Monday, May 24, 2010
A lesson in deferred comp
You may remember that earlier this year, back before the Joe Mauer extension was worked out, Twins CEO Jim Pohlad publicly ruled out any sort of deferred comp.
Today provided a bit of lesson in why. The Texas Rangers filed what they describe as a "prepackaged" bankruptcy petition. Normally such filings aren't contested because the details have been worked out with the creditors, but there are indications that there are creditors willing to fight this one.
Which isn't the point here. What is: The six largest unsecured creditors — owed money by the Rangers but without a lien against the team and thus likely to take a haircut — are former or (ine one case) current Texas players.
The Rangers still owe Alex Rodriguez almost $25 million. Man, that was a contract that keeps on giving. Then there's Kevin Millwood, Michael Young, Vicente Padilla, Mickey Tettleton and Mark McLemore.
Tettleton? McLemore? Tettleton last played for Texas 13 years ago, McLemore 11 years ago — and the Rangers are still paying them.
Maybe not for long, though.