Baseball for the Thinking Fan

Login | Register | Feedback

btf_logo
You are here > Home > Baseball Newsstand > Baseball Primer Newsblog > Discussion
Baseball Primer Newsblog
— The Best News Links from the Baseball Newsstand

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 10:22 PM | 17 comment(s) Login to Bookmark
  Tags: mets

Reader Comments and Retorts

Go to end of page

Statements posted here are those of our readers and do not represent the BaseballThinkFactory. Names are provided by the poster and are not verified. We ask that posters follow our submission policy. Please report any inappropriate comments.

   1. bobm Posted: February 13, 2013 at 10:58 PM (#4369252)
Objects in mirror are closer than they appear.
   2. Bruce Markusen Posted: February 13, 2013 at 11:18 PM (#4369270)
It's all good.
   3. Canker Soriano Posted: February 13, 2013 at 11:21 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 B. Posted: February 13, 2013 at 11:26 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 01:34 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 03:03 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 10:08 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 10:23 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 10:24 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 10:25 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 03:02 PM (#4369701)
We're never getting rid of these clowns, are we...Sigh...
   12. Nasty Nate Posted: February 14, 2013 at 03:20 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 03:43 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 03:43 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. Swedish Chef Posted: February 14, 2013 at 03:47 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 03:58 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 04:39 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.

You must be Registered and Logged In to post comments.

 

 

<< Back to main

BBTF Partner

Support BBTF

donate

Thanks to
Mike Emeigh
for his generous support.

Bookmarks

You must be logged in to view your Bookmarks.

Hot Topics

NewsblogLa Russa: Asterisk for tainted stars
(7 - 9:53am, Jul 25)
Last: John Northey

NewsblogNoble: Tom Seaver expects Derek Jeter to become first unanimous Hall of Fame inductee
(58 - 9:51am, Jul 25)
Last: BDC

NewsblogOTP - July 2014: Republicans Lose To Democrats For Sixth Straight Year In Congressional Baseball Game
(3041 - 9:51am, Jul 25)
Last: Bitter Mouse

NewsblogCSN: Enough is enough — time to move on from Ryan Howard
(84 - 9:50am, Jul 25)
Last: BDC

NewsblogSurprising Sports Stars – Guided by Voices’ Robert Pollard
(11 - 9:48am, Jul 25)
Last: Dock Ellis on Acid

NewsblogOT: Monthly NBA Thread- July 2014
(918 - 9:46am, Jul 25)
Last: AROM

NewsblogThe Inventor of the High Five
(15 - 9:33am, Jul 25)
Last: Gary Truth Serum

NewsblogPrimer Dugout (and link of the day) 7-25-2014
(4 - 9:15am, Jul 25)
Last: Harveys Wallbangers

NewsblogGoldman: Eliminating the shift a bandage for a phantom wound
(35 - 9:05am, Jul 25)
Last: bobm

NewsblogOT: The Soccer Thread July, 2014
(384 - 9:02am, Jul 25)
Last: Shooty Survived the Shutdown of '14!

NewsblogBucs Dugout: Manel: Pirates getting creative with defensive shifts
(9 - 9:00am, Jul 25)
Last: bobm

NewsblogYadier Molina serves his brother crackers on a plate — home plate
(46 - 8:47am, Jul 25)
Last: zonk

NewsblogFivethirtyeight: Billion-Dollar Billy Beane
(22 - 8:23am, Jul 25)
Last: snapper (history's 42nd greatest monster)

NewsblogAs shifts suppress offense, time has come to consider a rule change
(90 - 5:07am, Jul 25)
Last: Sunday silence

NewsblogTwitter / Ken_Rosenthal: Mariners announce acquisition of Kendrys Morales for RHP Stephen Pryor.
(16 - 3:37am, Jul 25)
Last: Jeff Francoeur's OPS

Page rendered in 0.2711 seconds
52 querie(s) executed