Reasons To Be Thankful You Don’t Have Lenny Dysktra Offering You Financial Advice ……………… The Count & Oscar The Grouch Would’ve Proven To Be Far More Successful ……….. Learn To Count ……….
Two of ‘Seasame Street’s’ most famous characters ‘The Count’ & Oscar The Grouch’
When I first read this story within Yahoo Sports I wasn’t quite sure what to make of it all. Suffice to say that whenever I now read about an athlete having lost a fortune. I can’t help but wonder what the hell was going on in their lives at the time ?
Former major league star Lenny Dykstra is suing commercial bank J P Morgan Chase for $100 million . The former Mets and Phillies’ star is claiming that the bank reneged on the refinancing of a loan that was promised at the time to he and his ex-wife . They had purchased the former home of NHL great Wayne Gretzky . The property in Thousand Oaks, California , was purchased in 2007 and for $17.4 million .
Courtesy of Associated Press & Yahoo Sports
NEW YORK (AP)—Former Mets and Phillies star Lenny Dykstra has sued JP Morgan Chase & Co. Inc. for $100 million, saying he didn’t get the loan he needed when he bought hockey great Wayne Gretzky’s California home.
Dykstra brought the lawsuit in federal court in Manhattan on Wednesday over the property dispute. The lawsuit said he and his wife bought the property in Thousand Oaks, Calif., in March 2007 for $17.4 million but the bank reneged on a pledge to refinance. At the time, Dykstra was writing financial advice columns online.
Dykstra filed for bankruptcy protection in July, saying he owed more than $31 million and had about $50,000 in assets.
Chase spokesman Tom Kelly declined to comment.
Now at the time , Dykstra , himself allegedly something of a financial guru was offering advice online to to the public. If you don’t consider this all to be comical , then I for one can assure you that it is ! How the hell can it not be ? The player claims that he was also duped by the bank into signing the documents pertaining to not only the purchase of the property but also with regard to the proposed refinancing. Now don’t get me wrong , having worked in the financial field and when dealing with a customer. I always asked them before anything was signed , that they read the document in full and if there’s anything that they simply do not understand then I’ll answer any questions that they might have at the time. Or take time to consider and consult with someone who can give them some much needed advice. Clearly, either Dykstra understood the contents of what he must’ve willingly signed at the time or as he claims he was duped . From my own point of view I believe it to be wishful thinking on the player’s part that he was coerced into signing the documents. And if there had been any doubt in his mind at the time, why didn’t he first consult with an attorney who specializes in property law ? Call me naive but a for a guy who claims to be proffering advice to the public Lenny Dykstra does across as being extraordinarily dumb , to say the very least ! What’s your impression on this matter thus far ?
Dykstra seen here attending a formal function at the Mandarin Hotel for the launch of the Players Club Magazine. The player , 45 helped the New York Mets to capture the 1986 World Series. After retiring , the speed off hitter did not slow down as he dashed into the business world. After opening several car washes , Dykstra took his acumen to Wall St, writing a regular column for the The Street.com . Those businesses have since become insolvent as they player filed for bankruptcy in 2009 , declaring assets of a mere $50,000 and liability and debts in excess of $50 million. photo appears courtesy of Getty Images/ Amy Sussman …………….
To make matters worse the player declared bankruptcy in mid 2009 , claiming assets of just $50,000 but having debts totaling in excess of $30 million . And this was a guy offering financial advice online to the public ? What sort of standards do they actually have for professionals who work within the financial field within the state of California ? This is laughable ! Is it any wonder the state itself is on the verge of bankruptcy ? What with Dykstra, the California State Legislature and a governor in Arnold Schwarzenegger , who possesses about as much business acumen as a gnat ! The economic future of the state at present doesn’t at all look bright.
Courtesy of The New York Daily News
By Alison Gendar , Daily News Staff Writer
Lenny Dykstra just keeps striking out.
The ex-Met filed a federal lawsuit Wednesday claiming he was hoodwinked into signing up for more than $20 million in loans he couldn’t afford to buy a massive estate.
It’s the latest in a growing string of legal troubles for the outfielder that includes bankruptcy, divorce and other suits.
It started in 2007 when the 1986 hero wanted to buy hockey great Wayne Gretzsky’s Thousand Oaks, Calif., home for $17.2 million.
He contends a loan rep at WaMu promised a $17.5 million loan, then scaled it back to $12 million – but told Dykstra he could still buy the home if he signed up for an $8.5 million piggyback loan with another bank, First Credit.
The smaller loan was to be secured by property Dykstra owned in Simi Valley and $3 million of it would pay off debt on that property, the suit says.
Dykstra said he agreed to the deal even though the loans plus taxes would run to $135,000 – more than the $125,000 he made a month.
The WaMu rep allegedly told him not to worry, saying the package would be refinanced 60 days after the house closing.
But it wasn’t – and Dykstra claims he had to sell income-earning promissory notes from the sale of his car-wash business to pay off First Credit’s $8.5 million loan for a total loss of $100 million.
WaMu crashed in the financial meltdown and was acquired by JPMorgan Chase, which was named in the suit filed in Manhattan Federal Court.
Calls to the bank and Dykstra’s lawyer were not returned.
Dykstra filed for Chapter 11 bankruptcy last year in California. His wife is suing him for divorce and his mansion is in foreclosure.
Now having never seen the former outfielder play , I can only assume that he was something of a hero with the fans as well as his former teammates. And I’d assume that the had to have had some ‘pop’ in his bat ? But apparently not , because if his career stats and strikeouts were anything to go by, then this is the norm for the former player. Unfortunately, Dykstra now has the wrath of an ex-wife to deal with, as she is also suing for failure to pay alimony . He has the the dubious pleasure of being one the names now listed in the Mitchell Report. But then again would anyone at be surprised , given his on and off the field , his reputation for running afoul of the law and his now severe financial situation ? Lenny Dykstra obviously liked to live life to the fullest with all of the excesses expected to fulfill his idea to feel wanted and to be noticed. Dykstra will now be noticed for all of the wrong reasons when it comes to the excesses and the failures of an athlete who professes to know more than they’d really care to acknowledge. What might be now even more startling along with the apparent business ventures that were initially something of a success , they all came crashing down around his ears. Merely because he wasn’t always to judicious when it came to the details. And clearly there’s a case here to be made that the advice that he may well have been offering to others wasn’t about creating success or wealth but finding the road to preceding danger and failure.
After-all, he’s now trying to apportion blame elsewhere because of his own inane stupidity and an unwillingness to be held accountable for his own actions. Dykstra could well have taken a leaf out of the book of Sesame Street characters’ The Count and Oscar The Grouch and just learn to count ‘….1, 2 and 3’ .
Alan Parkins aka tophatal ……………… 🙂
Cuban American actress & model Natalie Martinez.