To be a Mets blogger you obviously have to have a lot of passion for the Mets. But who knew over the last 2 years it’d be required of you to be Pre-Med and have a degree in finance?
Madoff lawsuit to be unsealed
Feb 3, 2011 By 1 Comment
It’s being reported that the lawyers for the Wilpons have issued a motion today saying they “agree the complaint should be unsealed immediately.”
This means that we should get a good idea exactly what is going on very soon, ESPN-NY even reporting possibly tomorrow.
A spokesman for Judge Burton Lifland of the U.S. Bankruptcy Court Southern District of Manhattan said the contents of the lawsuit could be released Friday. A hearing on the Mets objection had been scheduled for Feb. 9.
Stay tuned Mets fans, this could get very interesting in the next few days. This could lift a large burden off the Mets fans, or it could be just the train wreck everyone has been worried about.
NYT: Madoff involvement in Mets finances “pervasive”
Feb 2, 2011 By Leave a Comment
As people continue to dig this thing just keeps getting uglier. One thing we know for absolute certainty is that the Wilpons can not be believed at all, having already been caught in several non-truths. As the New York Times reports today, Bernie Madoffs involvement with the Mets finances was “pervasive.” This isn’t some snarky blogger ranting away, it’s the New York Times, and their prognosis does not paint a happy picture.
When the Mets negotiated their larger contracts with star players — complex deals with signing bonuses and performance incentives — they sometimes adopted the strategy of placing deferred money owed the players with Mr. Madoff’s investment firm. They would have to pay the player, but the owners of the club would be able to make money for themselves in the meantime. There never seemed to be much doubt about that,
Wow. It seems that Madoff was part of the Mets business plan. They basically said “Ok we have to play PlayerX 50 million over the next 10 years, lets give that cash to Ole’Bernie and let him do his ‘magic’ and he’ll return us $75 million and we will make money on that players salary, LOL, ROFLMAO, this high finance is easy peasy!”
If one name doesn’t jump out at you right now I am shocked. Does Bobby Bonilla ring any bells? A year ago we were all laughing about how Bobby Bo was back on the Mets salary books. Having deferred a large part of his salary, choosing to instead be paid $1.1 million yearly installments over the next 25 years. People had good fun with this, until people poppedu p with some dazzling numbers and showed that it wasn’t a bad move by the Wilpons and it actually made them money. I am starting to wonder if that is still true. Seems to me this is the exact type of thing that they apparently used Madoff Magic for. Taking that $30 million they would owe Bonilla and giving it to Madoff. Since they were basically guaranteed 15% returns, at the end of the 25 years the Mets would have virtually at least tripled that initial principle, in essence using a “loan” from Bonilla to make profits.
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Wilpons: Ponzi scheme escape artists
Jan 31, 2011 By 2 Comments
Like always when you start to dig around the Mets, things start to stink. An interesting article in the New York Times today outlines that the Madoff Ponzi Scheme may not have been the first illegal investing scheme that the Wilpons escaped with a profit.
Their survival of the previous scheme was so concerning that they settled out of court with the victims of the Samuel Israel III Bayou ponzi scheme.
But for the owners, Fred Wilpon and Saul Katz, it is not the first time they have had their names and personal fortunes roughed up in a Ponzi scheme. An investment firm started by the two men had to pay back nearly $13 million two years ago when a hedge fund run by the scion of a wealthy New Orleans family collapsed in what was then regarded as one of Wall Street’s more brazen frauds.
It seems the common thread in the two scandals is the fact that it’s felt the Wilpons at the least should have known something wasn’t right. It sure seems that they did considering they were able to withdraw their money just in time before the funds collapsed.
According to two lawyers involved in the case against the Mets, the trustee, Irving H. Picard, argued in a lawsuit filed in December that the history of Wilpon and Katz’s dealings with Madoff meant they knew or should have known it might be a scheme, and that, as a result, other victims were entitled to hundreds of millions of dollars above and beyond what Sterling Stamos might have made as profits. “Some of the legal principles adopted in Bayou are the same ones that the trustee is applying,” said Richard Kirby, the lead lawyer for the creditors committee in the Bayou case.
At the very least this is NOT looking good for the Wilpon family. Even if they are not criminally liable for any of their actions, it sure seems as though this trustee is after large sums of money from them. All the money aside this has already been a huge embarrassment for the family name and from the looks of it continue to get worse.
The Wilpons and Madoff had business dealings going back and forth for a long time. Madoffs wife was invested in several ventures by Wilpon owned companies. This tangle of investments will make it very hard to settle and is the reason many think the Madoff trustee could be targeting up to a billion dollars in a lawsuit directed at the Wilpons.
Let’s just hope that in this case the old saying of “where there is smoke there is fire” proves to be false.
Best reactions to Wilpons seeking partners
Jan 28, 2011 By Leave a Comment
A couple of the best Twitter reactions in the minutes following the Wilpons announcement that they would be seeking a “limited partner” to fill their cash coffers.
Our personal favorite goes to Mike Vacarro (@MikeVacc)
BA: Mets Prospect Rankings
Jan 27, 2011 By 2 Comments
Adam Rubin over at ESPN-NY posted a list published in Baseball America. No real big surprises, it falls out about how I would have expected it. Always interesting to see where F-Mart winds up on these lists. Such a shame the kid is made of glass.
Keep in mind obviously that Ike Davis and Josh Thole aren’t on this list, now playing everyday at first and behind the plate respectively.
1-Jenrry Mejia, RHP
2-Wilmer Flores, SS
3-Cesar Puello, OF
4-Matt Harvey, RHP
5-Kirk Nieuwenhuis, OF
6-Reese Havens, 2B
7-Lucas Duda, OF/1B
8-Fernando Martinez, OF
9-Aderlin Rodriguez, 3B
10-Brad Holt, RHP
11-Juan Urbina, LHP
12-Robert Carson, LHP
13-Jeurys Familia, RHP
14-Darrell Ceciliani, OF
15-Cory Vaughn, OF
16-Dillon Gee, RHP
17-Erik Goeddel, RHP
18-Steve Matz, LHP
19-Zach Lutz, 3B
20-Robbie Shields, SS
21-Brad Emaus, 2B/3B
22-Mark Cohoon, LHP
23-Matt den Dekker, OF
24-Armando Rodriguez, RHP
25-Jordany Valdespin, 2B/SS
26-Jefry Marte, 3B
27-Kyle Allen, RHP
28-Manny Alvarez, RHP
29-Blake Forsythe, C
30-Pedro Beato, RHP
31-Jim Fuller, LHP
Ike Davis on making room for Pujols
Jan 20, 2011 By Leave a Comment
Wont happen. Never. No way. Now that that’s understood this quote about Ike Davis brings the funnies. It shows why I really like Ike and think he has a good head on his shoulders.
Jeff Wilpon comments on payroll
Jan 20, 2011 By Leave a Comment
Adam Rubin is has reported a few quotes from Jeff Wilpon today on the Mets 2011 payroll. Jeff has been laying low since the hirings of Alderson and his braintrust and I think that was a good move. I just wish he would have continued with that strategy:
“I don’t think they realize the payrolll is up in the $145 [million] or better range,” Wilpon said about casual observers. “I don’t think people realize that. Unfortunately, we were somewhat hamstrung by what had happened before. Sandy [Alderson]‘s plan was to go and deal with it this year and make sure we have tremendous flexibility next year.”
Wilpon also applauded the front office’s performance this offseason.
“I think Sandy and his staff have put together the best team we can to get on the field, and now it’s time to get out there and prove that we’re better than people think,” Wilpon said.
This is exactly what angers me about the Wilpons by and large. They think we are idiots. They take us as fools. They really think we will hear that quote and go “Oh ok great – we have a big payroll so everything must be ok!” They fail to realize that the high payroll is due to contracts that we the fans lambasted the day they were offered.
So because they continued to employ a guy who was obviously in over his head, and because they have continued to refuse to pay over-slot for draft picks and thus limiting the farm production, we are supposed to just grin and bear it because the Mets are spending a lot of money?
From where I sit the fact that the Mets are paying $145 MILLION for this seasons paper thin roster should be embarrassing to the Wilpons and anyone associated with the albatross filled payroll. That’s like someone saying to their kids “Sorry, but we can’t buy any more groceries, but hey you don’t realize we bought this house for $600k when it was only worth $350k.” Give me a break.
With that said, I applaude the fact that Alderson has given the Wilpons the stark reality and gotten them to face the music as much as they can this year, thus freeing us up for the years beyond. I happen to agree with Jeff’s last statement and think a potentially over-achieving team would be a great change around here.
It’s Been Some Time…
Jan 19, 2011 By Leave a Comment
It’s been some time since I’ve been excited about a Mets roster move. However, Chris Young is someone that I feel could definitely help round out the Mets rotation. Yes, I know I will keep those fingers crossed that he is healthy but if he is this is a great move. We all know the Mets don’t have a lot of money regardless of what the Wilpon’s tell us. For the money available picking up a potential 2 or 3 starter could be huge for the Mets to tread water until Santana comes back.
Being on the west coast, I have seen him pitch a lot and he has shown when healthy that he can even have ace type stuff. Now I don’t think he is going to be the savior by any means but the name Young looks a lot better in the rotation then the name Perez. Here’s to hoping another former Padre pitcher doesn’t lose it in Queens.
Ollie Watch: In mid-season form
Jan 18, 2011 By Leave a Comment
Good old Oliver Perez. He is nothing if he isn’t consistent.
Ollie had himself a light night in the Mexican Winter League Semi-Finals. He was pulled trailing 3-2 after 2 innings giving up three hits, three walks, three earned runs, a home run, a wild pitch and 3 K’s. How about Big Game Ollie?
Best I can find has Ollie so far in the Winter League giving up 32 walks in 39.5 innings, which has helped him to a 5.22 ERA.
Word is that instead of an extra pitch of overall refinement, he has developed 3 new facial hair styles and reports he’s ready for the team picture!
