Sunday, May 29, 2011

Springtime For Wilpon In Citi Field: Larry Smith Weighs In On Mets Ownership

This past Thursday was a good day for Fred Wilpon and the Mets OFF the field but a bad day on the field.

The Mets define their in-season days as:
Good day -  Mets win while no Met players are hurt.
Fair day - Mets win while only one player gets hurt  OR Mets lose while no players get hurt.
Bad day - Mets lose and one or more players get hurt.

So Thursday was a bad day.


The good part happened earlier when David Einhorn agreed to pay $200 million for what's thought to be a minority (30% perhaps) share of the team with no say whatsoever in how the team is run.  What a great deal for the current Mets owners.

The only problem is that $200 million helps but might be just a drop in the bucket if trustee Irving Picard gets his way in court and the team is forced to pay upwards of $1 billion for its part in the Madoff Ponzi Scheme.

Fred has learned his lesson and swears he'll avoid future Ponzi schemes.  In fact he has found a new team of investment advisers: Max Bialystock and his quirky partner  Leo Bloom.

Wilpon wanted only to deal with an investment group with a proven track record.  We're not sure if Bialystock & Bloom has that kind of record but we hear that they do have some sort of record.

The plan that the advisors have come up with involves the Mets naming a new 30% minority partner every Thursday for the next nine weeks.  Combined with the cash infusion from Einhorn the Mets figure to add a cool $2 billion to the coffers.

Sounds foolproof, right?  What could go wrong?


All articles featured on The Apple are fictitious. No Mets were harmed in the writing of this story. Story by Larry Smith. Follow Larry on Twitter @dr4sight

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