Jose Contreras Newsbeat
Monday, December 15, 2014
Over the course of several years, first when Collar and Fernandez were at Merrill Lynch, and then when they opened their own firm, Quantum Family Office Group, in 2005, Posada gave the two money men absolute control over his finances.
Posada and his wife Laura are suing Collar and Fernandez and their Quantum Ventures, LLC over what they believe was a blatant and negligent mismanagement of funds that resulted in nearly $11.2 million in losses for the former catcher, according to a complaint filed in Miami-Dade county that was obtained by VICE Sports.
Posada is not the only player claiming to have been duped by Collar and Fernandez. In a separate lawsuit, former Yankees, Chicago White Sox, and Philadelphia Phillies pitcher Jose Contreras has made a similar claim of fraud. In total, Contreras’s attorneys claim the pitcher lost nearly $2.4 million through Quantum’s investments, according to a complaint also filed in a Miami-Dade county court, which was obtained by VICE Sports. (Curiously, Contreras’s complaint says he is 40 years old, even though his baseball bio has always listed him as having been born on December 6, 1971—a difference of three years.)....
Both players claim they were unaware of any alleged wrongdoings and say that they never authorized the type of risky investments made by Collar and Fernandez. In both situations, Collar and Fernandez received all of the player’s mail, filed their tax returns, wrote checks for them, and were given the authority to make whatever investments they wanted with Posada and Contreras’s money.
Monday, July 14, 2014
Mr. Burns, I think we can trust the President of Cuba.
Eventually, the players who leave the island establish residency in another country and are declared free agents. Workouts are scheduled, sometimes attracting 200 scouts and executives if the player is a big enough star.
Sometimes, a player may work out for a specific team, as Abreu did for the Reds when they wanted to see if he could play third base or left field (he couldn’t, at least not to their satisfaction, and with Joey Votto set at first base, they reluctantly dropped out of the bidding).
Eventually, a player signs pending a physical exam, which can be something of an adventure in itself. The Dodgers had to have someone drive Puig 1.5 hours across Mexico City to find an MRI machine. When the Reds recently signed pitcher Raisel Iglesias, scheduling the physical was almost a bigger obstacle than negotiating the contract.
“We were working on a tight deadline, and the kid couldn’t get a visa yet to come to the Dominican Republic or the U.S.,” Reds general manager Walt Jocketty explained. “We finally brought a doctor from the Dominican, and a Spanish-speaking doctor we work with in Cincinnati, to see the kid in Haiti. But then they had to find an MRI machine in Haiti.”
It all got done, and now the Reds will hope Iglesias does as well for them as Chapman has. He was nearly as expensive, costing the Reds $27 million for a seven-year contract, even though he wasn’t as highly touted as Chapman (who got $30.25 million for six years in January 2010).
The prices keep going up, which only makes the decisions tougher.
“The gut feel has to be there,” said Don Welke, a top Rangers scout who has been to many Cuban showcases and was involved in the signing of outfielder Leonys Martin. “It’s huge risk, huge reward. As it’s turned out recently, whoever has taken the risk has gotten the reward.
“But some scout had to stick his neck out for every one of these guys. And you’d better darn well be right, because your owner is asking you why you want to spend so much on a guy you only saw in two workouts.”
Posted: July 14, 2014 at 03:17 PM | 3 comment(s)
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