Monday, August 31, 2009
Magic Number: 25
That's how many days are left until the Ricketts are all but locked in as owner of the Cubs, so sayeth a bankruptcy court judge:
Break-up fees are standard. That does not signal any doubt about closing. It's purely protection for the Ricketts in case there is an objection filed by September 17th that ends up killing the deal.
Judge Kevin Carey on Monday approved a process that calls for any objections to the sale to be filed by Sept. 17, followed by a Sept. 24 hearing on court approval of the deal.
Carey also granted Tribune's motion for proposed break-up fees ranging from $5 million to $20 million if the deal does not close.
Break-up fees are standard. That does not signal any doubt about closing. It's purely protection for the Ricketts in case there is an objection filed by September 17th that ends up killing the deal.
// posted by Chuck @ 8/31/2009 03:30:00 PM 
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