An investor group led by Magic Johnson buys the Dodgers for $2 Billion. Plus Day three of SCOTUS hearings on healthcare law. And the latest news.
Magic Johnson & Chicago financiers sport Dodgers blue
After trudging through Dodgers drama for three long years, a winning bid for the team zipped through in a matter of hours yesterday. Headlines featured Lakers legend Magic Johnson as one of the new would-be owners, but his partner with moneybags for the $2-billion bid is Mark Walter, CEO of a financial services company based in Chicago.
Walter met with beleagured Dodgers owners Frank McCourt privately in New York yesterday to reach an agreement on the assets.
McCourt will retain some portion of the parking lots surrounding the stadium, but not on game days. Walters and his firm, Guggenheim Partners, will be borrowing some portion of the $2 billion, but will make it back quickly after selling TV rights.
A bankruptcy judge must approve the deal, but that's being deemed a formality. Another key member of this bidders group is Stan Kasten, the longtime baseball executive. The former president of the Washington Nationals and Atlanta Braves would run the team with the hopes of revitalizing the organization.
What do Angelenos think of this deal? How much vetting should be done of the prospective owners? What will it take for you to return to Dodgers stadium?
GUESTS
Nick Roman, KPCC’s Managing Editor
Matt DeBord, KPCC Reporter; writes the DeBord Report KPCC.org
David Wharton, Staff Writer, Los Angeles Times
Mark Lacter, contributor to LA Magazine, writes the business blog for LA Observed.com and talks about business with KPCC's Steve Julian Tuesday mornings.
SCOTUS hearings on healthcare, day 3
Today, the last of the three days considering the Affordable Care Act, the Supreme Court heard arguments regarding the severability of the individual mandate as well as the possible expansion of Medicaid.
The surprises of Tuesday’s hearing left questions about how much of the law would stand should the individual mandate be discarded, making the stakes of today’s arguments much higher than expected. If the individual mandate is severed from the law, it has the potential of sweeping the legs out from under the Affordable Care Act entirely.
The other major component of today’s oral arguments will address Medicaid expansion and whether it would unlawfully force state participation.
The federal government provides money to states under the voluntary program, but the possibility of expansion to include additional low-income recipients has twenty-six states arguing that they are being coerced into accepting the conditions. There is no legal rquirement for the states to accept the federal money and the additional Medicaid coverage would mostly be covered by the federal government. So why such an uproar?
What does it mean for the nation’s health care if the individual mandate is shot down? Why should the states take such issue with additional government funds for Medicaid? If the individual mandate is acceptable at the state level, then why not at the federal level?
GUESTS
Lisa McElroy, Professor of Law, Drexel University's Earle Mack School of Law & Supreme Court scholar
Megan Hughes, Washington D.C Correspondent, Bloomberg TV
Kitty Felde, KPCC’s Washington D.C. Correspondent, covering the SCOTUS hearings on the Affordable Care Act