Tuesday, March 06, 2012

N.Y. Mets ~ Hey Mister, Got an Extra $83 Million?

From the desk of:   HEAD-BUTTING MR. MET

NEW YORK METS:  While the Wilpons Are Still Trying to Finalize PLAN-A, the Mets' Financial Situation Now Screams for PLAN-B.

There are many dualities in life.  In business, like on the African savanna, there's only two types of animals; the quick, and the dead.  Fred Wilpon's financial problems are now officially running away from him.  So you know what that makes him..., right?

Break out your abacus, for the dollar count has begun.  The Saul B. Katz Dilemma is on the hook for at least $83 million dollars.  Right off the bat, that wipes out Fred's, and Jeff's personal reinvestment into the team, not to mention SNY's own purchase of multiple $20 million dollar cupcakes the Wilpon's have been hawking.

I'm going based on a $250 million dollar figure.  But whatever cupcakes capital Fred was trying, and stated to have raised, perhaps a third of it just got gobbled up by Picard.  Burp!  So what the Wilpons are now actually left with is two thirds of what they thought they had.  Then factor in their outstanding loans they have to pay back, and throw in this season's $90 million dollar payroll, and the Wilpons are left with roughly one-eighth of the proceeds from their $20 million dollar cupcake drive.  After that, whoever is in line to fight over the one-eighth of Wilpon's remaining proceeds and gets hold of it..... POOF!  No more cupcake money.

The judge's decision to hold the Wilpons responsible for at least $83 million cancels any stimulus SNY's, Fred's, and Jeff's personal 401K loans to the team may have had.  And I'm positive they have more obligations than just the immediate ones I mentioned.  This financial left hook also now leaves Fred Wilpon in a lonely faith based situation.  As he and Jeff have already dipped into their own pockets to purchase shares, and with SNY now being put into the business of leveraging baseball teams, Fred is now solely reliant on outside investors; if not the ones he claims to have in hand, but also any future investors he may have to recruit.

Fred just might need to whip up another batch of those $20 million dollar cupcakes.  Because even though Fred might be clear of the greater $300 million plus number for now, this $83 million dollar hit will still take a heavy toll.  The math says so.  And such as their luck, The Mets continue to have even more problems than a math book.  Fred Wilpon hasn't even finalized all the deals on his cupcakes yet.  There are a few shares still pending.  The point is, Fred hasn't closed the deal on Plan A yet, and the situation now begs for Plan B.  This may all be starting to get way too fluid for him.  Fred's golf cart doesn't seem able to keep up.

Maybe Fred should try donuts.  Or better yet, Bagels.  I love bagels.

Quite obviously, we haven't even begun to speak of the money he's losing at the gate, as the real numbers are starting to trickle in.  Simply, the Mets' organization is hemorrhaging money and the proof and figures are public record now.  And worse, they don't have Bernie Madoff profits to offset things anymore.  And there's the rub, March 19th begins the process to see if Fred Wilpon was enabling a crook.


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