Something Else That The State of California Is Well Known For Accepting Mediocrity While Trying To Assuage Us With Their Greatness & Narcissism .

Something Else That The State of California Is Well Known For Accepting Mediocrity While Trying To Assuage Us With Their Greatness & Narcissism .

Well not unlike the state legislature of California that faces such acute financial problems we now have the Los Angeles Dodgers facing woes of its very own. Now it’s a fact that Los Angeles Dodgers will now officially file for bankruptcy . I was repeatedly told by patrons within this medium that bankruptcy would and could never happen . If that’s the case then explain to me how it is that in the last twenty four months the following teams in Major League Baseball each had to file for bankruptcy . In the cases of the Chicago Cubs and Texas Rangers Chapter 11 ( Bankruptcy Protection & Reorganization) was seemingly the only way out from financial mismanagement by their then owners . Now with that in mind it shouldn’t come as a surprise to anyone that now two of the games most storied ballclubs are effectively in the same boat. And as acute as the situation now appears to be with the Los Angeles Dodgers , it could very well be far more grave for the New York Mets and their situation. The club is defendant in a civil suit alongside principal owners Saul Katz and Fred Wilpon as part of the fallout from the Bernard Madoff Ponzi scheme scandal . Much of what we know concerning the Dodgers has been the mismanagement and the very fact that MLB hierarchy simply suborned much of the absurdity that has taken place ever since Frank McCourt assumed control of this team with his purchase of the organization from Fox Inc whose parent company is News Corporation .

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From my own standpoint this should be a fucking wake up call for the idiots who carry on as if they’re in the know when it comes to the economics of the game but instead they’d rather talk about the shit like the future of the game and the young prospects there . That’s like trying to search for the leprechaun’s pot of gold in the hope that at the end of the day things will be great . Let’s get real here the owners as we know them to be are not that business minded in spite of their apparent wealth and alleged entrepreneurial acumen . And not to be left out of this all has to be those asinine general managers within the game . Baseball has and will always continue to shoot itself in both feet because its hierarchy simply isn’t bright or astute enough to either do or know what is actually appropriately the right thing to do !

Once MLB Commissioner Bud Selig saw fit to bring in former diplomat C Thomas Schieffer to oversee the day to day running of this team we all knew that the Dodgers and Frank McCourt had reached the point of no return . But if anyone with the slightest bit of common sense could see that the writing was on the wall and the sense of foreboding for the organization. And while this was all going on what might be even more contemptible was the fact that GM Ned Colletti , COO Geoff Wharton , CFO Peter Wilhelm , CRO Michael Young and Tommy Lasorda simply chose to remain silent . Which begs the question what is it with the damn stupidity that obviously had to be taking place within the front office of the Los Angeles Dodgers ? . From my own standpoint this is something that is long overdue and had to happen for baseball and the fans to finally sit up and take note ! Are some of the so called intellectual fans out there and those who claim to be insiders are simply that naive ? I’ve no doubt that the so called analysts at Fox and ESPN will now try to regale us with what they see as a painful episode , all the while these very same ingrates undoubtedly chose to ignore this story once it came to the public forefront .

Over the coming days and weeks I’ve no doubt that this all well be thoroughly discussed and written about all with a view to seeking a reason why this had to happen to one of the most storied teams in all of baseball . Well when you have a sport that shows no transparency on any level whatsoever what the fucking hell would you expect ? It’s not as if the league hierarchy itself during Selig’s tenure has ever been known to be completely open with regard to its business practices much less has a propensity for actually telling the truth on any level.

It is extremely sad to see a once great ballclub simply fall from grace and then think that Frank McCourt and the Dodgers’ hierarchy are solely to blame because much of what we know to have factually happen has been due to the inaction of the hierarchy of the game. It’s all too little too late for the organization , even with the Dodgers having now filed for bankruptcy protection . It will now be extremely difficult for the team’s creditors to actully recoup monies owed given the debt amassed by Frank McCourt which if we are to believe could very well exceed in excess of $600 million and that’s simply a conservative estimate as neither the ballclub or the league hierarchy have chosen to be completely transparent and the mere fact that Selig now wants to be seen as a knight riding into the rescue when nothing could actually be further from the truth . Instead this has more to do with the league wanting to give its image a raise in its already diminished and tarnished profile . And here was I thinking that the league handled the ” steroid issue” with about as much deftness as a blind man playing hopscotch in the midst of a minefield ! There has been more blowblack and utter cluster fucks dug up here than can actually be found in a whore’s closet !

Courtesy of The all St Journal

Baseball Blasts Dodgers Bankruptcy Loan

By Patrick Fitzgerald and Marie Beaudette

Major League Baseball on Tuesday moved to intervene in the Los Angeles Dodgers bankruptcy case, blasting owner Frank McCourt and claiming it has a “cheaper, no strings-attached solution” to the team’s financial woes.

The office of baseball Commissioner Bud Selig, who has been sparring for months with embattled Dodgers owner Mr. McCourt, said in court papers filed Tuesday that acting in the best interests of baseball, the league will provide the Dodgers with a “less expensive and otherwise superior” bankruptcy loan.

Mr. McCourt placed the Dodgers into Chapter 11 protection on Monday in U.S. Bankruptcy Court in Wilmington, Del., in a last-ditch bid to avoid having the team seized by the league.

The league says Mr. McCourt has “siphoned off well over $100 million” of the Dodgers’ revenue and has driven the team to a “liquidity crisis so severe that, absent extraordinary measures, the club would be unable to make its payroll.”

The team turned to a hedge fund manager owned by J.P. Morgan Chase & Co., which is providing a $150 million in so-called debtor-in-possession, or DIP, financing for what the league says is an “excessive” fee.

Major League Baseball blasted Mr. McCourt, saying he has placed his own financial interests over that of the club. While the Dodgers say they conducted an extensive search for financing, MLB says Mr. McCourt never approached the league, “an obvious source of a DIP loan,” according to court papers. A McCourt spokeswoman declined to comment.

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So what now for the Dodgers and how does the hierarchy deal with this all ? In seeing the Los Angeles declare bankrupcty it now leads to Frank McCourt will either sell the team or perhaps seek a cash infusion . Creditors will no doubt be very weary of the situation and given the fact that should MLB have to fully intervene then teams around the league will be on the hook as they hierarchy seeks to pay off many of the Dodgers’ creditors monies owed . Amongst those still owed monies by the ballclub are ex players Ted Lilly , Manny Ramirez and Andruw Jones are said to be owed in excess of $24 million as well as broadcaster Vin Scully some $150,000 . This now begs the question, if McCourt is still able to meet payroll for the month of June then what of the ensuing months and where indeed will those funds actually be coming from ? We know that the $3 billlion deal that McCourt had been counting on as part of a negotiated tv contract deal with the local Fox affiliate left a great deal to be desired as much of those funds were due to pay down debt inucrred by McCourt and associated business interests .

Seemingly , when I’ve asked how it is that Frank McCourt was simply allowed to violate league rules in using the ballclub as collateral in multiple business deals repeatedly . But yet somehow the league hierarchy under Bud Selig has simply kept silent on this issue . If anything this all now leaves this ballclub in a complete mess and there’s no way in hell that any potential free agent would seek to even show an interest in the Dodgers . Given the financial uncertainty of this team, who the hell would want to be playing in the hellhole of Los Angeles with the current regime in place ? What might be even more worrying is where this now leaves the future of the coaching staff under Don Mattingly and the potential free agents with the Dodgers at present ? This once proud franchise has no one but to blame but itself but I would also say that due diligence was certainly not used by Bud Selig and the owners when they gave their approval in the sale of the Dodgers to Frank McCourt. The owner came into the organization with a great deal of baggage that if anything should have been a precursor of the mess that would become a part of the Los Angeles Dodgers’ current debacle . Multiple litigant problems many of which McCourt was a plaintiff and some where he was a defendant but if anything the league hierarchy should have been fully cognizant of those issues .

I’m not so sure what the rest of the season holds for the Los Angeles Dodgers and at the same time what are the poor and disenfranchised fans to think about this mess ? I’m sure as such that they are no doubt being very vocal and vehemently against Frank McCourt still being in control as the owner of this team . Furthermore , I can’t help but wonder what the future now holds for the players not only on the team but also for the prospects and farm system of the organization as a whole ! Baseball has simply been a mess not solely because of the financial ramifications that has befallen the teams in large part but also because of the idiocy shown by the league hierarchy and the intransigence of the MLBPA .

I’ve long maintained that Bud Selig has been a poor commissioner for baseball and about as out of touch as to the acute problems that the sport now faces ! It’s no use living in the past without having learned nothing from those events and herein lies another of the many problems that the game faces , it is that nothing at all has been learned by the owners the union (MLBPA ) or the league hierarchy itself as they merely seek to carry on business as usual . If there are any potential suitors for the Los Angeles Dodgers it will be very interesting to see what sort of value is placed on the organization and whether or not that suitor would indeed be willing to pay the price being asked as to the potential value of this team .

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What thoughts if any do you have concerning the plight of the Los Angeles Dodgers ? And where would you apportion blame for much of the fallout for this monumental financial disaster that has now encircled the ballclub ? Simply chime with a thought on this topic and anything else you feel pertinent to the subject matter broached in this piece .

Alan aka tophatal …….. https://tophatal.wordpress.com

Picture and slide show for your perusal .

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(1) Los Angeles Dodgers’ Trent Oeltjen smiles at some Dodgers fans late in the baseball game against the Minnesota Twins Monday, June 27, 2011 in Minneapolis. Oeltien was 4-for-4 with two singles, a triple and a home run in the Dodgers’ 15-0 win. AP Photo/Jim Mone …..

(2) MINNEAPOLIS, MN – JUNE 27: Tony Gwynn (10) of the Los Angeles Dodgers singles against the Minnesota Twins in the first inning on June 27, 2011 at Target Field in Minneapolis, Minnesota. The Dodgers defeated the Twins 15-0. Photo by Hannah Foslien/Getty Images …….

(3) Alexi Casilla (12) of the Minnesota Twins is out at home as A.J. Ellis (17) of the Los Angeles Dodgers defends home plate in the sixth inning on June 27, 2011 at Target Field in Minneapolis, Minnesota. The Dodgers defeated the Twins 15-0. Photo by Hannah Foslien/Getty Images …………

(4) MINNEAPOLIS, MN – JUNE 27: Ned Colletti, General Manager of the Los Angeles Dodgers watches batting practice before the game against the Minnesota Twins on June 27, 2011 at Target Field in Minneapolis, Minnesota. Photo by Hannah Foslien/Getty Images ……

(5) LOS ANGELES, CA – FILE: Los Angeles Dodgers owner Frank McCourt speaks at a news conference at Dodger Stadium prior to a game between the St. Louis Cardinals and Los Angeles Dodgers on April 14, 2011 in Los Angeles, California. It was reported that the Dodgers have filed for bankruptcy protection in a Delaware court June 27, 2011. Photo by Kevork Djansezian/Getty Images ……

(6) Bud Selig commissioner of MLB , whose tenure as the game’s highest ranking official has been steeped in a great deal of controversy . In the last twenty four months three major league teams have had to file for bankruptcy protection under the commissioner’s watch but he and the league hierarchy have done little to try and rein in the financial mismanagement that now seems rampant not just amongst the teams but also at MLB’s headquarters . AP Photo / Carl Nash …….

(7) Dodgers’ manager Don Mattingly (L) and general manager Ned Colletti of the Los Angeles Dodgers attend a press conference announcing that Mattingly will manage the Dodgers in 2011 after Joe Torre retires at Dodger Stadium on September 17, 2010 in Los Angeles, California. Getty Images North America / Lisa Blumenfeld ….
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Finally An Act of Rationale By MLB And In Particular Bud Selig Who Shows That He Might Indeed Have A Backbone

Finally An Act of Rationale By MLB And In Particular Bud Selig Who Shows That He Might Indeed Have A Backbone

I’ve read with a great deal of glee where the MLB —- hierarchy has now chosen to intervene and take over the day to day running of the operations of the Los Angeles Dodgers and not a moment too soon ! Given the financial situation of the organization and wherein the league hierarchy under MLB Commissioner Bud Selig has sat idly by as Frank McCourt has brought the organization to the brink of bankruptcy . In the last eighteen months two major ballclubs have been placed within the bankruptcy in order that they may have a stay from their creditors while being able to reorganize themselves . First off were the Chicago Cubs whose previous owner billionaire commercial real estate developer Sam Zell placed the team into bankruptcy protection in order to stave off creditors of the Cubs’ parent company (The Tribune Group) at the time going after the team to make the debt payments due. And while this maneuver worked it did cause and cost the company financially a great deal of bad PR that it could have well done without. But what might be even more gave glaring, it gave further credence as to the fact how dire the financial situation was for a number of teams around Major League Baseball .

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Courtesy of MLB.com

Selig to Appoint a rep to oversee Dodgers

By Ken Gurnick , MLB.com

LOS ANGELES — Major League Baseball has taken over operations of the Los Angeles Dodgers, Commissioner Bud Selig announced Wednesday.

“Pursuant to my authority as Commissioner, I informed Los Angeles Dodgers owner Frank McCourt today that I will appoint a representative to oversee all aspects of the business and the day-to-day operations of the Club,” Selig said in a statement.

“I have taken this action because of my deep concerns regarding the finances and operations of the Dodgers and to protect the best interests of the Club, its great fans and all of Major League Baseball. My office will continue its thorough investigation into the operations and finances of the Dodgers and related entities during the period of Mr. McCourt’s ownership. I will announce the name of my representative in the next several days.

“The Dodgers have been one of the most prestigious franchises in all of sports, and we owe it to their legion of loyal fans to ensure that this club is being operated properly now and will be guided appropriately in the future.”

McCourt issued a brief statement late Wednesday night that read: “Major League Baseball sets strict financial guidelines which all 30 teams must follow. The Dodgers are in compliance with these guidelines. On this basis, it is hard to understand the Commissioner’s action today.”

In an e-mail message sent to Dodgers employees on Wednesday, McCourt said, “In light of the Commissioner’s announcement today, I ask that you please continue to conduct business as usual with our complete dedication to the game and our loyal fans. Each of you has represented this organization with class, and while this is no doubt a challenging time for all of us, I truly appreciate your efforts.”

McCourt, owner and chairman of the Dodgers, bought the club from News Corp. on Jan. 29, 2004, and the club reached the postseason in four of his seven seasons as owner.

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If one of most renowned teams in baseball has to be forced into bankruptcy through the financial mismanagement of its parent company then what must that forebear for other organizations around the league at the time ? Given the Cubs’ history and perceived financial resources as it was believed to be , this was nothing more than a shot across the bow of the teams who faced much starker situations but who’ve yet to make it known to the public. I’ve heard it said that the hierarchy of the league wouldn’t be prepared to contract teams but that it is utter stupidity by anyone who believes that it can’t , or won’t happen. If it is the league’s wish then it will happen especially in the light of the economic uncertainty and the whole financial mismanagement of teams around the league at present. With the Cubs having been reorganized whilst in bankruptcy protection it was bought by Tom Ricketts and his family (founders of online stock trading company TD Ameritrade) for an unprecedented $ 850 million . Paring down costs to an extent while still trying to remain competitive has been of the highest order for the Ricketts as they seek to make the Chicago Cubs relevant again within the league .

The second such team , with which bankruptcy was forced upon them, were the Texas Rangers who at the time were jointly owned by Texas multi millionaires Tom Hicks and Ken Gillette . Their combined worth an estimated $2.5 billion but somehow they couldn’t make this organization a viable going concern , from a financial or competitive standpoint but yet somehow through their idiocy they managed to offer Alex Rodriguez what was at the time the richest contract in professional sports , a ten year $250 million contract . Rodriguez barely lasted three years with the organization although he managed to win AL MVP award with the Rangers . I can only surmise that Scott Boras as A Rod’s agent at the time , proved what most people may well have known , that in the state of Texas not only are the businessmen dumb but they lack real business acumen also ! Once again through financial mismanagement by an ownership group another team was brought to near extinction and each time MLB Commissioner Bud Selig sat idly by . Having been forced into bankruptcy for failing to meet their financial obligations the team was bought by consortium led by Nolan Ryan and former Rangers’ executive Chuck Greenbeg . A much needed change in fortune has taken place for the Rangers both financially and competitively on and off the field of play but it doesn’t change the fact that the game’s hierarchy and team owners have been less than truthful as to their overall financial plight .

It’s becoming increasingly clear for all who care to take notice that the game isn’t as financially sound as Selig makes it out to be , nor are the owners being financially prudent and fiscally responsible. It’s not just about the economics of the game or the fact of the now overall plight of the economy at but all but the lack of financial oversight and sound business practices that is taking place in almost every aspect of the game. The GM’s around the league have become opulent and ostentatious and it would appear that the owners alike choose not to pare down their expenses but if anything in number of cases pass on those costs to fans through higher priced tickets and in the prices that they pay for concessions and memorabilia . Well now that fans in large part are refusing to meet those demands , it is now becoming clear that the owners and in particular the league hierarchy have seen the light . Unfortunately that doesn’t appear to be the case for Frank McCourt and the Los Angeles Dodgers’ front office who’ve amassed a debt now close to $1.3 billion collectively and who this past month borrowed in excess of $30 million from the local Fox tv station affiliate in Los Angeles to meet the team’s budgetary expenses for the month. Need one ask what would have happened had the MLB hierarchy chosen not to intervene and bring some sanity back within that organization ? Because clearly the likes of McCourt , GM Ned Colletti and Tommy LaSorda have lost their frigging minds if they think that they can continue to exist in such a way while trying to play down their financial plight !

And although it has been reported that McCourt will seek legal action in US Federal Court to stop the league from intervening and taking over the day to day running of the Los Angeles Dodgers I think that given his recent lack of success in the courtroom and the the financial maelstrom that he has brought within the organization , I find it hard to believe that any presiding judge hearing hearing this case would in fact choose to side with the plaintiff ! If anything the judge might be more likely to side with the defendant in the case given the severe financial problems that McCourt and his fellow executives have placed the organization in.

Now while all of this plays out as a comedic and public spectacle there are also calls for the O’Malley family to once again assume control of the Los Angeles Dodgers . As the previous owners of the ballclub I certainly don’t think that they would want to re-enter the fray of owning the organization once again, on any level, be it for the long term , or short term merely as a custodian ! If anything this situation is best left in the hands of Selig , the hierarchy under his authority . If anything it’d open up his eyes and that of the owners now knowing as such that they could be on the hook for the organization’s debt and mismanagement . One thing I do know, it’s highly unlikely that the Dodgers’ creditors would be liable to write off the vast majority of that cumulative debt as it presently stands as they too have a fiduciary responsibility to their shareholders and board members . Obviously that’s something that McCourt and his fellow executives didn’t take into account in terms of their own fiduciary responsibilities as it relates to their own consortium of partners in the Dodgers’ ownership. Living big and spending big doesn’t guarantee success if you simply don’t know what the hell you’re doing to begin with !

It’s certainly funny that given the Dodgers’ plight and that of the New York Mets who have their own vast problems from a financial and competitive standpoint but this might be one of the rare times that Bud Selig has chosen to show publicly that he indeed has a backbone ! God knows that this man has cowered his way under pressure and has acted oblivious to many of the problems that he has either created within the game through lax oversight or showing his complete naivete’ ! One only has to look at his handling of the steroid issue and the fact that he was absolutely powerless because he chose to be confrontational not only with the MLBPA but also with the Congress and in particular with two of its most powerful legislative bodies in the House Government & Oversight Reform Committee as Senate Judiciary Committee . You piss off the hand that feeds you in terms of providing you with your sole reason to exist throught antitrust exemption , you often in the end tend to make even more enemies than you actually want or need . Something that not even Selig would now care to openly admit to at this juncture .

Courtesy of The New York Times

Madoff Profits Fueled Mets’ Empire, Lawsuit Says

By Alison Leigh Cowan & Richard Sandomir

A lawsuit brought by the trustee for the victims of Bernard L. Madoff’s multibillion-dollar Ponzi scheme contends that the owners of the Mets used the profits from their years of investing with Mr. Madoff to enhance their personal fortunes, enrich a number of family trusts and financially fuel their array of businesses — all in the face of repeated warnings that Mr. Madoff’s investment firm might have been a fraud.

The lawsuit, unsealed in federal bankruptcy court in Manhattan on Friday, says the owners, Fred Wilpon and Saul Katz , their families and their businesses “made so much easy money from Madoff for so long” that despite the many warnings — from within their own inner circle, and by other investors and financial institutions — they “chose to simply look the other way.”

“There are thousands of victims of Madoff’s massive fraud,” the lawsuit states. “But Saul Katz is not one of them. Neither is Fred Wilpon.”

Since Mr. Madoff’s arrest in December 2008, Mr. Wilpon has portrayed himself as a victim of the fraud, one he conceded was carried out by a man who had been his friend for many years. On Friday, in a personal statement and through their lawyers, Mr. Wilpon and Mr. Katz decried the trustee’s legal assault.

“The trustee’s lawsuit is an outrageous ‘strong arm’ effort to try to force a settlement by threatening to ruin our reputations and businesses, which we have built for over 50 years,” Mr. Wilpon and Mr. Katz said.

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If ever there was a cautionary tale to be learned as to the world of sports and how the excess of greed can turn a once beloved spectacle into a crevasse of bungling ineptitude then Major League Baseball would be it. From the cheating , lying and bungling ineptitude of the owners , players , union and the hierarchy itself and their overall unwillingness to act in a proactive manner whenever there is a real problem within their midst. Instead they each tend to act as if there’s nothing wrong at all , until it’s all too late and by then the damage done tend to be irreparable . And when I say damage done it’s not only to the game in terms of its competitiveness , financial stability but also to its very own image and the fact that the vast majority of the fans can and do no longer trust what the game says it stands for or the very people who are entrusted to oversee and maintain its very existence and livelihood .

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Picture gallery for your perusal .

Do you feel that the intervention now undertaken by Bud Selig and the league hierarchy will ensure the Los Angeles Dodgers’ long term existence and livelihood. Or do you feel that the Dodgers ought to have been left to their own devices and let them sink or swim dependent upon what they chose to do in order to survive ? And do you believe that in the long term contraction within the game will become more likely in light of the financial problems that are now coming to light concerning a number of teams within the game of baseball ? Simply leave a comment as to your thoughts on the matter and as usual thanks for the continued support .

Alan aka tophatal ……………………

https://tophatal.wordpress.com

Picture and slide show details below .

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(1) MLB commissioner Bud Selig (left) watches the 81st MLB All-Star Game at Angel Stadium of Anaheim on July 13, 2010 in Anaheim, California. Getty Images North America / Michael Buckner ……

(2) Los Angeles Dodgers owner Frank McCourt (R) greets Don Newcombe, former Brooklyn Dodgers teammate of Jackie Robinson, before the game with the St. Louis Cardinals as Major League Baseball celebrates Jackie Robinson Day on April 15, 2011 at Dodger Stadium in Los Angeles, California. Getty Images / Stephen Dunn ……..

(3) Cubs GM Jim Hendry (left) is seen here alongside team owner Tom Ricketts at the team’s headquarters at Wrigley Field , Chicago , Illinois , speaking to the convened press . AP Photo / Tom Scott ….

(4) Nolan Ryan team President & lead managing partner of the Texas Rangers is seen here with Chuck Greenberg a former executive with the Texas Rangers . Greenberg a respected sports attorney and agent abruptly left the Rangers’ organization earlier , this year. Dallas Morning News / Michael Ainsworth ……

(5) (L – R) Saul Katz, CEO of the Mets, Fred Wilpon, president of the Mets, GM Sandy Alderson and Jeff Wilpon, chief operating officer of the Mets pose for a photo during Alderson’s introduction as the general manager for the New York Mets on October 29, 2010 at Citi Field in the Flushing neighborhood of the Queens borough of New York City. Getty Images North America / Andrew Burton ……

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