Last week, the Texas Rangers major league baseball franchise declared Chapter 11 bankruptcy. What was curious about the bankruptcy announcement was the identity of the largest unsecured creditor. If you guessed an insurance company, private equity firm, state pension fund, or other deep-pocketed investor, you would have been wrong. The correct answer was Alex Rodriguez, currently playing third base for the Yankees. He's owed $25 million.
The line score for the Rangers? No runs, nowhere to hide, and plenty of errors in judgement.
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