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<blockquote data-quote="RonJohn" data-source="post: 946665" data-attributes="member: 2426"><p>Also not a bankruptcy lawyer (or any kind of lawyer). Bankruptcy is set up to allow companies or people either default and go under, or reorganize and make a reasonable effort to pay off debts. The GOR is not a debt. It is an assignment of an asset to another entity. I believe bankruptcy usually allows you to shed obligations that you owe to other people. I don't see how any part of a bankruptcy would allow an entity to claw back assets that it already assigned to other entities.</p><p></p><p>As an analogy: If someone buys a car on a loan, bankruptcy could allow them to keep the car and not repay the loan. (depending on exceptions the <s>creditor</s> debtor is allowed to keep) However, if you sold a car for cash, bankruptcy would not allow you to retake the car and keep the cash. GT does not own the media rights for sports programming until after 2036. Even if the GTAA successfully filed for bankruptcy to avoid paying the buyout fee for the conference, it would not be able to retrieve assets that it already paid or assigned to other parties.</p><p></p><p>EDITED: with strikethrough for a mistake.</p></blockquote><p></p>
[QUOTE="RonJohn, post: 946665, member: 2426"] Also not a bankruptcy lawyer (or any kind of lawyer). Bankruptcy is set up to allow companies or people either default and go under, or reorganize and make a reasonable effort to pay off debts. The GOR is not a debt. It is an assignment of an asset to another entity. I believe bankruptcy usually allows you to shed obligations that you owe to other people. I don't see how any part of a bankruptcy would allow an entity to claw back assets that it already assigned to other entities. As an analogy: If someone buys a car on a loan, bankruptcy could allow them to keep the car and not repay the loan. (depending on exceptions the [S]creditor[/S] debtor is allowed to keep) However, if you sold a car for cash, bankruptcy would not allow you to retake the car and keep the cash. GT does not own the media rights for sports programming until after 2036. Even if the GTAA successfully filed for bankruptcy to avoid paying the buyout fee for the conference, it would not be able to retrieve assets that it already paid or assigned to other parties. EDITED: with strikethrough for a mistake. [/QUOTE]
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