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Friday, October 30, 2020

Steve Cohen’s Mets purchase approved by MLB and de Blasio

Steve Cohen’s got the votes to become the Mets’ next owner.

The hedge-fund billionaire on Friday received the necessary 75 percent of the vote by MLB owners, completing his $2.4 billion transaction with Fred Wilpon and Saul Katz to become the team’s majority owner and control person. Shortly after that news came out, Mayor Bill de Blasio announced that New York City had “no objections.” And with that, the final two obstacles were cleared by the 64-year-old Cohen.

The Post had reported in recent days, de Blasio has been searching for legal loopholes that would block Cohen.

“The New York City Law Department has completed its legal review of the proposed sale of the Mets,” de Blasio said in a statement. “New York City does not object to the sale, and the Mets may proceed with the transaction.”

Cohen said in his own statement that he would donate $17.5 million to City programs, increase the giving of the Mets Foundation and restore the salaries of employees who had their wages cut early in the pandemic.

 

RoyalsRetro (AG#1F) Posted: October 30, 2020 at 03:02 PM | 26 comment(s) Login to Bookmark
  Tags: mets, steve cohen

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   1. RoyalsRetro (AG#1F) Posted: October 30, 2020 at 03:25 PM (#5986708)
@NYPost_Mets
Noah Syndergaard tells The Post: “All I plead is that the new owner treats players and personnel in the organization like people and less like expendable commodities. That being said, I couldn’t be more excited having the real life Bobby Axelrod leading the charge.”


Isn't Axelrod the bad guy who treats people like expendable commodities?
   2. asinwreck Posted: October 30, 2020 at 03:43 PM (#5986713)
If the Mets so desire, they can hire a lot of scouts, analysts, player development staff, and whomever they think can give them a competitive advantage. A banner market for buyers given all the layoffs around baseball.
   3. RoyalsRetro (AG#1F) Posted: October 30, 2020 at 03:50 PM (#5986716)
LOL

@StevePhillipsGM

Where there is a crisis, there is an opportunity. The Mets could package JD Davis, Rosario and Dom Smith for Lindor and then sign him. Sign Springer, Realmuto and Bauer. And instantly become a contender. #Mets
   4. Adam Starblind Posted: October 30, 2020 at 04:12 PM (#5986720)
[3] Phillips would have thrown in McNeil for Lindor too. I call it The Full Baerga.
   5. Pasta-diving Jeter (jmac66) Posted: October 30, 2020 at 04:48 PM (#5986722)
he's already announced he's going to return all Mets employees to full pay as of Nov 1
   6. snapper (history's 42nd greatest monster) Posted: October 30, 2020 at 09:14 PM (#5986752)
Meet the new crook, richer than the old crook.
   7. Never Give an Inge (Dave) Posted: October 31, 2020 at 12:50 AM (#5986786)

Cohen said in his own statement that he would donate $17.5 million to City programs, increase the giving of the Mets Foundation and restore the salaries of employees who had their wages cut early in the pandemic.

Sounds like de Blasio, for all the criticism he received over his "review" of the sale, got what he wanted here.
   8. Never Give an Inge (Dave) Posted: October 31, 2020 at 12:52 AM (#5986788)

Meet the new crook, richer than the old crook.

If your team is going to be owned by crooks, I guess you'd rather it be the ones who got rich doing so, rather than the ones who almost went bankrupt.
   9. snapper (history's 42nd greatest monster) Posted: October 31, 2020 at 12:24 PM (#5986810)
If your team is going to be owned by crooks, I guess you'd rather it be the ones who got rich doing so, rather than the ones who almost went bankrupt.

Definitely. I was being both truthful and cynical. Most (all?) billionaires are crooks; might as well have a smart one.
   10. depletion Posted: October 31, 2020 at 03:39 PM (#5986835)
Are the Wilpons crooks? Is Warren Buffett a crook? I personally don't assign moral value, neither positive nor negative, to a person based on their income. How many of us want every transaction or statement we ever made opened up to public scrutiny? Not me.
   11. McCoy Posted: October 31, 2020 at 03:44 PM (#5986837)
Wilpons were in over their head on the Madoff Ponzi scheme.
   12. depletion Posted: October 31, 2020 at 03:47 PM (#5986838)
It's a lot of fun to vicariously spend other people's money, so I'm going to go out on a limb (with pruning saw in hand) and predict Mr. Cohen does acquire one or both of Bauer and Realmuto for next season. One of the collector car sites I frequent made this observation about very rich people buying only perfectly restored cars, never ones with needs: "You can always make more money, but you can't make more time". Meaning Steve won't want to wait until he's 75 to see the Mets in the World Series.
   13. depletion Posted: October 31, 2020 at 03:51 PM (#5986841)
McCoy: That is true. They, Brandeis University, and a lot of other parties got badly burned. I don't think you're implying that being badly fooled makes them crooks.
   14. Howie Menckel Posted: October 31, 2020 at 04:05 PM (#5986843)
anyone who thought that anything was "guaranteed money" should have their college degrees taken away - or in one case above, have their college taken away.
   15. depletion Posted: October 31, 2020 at 04:12 PM (#5986846)
Howie, go ask the major banks that bought into Long Term Capital Management. Although they didn't steal the money as much as flushed it down the toilet.
   16. Never Give an Inge (Dave) Posted: October 31, 2020 at 05:10 PM (#5986850)

My understanding is that some people who invested in Madoff did so thinking that his fund was front-running client orders in his broker-dealer business and that's why his returns were so good. I don't know whether the Wilpons were in that category, but I'd say that group were trying to be crooks, but got scammed by the crook instead.
   17. Howie Menckel Posted: October 31, 2020 at 05:24 PM (#5986852)
there are only two buckets of Madoff investors - accessories and fools.
   18. Russlan thinks deGrom is da bomb Posted: November 01, 2020 at 04:11 PM (#5986954)
The Mets could be an interesting team in the next few years with the right additions. There's a nice collection of position players right now: Alonzo, Smith, Conforto, McNeil, JD Davis, Cano, and Nimmo are guy who I expect to hit next year. Angel Gimenez, Guillorme, and Rosario have showed promise. This team does need to figure out centerfield but it is a nice collection of mostly young hitters.

deGrom is a stud and Peterson had a nice season last year but the rotation could use another 1-2 starters. Noah will be back at some point next season but this team needs a few starters.

You never know with the bullpen but it was bad last year.
   19. snapper (history's 42nd greatest monster) Posted: November 01, 2020 at 04:40 PM (#5986957)
My understanding is that some people who invested in Madoff did so thinking that his fund was front-running client orders in his broker-dealer business and that's why his returns were so good. I don't know whether the Wilpons were in that category, but I'd say that group were trying to be crooks, but got scammed by the crook instead.

This is my understanding of the Wilpon's situation. They thought they were on the inside of the con, while they were really the marks.

Are the Wilpons crooks? Is Warren Buffett a crook?

See above on Wilpons. I'm sure Buffett has engaged in insider trading on a massive scale. All the big hedge funds do. Why do you think big, powerful investors do so well? Their power gets them access to info and opportunities no one else gets.
   20. Ron J Posted: November 01, 2020 at 04:42 PM (#5986958)
#15 Long Term Capital Management was a case of legitimately smart people thinking they figured it all out. No fraud involved. And the main players cost their investors a crapton of money next time around too.

Madoff though.... A lot of smart investors thought he was somehow leveraging insider information. And were fine with profiting from this.
   21. snapper (history's 42nd greatest monster) Posted: November 01, 2020 at 04:48 PM (#5986960)
#15 Long Term Capital Management was a case of legitimately smart people thinking they figured it all out. No fraud involved. And the main players cost their investors a crapton of money next time around too.

Yes, as I recall they thought they had their trades perfectly hedged, but in reality what they were doing is selling flood insurance. They had a huge exposure to some unlikely events, but when they happened, it blew up.

Show you, even Myron Scholes and Robert Merton aren't as smart as they thought they were.
   22. Never Give an Inge (Dave) Posted: November 02, 2020 at 10:41 AM (#5987010)

It's been a long time since I read the book about Long Term Capital Management ("When Genius Failed"), but from what I remember that's basically correct. And they compounded the problem by taking insane amounts of leverage. When the Asian financial crisis hit in 1997-98, they got margin calls or their financing got pulled, and their assets were much less liquid than they had thought.
   23. Adam Starblind Posted: November 02, 2020 at 10:58 AM (#5987013)
My understanding is that some people who invested in Madoff did so thinking that his fund was front-running client orders in his broker-dealer business and that's why his returns were so good. I don't know whether the Wilpons were in that category, but I'd say that group were trying to be crooks, but got scammed by the crook instead.


I seem to recall that that the evidence in the civil case against the Wilpons included a note pad with the handwritten words "Ponzi insurance?" There may have been other evidence that they were at least suspicious that this was more than front running, but I don't remember. They were not innocents.
   24. Adam Starblind Posted: November 02, 2020 at 10:59 AM (#5987014)
See above on Wilpons. I'm sure Buffett has engaged in insider trading on a massive scale. All the big hedge funds do. Why do you think big, powerful investors do so well? Their power gets them access to info and opportunities no one else gets.


Do you have any evidence for this felony accusation?
   25. depletion Posted: November 02, 2020 at 01:36 PM (#5987038)
As I recall from one of the books about LTCM, after a year or two of operation, other dealers were starting to pick up on their method. They were dealing billions and their moves were decyphered. Once others had picked up on it, it became harder to deliver the outstanding performance they were expected to deliver. They doubled down on their last fatal bet, even when it was evident that it was not a good move. Once the boulder started rolling down hill, their assets quickly became worthless as everyone in the business was just waiting for the bankruptcy sale.
   26. gehrig97 Posted: November 02, 2020 at 05:58 PM (#5987076)
As long as he doesn't touch the TV booth, have at it. They're the most entertaining in the business.

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