Jun. 30, 2012

Perfect Pitch

The lawyers and business advisors behind the record-breaking sale of the Los Angeles Dodgers gathered Wednesday to discuss the ins and outs of the team's bankruptcy and eventual sale. The panel, sponsored by the Daily Journal and City National Bank, discussed the intricacies of the $2.15 billion sale to Guggenheim Baseball Management and Magic Johnson Group that took place in May, beginning with Frank McCourt's purchase of the Dodgers in 2004 for just under $440 million. The program, named "How to Sell a Baseball Team," featured panelists Bruce S. Bennett, the Jones Day bankruptcy partner leading the representation of the Dodgers; Timothy Coleman, senior managing director of The Blackstone Group LP and financial adviser to the Dodgers; and Robert A. Sacks, a partner at Sullivan & Cromwell LLP and counsel to team owner Frank McCourt. The panel was moderated by retired Los Angeles County Superior Court Judge Haley J. Fromholz, now at JAMS. Each panelist presented the details of his particular involvement in the Dodgers sale, followed by a question and answer portion. While the group did not delve into the confidential details of the transaction, the attorneys and businessmen involved in the highly publicized sale did discuss the various steps they took to achieve the unlikely transaction for a record price, including mediation and negotiated special terms, which remain confidential in nature. -David McAfee