Foreclosure on LaGrave Field put on hold as owner files for bankruptcy
LaGrave Reconstruction Co., the company headed by Carl Bell that owns LaGrave Field, where the Fort Worth Cats minor league baseball team has played, filed for bankruptcy protection Monday.
The move puts on hold, at least for now, the planned foreclosure of the stadium, located just north of downtown Fort Worth. Bell filed for Chapter 11 reorganization.
Not many details were available in the filing. Bell lists the company's assets at between $10 million and $50 million, and estimated liabilities at between $10 million and $50 million. The estimated number of creditors is between one and 49, the filing shows.
Bell recently announced the sale of the team to a local investor group.
Bell has had financial difficulty surrounding the team for the past couple of years and has tried to sell the team during that time.
After threatening foreclosure a couple of times, Amegy Bank of Houston was scheduled to auction the property on the steps of the Tarrant County Courthouse today. That will now not happen.
_ Sandra Baker