As you may have heard, the Texas Rangers filed for bankruptcy. Bankruptcy is like a soup kitchen: You gather up all your chowder and wait for the line of creditors to come in and take their share. Who's the big stick in line? Alex Rodriguez, who is apparently still owed north of $24 million by the Rangers for that abomination of a contract (the first time athletic compensation was described in billions) he signed in 1965.
Unsurprisingly, A-Rod's an unsecured creditor, which means he has to sit back and wait for the creditors who have secured interests. Hard to muster any sympathy for him though.
Tuesday, May 25, 2010
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