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Friday, January 20, 2012

WSJ: Houston Astros Owner Mucked Up in JeffCo Bankruptcy

We release things drip by drip…and when I have my sewer bonds settlement statements ready for this year, I’ll release them!

Stuck at the unfortunate end of the debt-clogged sewer system of Jefferson County, Ala., you’ll find Houston Astros owner Jim Crane.

Fresh into his takeover of the Texas baseball team, Crane has been ordered by a bankruptcy judge to reveal details of his settlement with J.P. Morgan Chase & Co. over $35 million worth of sewer bonds that he bought from the investment bank four years ago—a personal investment that quickly turned to, er, garbage.

Those dirty details, which are not public, are what Jefferson County attorney are seeking amid their own fight with the bank over the complicated series of dealings that, with a little help from a corruption scheme that ensnared the county’s top elected leaders, left the county swimming in a pool of toxic debt.

Ultimately, the county—Alabama’s most populous with roughly 658,000 residents—filed for Chapter 9 bankruptcy protection, marking the largest municipal bankruptcy in U.S. history.

Crane said he got stuck with a bum deal, too, according to court documents filed in Texas state court.

Repoz Posted: January 20, 2012 at 05:48 PM | 15 comment(s) Login to Bookmark
  Tags: astros, business, media

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   1. Jose Is The Most Absurd Thing on the Site Posted: January 20, 2012 at 06:09 PM (#4041544)
Someone get a camera at bbc's house. I want to see her head do a Linda Blair style 360 degree spin.
   2. TerpNats Posted: January 20, 2012 at 06:56 PM (#4041581)
Hate for the Astros to be compared to garbage, but...
   3. Textbook Editor Posted: January 20, 2012 at 09:54 PM (#4041686)
I think there was a Planet Money story about this county a while back. Well, with investment savvy like that, Crane is sure to be one shrewd operator as owner of the Astros.

Sorry, bbc.
   4. base ball chick Posted: January 20, 2012 at 10:44 PM (#4041707)
crane is not at the END of a sewer, that is fer SHER

the astros are in fact a garbage team and will be as long as crane owns them. bud knew it and he didn't care because of the sale price jacking the price of the dodgers and mets

ah well, this is my last year as an astros fan anyhow and no i still haven't decided who to root for next year. i'm leaning toward the braves

as for a camera at my house, well, i've already been through the 5 stages of grief and the astros are alreay in hospice
   5. Sam M. Posted: January 20, 2012 at 11:06 PM (#4041723)
i'm leaning toward the braves


You'd really do that to me, Lisa?

And I thought only gay men could do me like that.

Damn.
   6. The kids disappeared, now Der-K has too much candy Posted: January 21, 2012 at 12:38 AM (#4041745)
Hey, a lot of us are alright!
(Uh, Braves fans.)

We'd be glad to have you, bbc - but I do think you should reconsider sticking with the Astros. Mainly because I believe in sticking with a team but they're also making (imo) better decisions in recent days than I've seen coming from the org in awhile. (Not talking Crane. Heck, he's a better reason to abandon the club than the DH (again, my opinion).)
   7. base ball chick Posted: January 21, 2012 at 12:48 AM (#4041748)
sam,

well, it's not like i've made up my mind. i can't root for the mets with wilpons on em
i'm thinkin bout the crew - gonna change my name to harvey-ette

der k

no, this IS the last year. i'm not rooting for no DH containing team. let alone a crane owned team. he just fired pam gardner, the president of business - which means he intends to do lousy. he can go rot in the sewer
   8. Bring Me the Head of Alfredo Griffin (Vlad) Posted: January 21, 2012 at 06:15 AM (#4041786)
Heck, he's a better reason to abandon the club than the DH


Staying with a team after it starts using a DH full-time is like staying with a significant other who just started turning tricks on the street for meth.
   9. Avoid running at all times.-S. Paige Posted: January 21, 2012 at 12:08 PM (#4041826)
Leaving a team after it starts using a DH full-time is like leaving your wife while she's in the hospital being treated for cancer.
   10. TerpNats Posted: January 21, 2012 at 01:26 PM (#4041868)
Lisa, the Nationals fan base always welcomes you.
   11. Tripon Posted: January 21, 2012 at 01:34 PM (#4041875)
Be a Dodgers fan! We're either going to have Magic Johnson, or Joe Torre as the owner.
   12. Walt Davis Posted: January 21, 2012 at 03:33 PM (#4041941)
I think I know how to settle this for ya bbc ...

who's hotter?

Jason Heyward and Freddie Freeman

or

Ryan Braun and Yovani Gallardo

The Cubs would of course be honored to have you but we know you're too smart to put up with our loud, obnoxious, drunk, piss on your lawn asses.
   13. Joe Kehoskie Posted: January 21, 2012 at 05:06 PM (#4041976)
Be a Dodgers fan! We're either going to have Magic Johnson, or Joe Torre as the owner.

About 10 billionaires might have something to say about that. The buyer list for the LAD is unreal.
   14. Bring Me the Head of Alfredo Griffin (Vlad) Posted: January 22, 2012 at 04:52 PM (#4042563)
Leaving a team after it starts using a DH full-time is like leaving your wife while she's in the hospital being treated for cancer.


More like leaving your wife after she had surgery to add a penis.

In this hypothetical, it can be a penis made entirely out of cancer, if that'd make you feel better about the whole thing.
   15. greenback calls it soccer Posted: January 22, 2012 at 06:38 PM (#4042611)
Somebody bought $35 million in Jefferson County sewer bonds in 2008? Jesus.

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