The client was the $160MM equity holding company for the Texas Rangers Baseball Partners (TRBP). Owner Tom Hicks filed a pre-packaged bankruptcy to sell the team, but the banks denied it due to the price, so the team’s parent company’s bank mandated an involuntary bankruptcy. CR3 Partners professionals served as CRO and financial advisors. As CRO, $75MM+ was negotiated out prior to the auction and assisted in getting Mark Cuban qualified to bid in the auction. The final price in the auction ultimately yielded nearly $100MM more in proceeds to the bank group, incremental to the original prior pursued offer.