Apparently No One at Highbridge Capital Played Baseball in Bud Selig's Backyard

Despite the fact that there's been a slight hold up on the Einhorn/Mets deal, most recently supposedly thanks to JPMorgan, it seems likely to happen eventually, especially since Bud Selig has fond memories of Einhorn playing baseball in his backyard. Unfortunately, not every money manager grew up next door to Bud. For example, the baseball fans at Highbridge Capital Management.

Judge Kevin Gross of the U.S. Bankruptcy Court in Wilmington denied the Dodgers's request to use the financing from its preferred lender, Highbridge Principal Strategies, because a better loan was available—specifically, the financing MLB offered.

The Dodgers "not only failed to attempt to obtain unsecured financing, they refused to engage Baseball in negotiations," Gross wrote in his order. "Baseball is ready, anxious and able to provide unsecured financing and has committed to do whatever it takes to do just that."

Team attorneys have called that offer a "deal with the devil," but now tapping that financing appears to be the Dodgers's only option if the franchise intends to continue to field a squad.

Judge Blocks Dodgers From Tapping Hedge-Fund Loan [WSJ]

Also: Dodgers Ordered to Bargain With M.L.B. on a Loan [NYT]