New York Yankees slugger Alex Rodriguez is used to getting on base and used to getting on All-Star teams. But this month, Rodriguez entered new territory by getting on a creditors' committee as part of the bankruptcy proceedings of his former Major League Baseball team.
During recent teleconferences, coverage in the NACM blog and the latest Credit Congress event in Las Vegas, attorneys and industry experts have continually sang the praises of getting on a well-run creditors' committee. Consider this: even baseball's highest paid player recently fought to get on one. Rodriguez, whose current contract is worth nearly $300 million, was one of three people appointed to the creditors' committee involved with the Texas Rangers bankruptcy case. Rodriguez, who is still owed about $25 million in deferred compensation from a $250 million contract he signed with the Rangers in 2001, joins representatives from Vratsinas Construction Co. and architecture firm RTKL on the committee. The latter companies are suing Rangers owner Tom Hicks, who is also co-owner of the Liverpool (UK) Football Club, alleging they were not paid for their work on a failed construction venture adjacent to the site of the Rangers' home stadium.
Rangers ownership is trying to facilitate a quick bankruptcy reorganization so the team can be sold to a group of investors that includes Hall of Fame pitcher and former Rangers player Nolan Ryan.
Brian Shappell, NACM staff writer