From the desk of: Head-Butting Mr. Met
The continuing mini-drama series: The Saul B. Katz Dilemma
NEW YORK METS: Has Flushing's Financial Phantom Menace Been Revealed?
It seems minority partner of the Mets; Saul B. Katz isn't so silent after all. He's a slick shot caller with selective hearing. He's our Financial Phantom Menace? Uncle Saul? If he's the Senator Palpatine of Roosevelt Avenue - Who knew? I guess we should be afraid; Be very afraid. He's been riding the company books like a Pale Horse as the Headless Hedge-Fund. The newest revelations against Bonnie, Clyde, Fred, Jeff, and Saul are damning. They will render making illegal contributions to the Nixon Campaign and cutting a check to Howie Spira look like acts of compassion.
Picard says the Wilpons are frauds. But he really gave a scathing account of Saul B. Katz' brass bullions and banking bravado. Basically he'd have us believe Saul is the Mets' Ambassador of Assets; The Trustee of T-Bills; The King of Credit; The Duke of Dollars; The Liege of Leverage; The Mongol of Money; The Prince of Principle; The Majesty of Margin: The Baron of Borrowing; The Mobster of Mullah; The Despot of Debt; The Jack of Junk Bonds; and the Emperor of Escrow.
Picard asserts that Saul disregarded warnings from the investment bankers saying Madoff wouldn't have passed their scrutinizing standards and should have recognized red flags. Meh... what would they know? But did we see this coming? Saul B. Katz was the real brains behind the curtain pulling levers the whole time. I new there was a reason Jeff was making him sound overly important. It turns out he was a stone-cold G-Money Player.
And therefore, Picard argues, the Mets were able to spend their illegitimate profits like drunken sailors on shore leave AND recover their principle like stolen art paintings in the night. That's having it both ways and he said it doesn't work like that.
The Mets were preparing themselves in case they had to fork over a $300 million dollar check as a settlement in the case against them. The Mets just absorbed a severe blow (don't make me laugh) having swallowed Luis Castillo's $6 million dollar salary and jettisoning Oliver Perez and his $12 million dollar price tag as well.. Sheesh! So what's another $700 million I ask? Peanuts I say.
That's right. Picard dripped out new alleged evidence and tacked on $700 million to the Wilpon's bill.
That brings the total Re-Po effort against the Wilpons to a cool ONE BILLION DOLLARS.
But the Wilpons say Picard is fabricating pure fiction.
Here's the problem. Mr. Wilpon hasn't exactly been totally upfront about...much. He's had to admit to a few things that leaked out (like MLB loans) and on other occasions they either bent or with-held the full extent of truth. So if the Mets are crying wolf this time by claiming FICTION, there's a chance we'll eventually stop responding. Many fans are there already. Mr.Wilpon is beginning to strain the most passive fan now.
How long is a man allowed to destroy his own enterprise, in a capitalist system, when so many people are attached and emotionally invested in the health and continuity of someone else's said enterprise? Theoretically in this country? - Forever....if there is money on hand to fund the futility I guess.
One Billion Dollars? Bad just got really worse for Mr. Wilpon. What now? If no one comes out when he cries wolf again...He's doomed. So for his own sake Mr. Wilpon's better be right this time when he presents his case.
Tune in next time! Same Saul Katz Time; Same Saul Katz Channel.