5:25pm: Ken Rosenthal of FOXSports.com tweets that the Rangers are "not totally discouraged by [the] judge's ruling." In that tweet and a follow-up, Rosenthal said the judge noted the importance of the trade deadline and doesn't want the situation "to drag past [July 31]." The ruling was intended to get both sides back into negotiations and a "mediator-type could be appointed."
2:51pm: A federal judge ruled that Tom Hicks can't sell the Rangers without satisfying his creditors, according to Jeff Wilson of the Fort Worth Star-Telegram. That could slow down the team's sale and prevent the Rangers from adding significant salary this summer. The Rangers should be able to add some payroll even if the judge's ruling slows down the ownership transfer, but the club may be unable to add expensive players.
Baseball executives believe the judge's decision will limit the Rangers' trade options this summer, according to ESPN.com's Buster Olney (all Twitter links). One executive told Olney that "the Rangers can forget about Roy Oswalt, and maybe just about any other major player." Jon Heyman of SI.com agrees, saying (via Twitter) that Oswalt is not going to Texas. Rival teams bristle at the idea of the Rangers spending big while under MLB support.