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Wednesday, February 13, 2013

Megdal: Wilpon puts Mets money woes ‘in the rear-view mirror,’ all evidence to the contrary

After years of crushing debt brought on by the evaporation of their holdings with Bernie Madoff, Wilpon took in the Florida sunshine, smiled, and announced to reporters that the team’s financial difficulties were over.

“It’s all in the rear-view mirror,” Wilpon said, after arriving at the team’s spring-training complex in Port St. Lucie.

“The family is in great shape,” he said. “The family really is in great shape. Sometimes luck is the residue of design.”

This would be great news for Mets fans, who have watched their team decline as the Wilpons’ problems ravaged the Mets’ payroll.

If it were true. Which publicly available evidence suggests it isn’t.

“It wasn’t, as people have written, the reason,” Wilpon said about bank debt. “It was a balance there, because we had to make sure the banks got paid off all of the debt. There’s no one in my family”—there’s the Katz family, the Wilpon family, kids—”[that now] has any personal bank debt. Zero. Everything has been paid. We don’t owe a dollar to anybody. We have mortgages on buildings and stuff like that, but we don’t owe a dollar.”

If that’s true, it all happened since the beginning of this week.

Repoz Posted: February 13, 2013 at 09:22 PM | 17 comment(s) Login to Bookmark
  Tags: mets

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   1. bobm Posted: February 13, 2013 at 09:58 PM (#4369252)
Objects in mirror are closer than they appear.
   2. Bruce Markusen Posted: February 13, 2013 at 10:18 PM (#4369270)
It's all good.
   3. Man o' Schwar Posted: February 13, 2013 at 10:21 PM (#4369272)
After years of crushing debt brought on by the evaporation of their holdings with Bernie Madoff, Wilpon took in the Florida sunshine, smiled, and announced to reporters that the team’s financial difficulties were over.

“It’s all in the rear-view mirror,” Wilpon said, after arriving at the team’s spring-training complex in Port St. Lucie.


"Have you ever heard of Amway?" he continued, pulling a sample case from under his chair. "These products are great, and if you like them, I could get you on as a salesman too..."
   4. Gonfalon Bubble Posted: February 13, 2013 at 10:26 PM (#4369273)
“The family really is in great shape. Sometimes luck is the residue of design.”

And other times, you snort the residue of design.
   5. Jim Wisinski Posted: February 14, 2013 at 12:34 AM (#4369309)
"What we failed to mention is that though we don't have any personal bank debts the mortgages on buildings and other debts are far higher than we can handle with our extremely limited personal funds so we will continue bleeding the Mets dry to pay everything else"
   6. Benji Posted: February 14, 2013 at 02:03 AM (#4369323)
This BS, coupled with doubletalk master Alderson telling Francessa "we can contend with our outfield" makes me dread this season more than I ever have, in 51 years of Met fandom. I'm going to e-mail Mark Cuban again and this time beg.
   7. Lassus Posted: February 14, 2013 at 09:08 AM (#4369390)
When everyone was calling the Wilpons dead and gone last year and the year before and probably the year before that, I stated and will still state again that people with that much money, that much property, that many friends, and that many business connections operate on a different level of what is considered "in trouble" than the rest of us.

Everyone can snark all they want, but I'm horrifically inclined to take this "nope, still here, and not really going anywhere" as pretty much true.
   8. bunyon Posted: February 14, 2013 at 09:23 AM (#4369399)
Sometimes luck is the residue of design.

So, you see, our family's financial collapse was completely by design.


I agree with Lassus. The rules are different for these folks.
   9. snapper (history's 42nd greatest monster) Posted: February 14, 2013 at 09:24 AM (#4369400)
When everyone was calling the Wilpons dead and gone last year and the year before and probably the year before that, I stated and will still state again that people with that much money, that much property, that many friends, and that many business connections operate on a different level of what is considered "in trouble" than the rest of us.

Everyone can snark all they want, but I'm horrifically inclined to take this "nope, still here, and not really going anywhere" as pretty much true.


It is appalling how our system rewards corrupt, incompetent businessmen. Crony capitalism is an ugly thing.
   10. HowardMegdal Posted: February 14, 2013 at 09:25 AM (#4369401)
Could be. The big tests are coming up in 2014-15 with debts due against team and SNY. The trustee's actions indicate he doesn't think they survive that double whammy. It will be interesting, that's for sure.
   11. There are no words... (Met Fan Charlie) Posted: February 14, 2013 at 02:02 PM (#4369701)
We're never getting rid of these clowns, are we...Sigh...
   12. Nasty Nate Posted: February 14, 2013 at 02:20 PM (#4369722)
Reading these Mets' ownership threads are a great salve whenever I get frustrated with my favorite teams' owners.
   13. Tom Nawrocki Posted: February 14, 2013 at 02:43 PM (#4369767)
“The family is in great shape,” he said. “The family really is in great shape."


I thhink what he's trying to say is that he took out a loan from the Mafia.
   14. Mark S. is bored Posted: February 14, 2013 at 02:43 PM (#4369768)
Could be. The big tests are coming up in 2014-15 with debts due against team and SNY. The trustee's actions indicate he doesn't think they survive that double whammy. It will be interesting, that's for sure.
The question isn't whether or not they can repay those debts. The question is whether or not they can refinance those debts.
   15.  Shoeless Swedish Chef Posted: February 14, 2013 at 02:47 PM (#4369773)
The family is doing great, a pity that there is no money left for the team.
   16. Nasty Nate Posted: February 14, 2013 at 02:58 PM (#4369792)
"The family is in great shape,” he said. “The family really is in great shape."

These spring training best-shape-of-his-career stories have really gotten out of control!
   17. HowardMegdal Posted: February 14, 2013 at 03:39 PM (#4369823)
The question isn't whether or not they can repay those debts. The question is whether or not they can refinance those debts.

Oh, absolutely, though the resulting debt service could continue to serve as major problem. How much would depend on how they refinance.

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