I see where The Cubbies filed for Chapter 11 to restructure to prepare for the team being sold. Is this a formality that was foreseen, or a sign of bigger problems?
It's a formality. The Cubs owners, The Tribune Company, is in Chapter 11 and for the bankruptcy court to formally "bless" the sale to the Ricketts family, the Tribune has to legally put the Cubs in Chapter 11. The move is probably designed to give the Ricketts family comfort that no Tribune creditors will come after the post-sale assets.
