This thing is so confusing. The article says that the unsecured creditors are to be paid in full, and the other creditors can go after Hicks other companies. Knowing little about bankruptcies, I assumed the unsecured were last in line.
Previously, I had also heard that the RG group's offer was to pay off all the debt, and have therefore never understood why any creditors care, although they obviously do since they appear to have prevented the intial sale to RG, and appear to have redirected the bankruptcy process.
I also don't understand where Hicks presently stands. From all the articles, it seems like he is dead: I never hear about him being publically involved in any decision. I thought he owned the Rangers and would therefore presumably have lobbied MLB and the press to approve the highest offer. I also assumed he would be the decisionmaker on proceeding with bankruptcy. Maybe he did and was, but that is not the impression I got from reading previous articles; it appears that MLB/RG have been the decisionmakers. At any rate, it seems that Hicks might get more relief through bankruptcy than through the original offer.
