6/23 10:49: Buster Olney of ESPN says there may not be enough time for the Rangers’ bankruptcy case to be resolved. With that said, the team may not be able acquire Roy Oswalt.

However, Cliff Lee is not out of the picture. The Rangers will need to get creative to even out the money exchanged. Olney suggests that the Rangers include Rich Harden in a deal.

6/22 16:36: Ken Rosenthal of FOXSports tweets this:

“Rangers not totally discouraged by judge’s ruling. Source says judge made point to say he understands meaning of 7/31 and that he doesn’t want matter to drag past then. Ruling is direction to go back and negotiate. Mediator-type could be appointed.”

6/22 13:33: Anthony Andro and Jeff Wilson of the Star-Telegram says a federal judge has ruled that Texas Rangers owner, Tom Hicks, cannot sell the team to a group of investors without satisfying the banks that loaned Hicks more than $525 million.

The ruling was handed down on Tuesday and the Star-Telegram says that it appears to be a “crushing blow to a ‘prepackaged bankruptcy plan.’”

The hope was the deal could be completed by the All-Star break and the team could move forward with acquiring players with a hope at a playoff run. The team was hoping to acquire players such as Cliff Lee of the Seattle Mariners and Roy Oswalt of the Houston Astros. Unless the sale is completed, the team is limited to a budget set by Major League Baseball.