And The Survey Says …….. David Einhorn Is An Ass ! But There’s More $1.2 Billion Can Possibly Buy A Piece of Crap !
Perhaps it was simply naive to think that hedge fund manager David Einhorn could be considered an astute businessman . Einhorn the founder and CEO of Greenlight Capital Investments Inc sought to invest $200 million into the beleaguered New York Mets . And as many of you must now be aware the organization as well as its two most senior executives Saul Katz and Fred Wilpon as well as the ballclub itself are co-defendants in a civil suit seeking in excess of $750 million received by Katz , Wilpon and their investment company Sterling Equities Inc . This civil suit comes about , having been derived of the Bernard Madoff “Ponzi Scheme scandal”.
Slide show for your perusal .
Madoff now incarcerated , is serving a 125 year sentence for his fraudulent acts and it has been estimated that a mere $2.6 billion has been recovered from the $59 billion ($59,000,000,000) lost by the victims of this scandal . Representing the plaintiffs as the receiver in the federal trial within the US Federal Court System is renowned attorney Irving Picard . And it would appear with the reluctance of both Katz and Wilpon to fully disclose all of the interaction that is said to have taken place with all of the vested parties who are the defendants in this case. Allegations that monies have been sent to offshore accounts and a lack of candor from anyone within the New York Mets’ organization with regard to this matter but somehow David Einhorn thought it prudent to invest $200 million to purchase a stake in the team. Pardon me for saying this , but this is simply another reason that indicates the complete stupidity that lies within the game amongst the team owners , front office executives and no less than the league hierarchy itself. I’ve no doubt that Einhorn may well be suitably qualified to run a hedge fund company but based on this one act alone I wouldn’t have this asshole invest my money in anything deemed to be a worthwhile investment based on his alleged knowledge .
Courtesy of The New York Times
Richard Sandomir , The New York Times
In a surprising development, the Mets announced on Thursday that they had ended their protracted negotiations to sell a minority share of the team for $200 million to David Einhorn, a hedge fund manager.
In part, the deal broke down over Einhorn’s desire to be preapproved by Major League Baseball as the team’s majority owner in anticipation that he might be able to buy more than 50 percent of the team in coming years. He was also apparently seeking considerable input as a limited partner, which also may have factored in the talks’ breakdown.
That the issue of future majority ownership would help topple the negotiations was not surprising. There was always an inherent tension in the relationship between the Mets’ owners, Fred Wilpon and Saul Katz, who are in their 70s and want control of the team to remain in family hands, and Einhorn, 42, who clearly had his own aspirations about the club’s future.
Click on the link provided to read this article in full .
The New York Mets are a poorly ran organization, bereft of executives with any intelligence and the league hierarchy itself is no better than the crazed idiots who seem to think that the ball-club is simply worth saving . From my own standpoint I do believe that Einhorn was led to believe that the team was a worthwhile investment but given the idiocy of this decision from the outset , let me ask you this who in their right mind chooses to invest $200 million in a ball-club that itself is teetering on the brink of bankruptcy ? The team is carrying significant debt much of which hasn’t been fully disclosed and herein lies the biggest problem within baseball itself , it is the complete lack of candor , transparency of the teams who more often than not seek public financing for their stadiums at the expense of the taxpayers. And how quaint is it that in this time of economic strife no one seems to question the fact that multi millionaire team owners are granted these amenities while small businesses are left out in the cold when it comes to governmental aid at the state or federal level .
Whatever legal counsel and advice proffered up to the fund manager (Einhorn) has to been idiotic at best , but this is another reason to indicate why the game is in the current state that it is , in as it relates to the financial well being of the teams in baseball . At this point I’m wondering what else it must now take for Bud Selig to further to show some interest in the legal proceedings concerning the New York Mets and the actual dealings of the organization itself ! I know that both Sandy Alderson and J P Ricciardi have been brought in the oversee the front office and all personnel decisions concerning this ball-club.
The team itself has struggled over the course of this season . But if nothing else for manager Terry Collins and his coaching staff this has been a work in progress as they assess this roster . Far be it for me to suggest but the New York Mets are a long way off from where they need to be or would hope to be . And given their present financial predicament the likelihood of them being able to turn things around do not appear to be promising at present . What talent that’s said to be on the roster could very well be on the way out at some point in the immediate future and it is clear the Jose Reyes and David Wright are the most prized assets on this team . Although it can be said amongst their prospects , draft and their farm system could be considered where the future may well lay for the organization as it determines its very future .
Well it appears that the never-ending Los Angeles Dodgers’ saga isn’t at an end as it is being widely reported that Bill Burke , co-founder and former the director of the Los Angeles Marathon is heading a consortium to buy the beleaguered franchise. The ball-club now in bankruptcy proceedings (Chapter 11) with that effort having been sought by team owner Frank McCourt . Now it goes without saying , that this is a further case where the league hierarchy led by Bud Selig , simply dropped the ball , acting like a blind man playing hopscotch in a minefield . Each step taken and this ass has acted as if the actions of the executives within the Dodgers’ front office were simply unknown to him . What might be unconscionable is the very fact that Peter Wilhelm as the COO and general manager Ned Colletti have simply acted in like lap dogs while McCourt and his ex-spouse , Jamie McCourt have plundered the coffers of this ball-club. They have simply used the organization as their personal ATM , spending lavishly on luxury homes , vehicles , vacations to various parts of the globe and in some cases Frank McCourt used the organization as collateral in numerous business deals . Those business transactions are in direct contravention of the the bye laws of the game as set by the league hierarchy . How this can be overlooked by the Bud Selig simply beyond belief but it once again shows the stupidity of the commissioner and those said to countenance the well being of the game .
Bill Burke has formally lodged through the US District Bankruptcy Court , Wilmington , in the state of Delaware , as they are dealing with the bankruptcy proceedings concerning the Los Angeles Dodgers. Burke and the consortium have offered $1.2 billion ($1,200,000,000) for the team and that is believed to be the highest bid ever offered for the the potential purchase of a ball-club . The presiding judge would have to assess the merits of the bid but the approval would still have to come from the league hierarchy concerning this sale . $1.2 billion seems extraordinarily high but we have yet to verify all of the details of the consortium’s bid and whether or not they are assuming the debt of the organization as that situation has yet to be fully resolved. At this juncture , I am not so sure that there will be a satisfactory ending to this drama as Frank McCourt wants to retain total control of this team . Sadly , for the beleaguered fans of the ball club having McCourt as the owner has been one of those episodes one would rather forget because there has been nothing at all that could would stipulate as being satisfactory. The Los Angeles Dodgers’ recent record and that of their lack of real success in the postseason playoffs clearly indicates that this organization is without real direction. Certainly given their history , the famed players to have donned the uniform and the Hall of Famers
Courtesy of Los Angeles Times
By Bill Shaikin , Los Angeles Times
The bid is headed by Los Angeles Marathon founder Bill Burke, according to a letter sent to McCourt on Tuesday. The letter was disclosed to The Times by two people familiar with its content but not authorized to discuss it publicly.
The proposed sale price would set a record for a Major League Baseball team. However, the bid was received with skepticism within MLB, where executives wondered whether the proposal might be used by McCourt to stir negotiations with other potential buyers or to persuade a Bankruptcy Court judge to keep McCourt in charge of the team.
“There are questions within the sports industry about whether this is a genuine offer,” said one industry consultant who works extensively with MLB and other professional sports leagues.
The offer was unsolicited, according to a person who had spoken with McCourt’s representatives but was not authorized to discuss the conversation.
It is uncertain whether the embattled Dodgers owner is receptive to the offer. McCourt has said that he had no interest in selling the Dodgers and that he intended to remain the owner after the team emerges from bankruptcy protection.
Steve Sugerman, a spokesman for McCourt, declined to comment on whether McCourt had received the letter and whether he would consider selling the team.
Click on the link provided to read the article in full .
The one bright spot quite possibly for Los Angeles Dodgers this season has been the play Matt Kemp and it bodes well for his possible candidacy for the NL MVP . And given the other potential candidates said to be in the running for the award . The fact that Kemp plays on a team with a losing record and they are completely out of the running not only for the NL West but also the wildcard berth within the National League leads me to believe that he has an outside chance to win the award . If anything the presumed favorites could are the Milwaukee Brewers’ — Ryan Braun and his teammate Prince Fielder . The coveted award adds to a player’s resume’ but places them alongside an illustrious number whose names adorns one of the game’s most prized and fabled accolades .
Don Mattingly and his assistant coaches have tried their best to make the transition from Joe Torre to his protege’ (Mattingly) seem smooth and without real friction . But it has been the drama off the field that if anything that has simply brought far too much focus and attention on the organization for all of the wrong reasons . Somehow , had there been an ounce of intelligence from within this organization amongst its executives , then perhaps , the Dodgers’ fall from grace would not be so dramatic and unbelievable in its magnitude , never mind the capricious acts of Frank McCourt and his ex-wife , Jamie McCourt .
At this juncture I am no longer surprised by the idiocy to be witnessed within the game of baseball . Far too many fans are simply about what is happening on the field , rather than what’s happening within the front offices of the teams . Needless to say , there’s a great deal more to be added to both of these stories as they play themselves out for the public’s consumption .
Picture gallery for your perusal .
With David Einhorn now backing out of this deal to purchase a stake in the New York Mets what do you think would be the appropriate action that should be taken be it by the league hierarchy or the presiding judge in this legal matter ? And as such do you feel optimistic that Bill Burke’s potential bid for the Los Angeles Dodgers will be looked upon favorably by the league and the bankruptcy judge presiding over the organization’s filing ? Leave a comment as to the points raised within this piece and anything else you believe to be pertinent .
Alan aka tophatal ………. https://tophatal.wordpress.com
Picture and slide show details below .
(1) From left to right New York Mets Chief Executive Officer Fred Wilpon , Manager Terry Collins, prospective Mets owner David Einhorn and General Manager Sandy Alderson talk during batting practice before a Major League Baseball game against the Atlanta Braves at Citi Field on August 6, 2011 in the Flushing neighborhood of the Queens borough of New York City.
Getty Images North America / Paul Bereswill …..
(2) Saul Katz (standing) is seen here with Mets’ co-owner Fred Wilpon the executive suite at Citi-Field , Flushing , New York . AP Photo / Chris Beresford …….
(3) Dr William “Bill” Burke who leads a consortium backed by the Chinese government that has made a $1.2 billion bid for the Los Angeles Dodgers. The team’s owner Frank McCourt has yet to release a formal statement concerning the unsolicited bid the group but it is believed that the beleaguered club executive may well reject the offer. Courtesy of CBS Los Angeles ………..
(4) Dodgers’ GM Ned Colletti (left) and the team’s owner Frank McCourt . This was Colletti’s formal introduction to the public as the team’s new GM in November 2005. Icon SMI/ Larry Goren …….
(5) Los Angeles Dodgers manager Don Mattingly talks with pitcher Dana Eveland in the dugout after the first inning of a baseball game against the Pittsburgh Pirates in Pittsburgh, Thursday, Sept. 1, 2011. The Dodgers won 6-4 with Dana Eveland getting the win. AP Photo/Gene Puskar ….
(6) Matt Kemp (27) of the Los Angeles Dodgers hits a single against the Pittsburgh Pirates during the game on September 1, 2011 at PNC Park in Pittsburgh, Pennsylvania. Photo by Justin K. Aller/Getty Images ……