As you may have heard, David Einhorn will be purchasing a minority stake in the New York Mets, for $200 million. DE held a conference call just now to discuss the investment and answer a few questions including but not limited to how he feels about the Mets’ financial situation/what his expectations are for stake, which was asked, conservatively, 15 times, and which he responded to each time by reiterating that this is a “personal” deal and he’s in it for the love of the game. Also: Continue reading »
baseball
Yesterday at the end of his Ira Sohn presentation (after telling Steve Ballmer to do the right thing and quit Microsoft), David Einhorn added “Go Mets!” with little grin on his face, like he had a secret…which apparently was that he just bought a minority stake in the team.
The New York Mets have agreed to sell less than 49 percent of the club for approximately $200 million to David Einhorn, president of Greenlight Capital Inc., sources close to the deal tell ESPN’s Karl Ravech. The sale will not include a stake in SNY, the television network owned by the Mets, the sources said.
This kid is probably pretty pleased with the news: Continue reading »
And it’s not Steve Cohen, i.e. Fred Wilpon just made the biggest mistake of his life. Continue reading »
As you may have heard, in the last month, Steve Cohen has emerged as the frontrunner for a minority stake in the New York Mets. Cohen’s partial ownership would undoubtedly please a great many people- the organization, which needs the money, the players, who need the discipline, the the SAC employees, who will take over the grill at the in-house Shake Shack when the burgers are deemed shit, and most of all, the fans, who stand to benefit the most from Steve’s leadership, as you don’t win rings without having a guy around who will light a fire under everyone’s ass. And yet, it sounds like none of that is gonna happen. Continue reading »
The last several years have not been the greatest in the life and times of Jim Cramer-endorsed investor Lenny K. Dykstra. The bumps are too numerous to mention in full but include: falling on money troubles so serious that he was no longer able to fly private, having his beloved mansion foreclosed on, leaving the place “pockmarked with torn up flooring, missing toilets and holes in the walls,” filing for Chapter 11 bankruptcy, living in his car, suing JPMorgan for “predatory lending practices,” dropping his suit against JPMorgan, invoking the ire of a hooker to whom he wrote a bad check, and being indicted on bankruptcy fraud and obstruction of justice charges. The latest setback, which could result in 80 years behind bars for LD, was pretty tough to take, as it will presumably make the timeline for his “comeback” a bit longer (although LD, bless his heart, says that not only is he “back” but that he’s worth hundreds of millions of dollars, at this moment in time). Rather than wallow in sadness, however, we decided to pull ourselves (and yourselves and LD) out of this emotional hole by celebrating the life of Nails. In portrait form. Continue reading »
Analysts: Mets Will Win The 2011 World Series If Steve Cohen Is Approved For A Minority Stake
By Bess Levin
As you may have heard, the New York Mets are going through a bit of a rough patch, on account of being screwed financially on their investment with Madoff Securities. They need money and they plan to get it by selling a minority stake in the team. Last month, Steve Cohen put in a bid and while other financiers might buy pro sports teams to fulfill some sort of childhood dream, SC is doing so because he believes the ball club is on the brink of greatness. Continue reading »
As you may have heard, the New York Mets are going through a bit of a rough patch, on account of being screwed financially on their investment with Madoff Securities. In January the organization announced it needed to sell a minority stake, to little success. Among the people who turned them down? Steve Cohen. Despite being a huge fan, who has a box at Citi field, Cohen was reportedly “adamant” that he wouldn’t shell out a dime without getting a say in the direction of the franchise. At the time, we told the Wilpons to not take the rejection as a hard no, as Steve is an ideas man and just wanted some level of assurance that if he was going to pony up the money, his voice would be heard. Now, suddenly, the hedge fund manager has “joined the bidding for a minority stake.” What changed? Continue reading »
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