Henry Winkler once said, “Assumptions are the termites of relationships.”1 In 2011, Bill Ackman assumed it was okay to talk to The New York Times about David Einhorn’s business and, like a homeowner forced to move out for three days while a pest control company sprays the place, he’s been forced to pay. Big time. Read more »
The Mets
Bill Ackman And David Einhorn’s Love Blossomed On A Subway Platform But Now They Might Not Even Give Up Their Seat If The Other One Was Pregnant
By Bess LevinConvicted fraudster Bernie Madoff was “desperately disappointed” that the owners of the Mets chose to settle the fraud lawsuit brought on behalf of victims of Madoff’s Ponzi scheme, CBS News reported Wednesday. “He wrote me last weekend that he was so looking forward to that trial,” said Diane Henriques, author of the book “Wizard of Lies” which detailed Madoff’s fraud. “He was hoping that the Mets’ defense would make the case he was making to me that they had no reason to doubt Madoff.” The trustee for Madoff’s victims, Irving Picard, was set to argue at trial that Mets owner Fred Wilpon, once a friend of Madoff and a longtime investor, was willfully blind and chose to ignore signs that Madoff was producing fraudulent returns. Henriques told CBS that in recent emails from prison Madoff blasted Picard, who was seeking more than $300 million at trial. “He calls Picard a fool, an amateur, says he doesn’t understand the market, says he never understood the market, that he’s just lost on Wall Street,” Henriques said. [NYP]
…because come next month there’ll (probably) be no “Mr. Cohen, can you help me with my swing” this or “Mr. Cohen, what are your thoughts on polyester uniforms” that. Read more »
Confidential To Bud Selig: Watch Your Mouth Or He’ll Buy The Whole Fucking National League
By Bess Levin
Steven Cohen may yet own the Los Angeles Dodgers. But he still hasn’t given up hope of buying a chunk of his favorite baseball team. The SAC Capital Advisors founder is expected to buy one of the 4% stakes in the New York Mets currently on offer. The Mets plan to sell 10 such stakes—although the team’s current owners plan to buy at least two of the slices—to raise $200 million in an effort to pay down the team’s huge debt, while simultaneously allowing Fred Wilpon and Saul Katz to maintain control of the team…Buying the Mets stake would not keep Cohen from buying the Dodgers—although if he wins the latter, he’d have to sell the Mets share. That could make him a very short-lived Mets owner, as Dodgers owner Frank McCourt is expected to pick his successor by April 1. [FINalternatives]
Einhorn Exercises The ‘Fuck This Shit I Am Out of Here’ Clause He Shrewdly Added Post-Mets’ Original Betrayal
By Bess LevinJust sayin: Read more »
The Mets deal is off. Read more »
At the end of May, it was announced that David Einhorn would pay $200 million for a 33 percent stake in the Mets. The deal appeared to be a win/win for both parties, Einhorn being a lifelong Mets (/Brewers) fan and the ball club’s finances getting to the point where they were considering passing around a collection plate during games. Seven weeks later a contract is yet to be signed, the sticking point seeming to be what percentage the Greenlight Capital founder will be able to increase his stake to, when, and for how much. While the negotiations remain open, people familiar with the matter stress that “Einhorn considers the deal on track” and for their part, The Mets said in a statement “We are in exclusive negotiations with David Einhorn and continue to have positive and productive discussions regarding David’s ongoing interest in an investment in the Mets.” Which is why it was interesting to hear that the management has been running around town with not one but three more potential suitors and then leaking it to the press in some sad sack attempt to get Einhorn to put a ring on it A-sap. Read more »
Just over a month ago, it was announced that David Einhorn would be acquiring a minority stake in the New York Mets. While thinking people (and people familiar with the matter) understand that these things take time, others have read into the “hold up,” wondering if deeper meaning is to be derived. While there’s no need to give credence to those raising questions, Major League Baseball Commissioner Bud Selig chose to do so today, telling people, “Fuck you. He played ball in my backyard. Fuck you.” Read more »
Questionable Sushi And A Handshake From Darryl Strawberry Not All That Await You At Duane Reade
By Bess Levin
You may have heard the disturbing news that bonuses this year are expecting to cause a lot of JO&C’ing at various desks across Wall Street. Here to help? Your friendly neighborhood Duane Reade, which last week announced its intent to convince financial services employees who work in the neighborhood to patronize the hell out of their shop. DR plans to lure you in with various bait (hairstyling services, a nail salon, a smoothie bar, beer growlers, a stock ticker, sushi) and by demonstrating that they’re in touch with what you’re going through. Take the less than ideal compensation situation. Duane gets it, which is why tomorrow, they’re going to award their favorite Wall Streeter a bonus out of their pocket, with no clawback provision.** Read more »
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