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David Einhorn Not The Only Hedge Fund Manager To Own A Piece Of A New York Pro-Baseball Team

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...if we're counting owning a team's parking lots and garages as owning a piece of the team and I think we are!

Hedge funds specializing in distressed debt are buying municipal bonds backed by parking lots and garages at the new Yankee Stadium, which face a payment default as soon as next year, according to two people familiar with the purchases. Monarch Alternative Capital LP and Davidson Kempner Capital Management LLC are among buyers of the debt, said the people, who asked not to be named because the investments are private. Holders could take over the garages, foreclose or force the operator into bankruptcy in a default, the people said.

Laugh if you will and I'm sure you're gonna but once they take over parking and start charging people $10,000 per spot/per game Monarch and Davidson will be well on their way to coming up with the scratch to buy out the Steinbrenner fam.

Hedge Funds Target Yankee Stadium Parking-Garage Muni Bonds Near Default [Bloomberg]