"Texas Rangers file for bankruptcy after sale fell through" is a hot topic on trading desks the past half hour, even though they have been expected to file, and even though it appears to be a prepackaged bankruptcy.
Maybe it's because Yankees Alex Rodriguez is the top unsecured creditor: remember that 10-year, $252 million dollar deal he signed with the Rangers in 2000, said to be the biggest deal in sports history at the time?
But what does it mean? "Um, people don’t want to pay $500 to see a baseball game," one trader said to me.
He's got a point. It was noticeable how many empty seats there were in the high priced section during the Mets-Yankees game this weekend.
"If they were going to be occupied this was the weekend," another trader said.
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