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Texas Rangers Auction ‘A Mess,’ Greenberg-Ryan Says

Aug. 5 (Bloomberg) -- One of the two bidders vying for the Texas Rangers unsuccessfully tried to stop an ongoing auction for the baseball team, which a lawyer for the group said had become “a mess.”

Thomas Lauria, a lawyer for a company led by Hall of Fame pitcher Nolan Ryan and attorney Chuck Greenberg, said the auction was “unfair” and asked that Judge D. Michael Lynn, who is overseeing the Rangers’ bankruptcy, rule on their complaints before bidding continued.

“The process is a mess right now,” Lauria said in court.

Judge Russell Nelms, who is overseeing the auction in Fort Worth, Texas, declined to halt the process.

A company formed by Dallas Mavericks owner Mark Cuban and Houston businessman Jim Crane, offered $356 million in cash and agreed to assume $208 million in team liabilities.

The Greenberg-Ryan group countered with a bid of $365 million plus the assumed liabilities.

The Rangers filed for bankruptcy protection in May and agreed to an auction after initially seeking approval for a sale to the Greenberg-Ryan group.

The case is In re Texas Rangers Baseball Partners, 10-43400, U.S. Bankruptcy Court, Northern District of Texas (Fort Worth).

To contact the reporters on this story: David McLaughlin in New York at dmclaughlin9@bloomberg.net and; Thomas Korosec in Dallas at tkorosec@sbcglobal.net

To contact the editor responsible for this story: Joe Schneider at jschneider5@bloomberg.net

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