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Dodgers bankruptcy: Creditors ask to hire million-dollar advisors

September 6, 2011 |  4:41 pm

Fabforum 

The committee representing creditors in the Dodgers' bankruptcy case has asked for court permission to retain an investment banking firm for a $1.25-million fee and a monthly payment of $125,000.

Owner Frank McCourt and his attorneys have said they would restructure the Dodgers' finances through the sale of the team's cable television rights. However, McCourt also is considering the sale of an ownership share, as reflected in the proposed agreement between the creditors' committee and the banking firm, Lazard Freres and Co.

Among the "investment banking services" the firm would provide to the committee: "review and evaluate the [Dodgers'] process to sell or monetize broadcast rights, an ownership interest or any other asset."

The Dodgers, as the debtor, pay bills incurred by the creditors' committee. The two law firms advising the committee already have submitted bills totaling $300,000 for the first month's work in the case.

The committee includes five parties, including the Major League Baseball Players Assn. and the family of Bryan Stow, the fan who was severely beaten in the Dodger Stadium parking lot on opening day.

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-- Bill Shaikin

Photo: Frank McCourt. Credit: Mario Anzuoni / Reuters.

 

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