Dewey lists liabilities “in the range” of $100 million to $500 million; if that's the best estimate it can come up with, it's no wonder these guys got into financial trouble.
November 25, 2012 |
Maybe you're not a big Bud Selig fan. Maybe you're still irked about that Milwaukee All-Star game or that he ever allowed the Dodgers to be sold to Frank McCourt or an inability to find a new barber. But say this for Selig, when he dug in his heels on McCourt, he dug them in all the way. And he's looking smarter for it by the day. Remember back in the summer of 2011 when Selig rejected McCourt's efforts to sign a new media-rights deal with Fox? He had several excellent reasons - - like not wanting to see over half the $385 million up-front money go directly to the McCourts - - but the first factor mentioned in his letter of rejection was because it was “clear that you are pursuing the proposed transaction now, rather than waiting until you can 'test the market,' due to your own personal financial and marital issues.” At the time, McCourt contractually could only negotiate directly with Fox. And although the $3-billion deal sounded impressive at the time, it's starting to look like a half-price sale.
November 4, 2011 |
Frank McCourt, who agreed this week to sell the Dodgers, also has put the Los Angeles Marathon up for sale. McCourt expects the Dodgers to sell for more than $1.2 billion at auction, according to a person familiar with that sale process. The marathon probably would sell for less than $20 million, according two racing industry executives who declined to be identified. McCourt bought the marathon three years ago, revitalizing the race with a course that starts at Dodger Stadium, runs through Hollywood and Beverly Hills and ends in Santa Monica.
November 14, 2011 |
Frank McCourt apologized to Dodgers fans for the ownership struggle of the last two years and said he was "at peace" with the result of battles in which he took on his ex-wife in divorce court and Commissioner Bud Selig in U.S. Bankruptcy Court. McCourt agreed to sell the Dodgers two weeks ago, signing a document that renders the decision "irrevocable. " In his first public comments since then, he said Monday that he had no regrets about the decision to sell. "It got to a point where it became very, very clear to me that it was the right decision," he said.
April 29, 2011
It looks like Frank McCourt's plan to put an NFL team in Chavez Ravine is right on track. With Tom Schieffer, he now has a receiver. Jim Meser Simi Valley :: Frank McCourt could settle his divorce, sell the Dodgers for an estimated $650 million, pay off his $475 million in debt and conceivably walk away from this soap opera with a cool $90 million plus all the homes he bought with his ex-wile. But no, Frank is going to battle the commissioner, the league and the fans.
June 26, 2010 |
Frank McCourt has added a star trial lawyer to his legal team, ensuring that a nationally prominent attorney will lead each side in the battle for ownership of the Dodgers. Stephen Susman, a Houston-based attorney ranked by several legal publications as one of the premier trial lawyers in the country, is the latest addition to the all-star teams representing McCourt and his estranged wife, Jamie, in divorce proceedings. "It's like having your best athletes take the field," said Loyola Law School professor and legal commentator Laurie Levenson.
February 24, 2012 |
Each of us, like it or not, finds his own calling in life. Frank McCourt has found his. He parks cars. We all stretch for bigger things. It is human nature. Draftsmen see themselves designing skyscrapers. Five-foot-eight high school basketball players see themselves in the NBA. McCourt saw himself as the owner of the Dodgers. After a while, we saw otherwise. We aren't sure exactly when the Peter Principle set in with McCourt, but the day he got on the plane in Boston and headed west is as good a guess as any. In the sports vernacular of the day, we thought we had put him behind us. He had walked down a dusty street at high noon, and Bud Selig drew first.
June 5, 2013 |
The owners of the Dodgers must reveal details of their financial arrangements with former owner Frank McCourt, a judge ruled Wednesday. Los Angeles Superior Court Judge Scott Gordon denied the Dodgers' request to seal a summary of the deal with McCourt and said the document would become publicly available June 17 unless Guggenheim Baseball Management succeeds in an appeal before then. [Updated 3:48 p.m., June 5: “We respect the court's opinion, are not going to seek to appeal and will be cooperating accordingly,” Guggenheim spokesman Michael Sitrick said.
September 18, 2013 |
OK, stop laughing. No, really, you must stop laughing. Frank McCourt, bless his generous little heart, is feeling magnanimous. He just gave $100 million to Georgetown University to found the McCourt School of Public Policy. I absolutely demand you stop laughing. Listen, $100 million is a lot of money. You could ask Jamie McCourt. Any school in the country would, apparently, sell its soul to get it. This is very generous of McCourt. Heck, for that much money he could afford to get divorced two or three times.