OT: Yeah, I know, the McCourts Again

Bud Selig has rejected Frank's proposal to have Fox front him $200M.

over 1 year ago BeerCub 10 comments 0 recs |

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Now...

… here’s one situation where a Bud Selig decision was actually the right one. What a mess that loan would have been.

The McCourts should just sell the Dodgers already.

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by Al Yellon on Feb 25, 2011 12:35 PM CST reply actions

I suspect they can't

I suspect they owe more on the Dodgers than what they’re worth. They’ve been using the team as a giant ATM machine.

The Boston Grifters are headed to bankruptcy and possible jail time once this all falls out. And with this move, Selig just gave them a shove out the door of their airplane.

This is good news for the Cubs, however, as a financially stable Dodger team would be a major contender to sign that first baseman from St. Louis.

by Josh Timmers on Feb 25, 2011 1:14 PM CST up reply actions

Seriously,

Can you sell what you don’t own? If half of the team is Jamie’s, would she have a say in it? I’m cool with them being in ‘financial purgatory’ mode for a few years.

by timh815 on Feb 25, 2011 1:46 PM CST up reply actions

Ownership is still an unanswered question

Right now, it’s supposed to be 50/50 between the two. But not even Jamie’s sure. Frank is readying yet another lawsuit that pursues a contract theory proving he owns the team. Given the debt the team has though, who would really want it? Let’s say the team is worth $600M. I don’t know the true value, but let’s assume. Because both McCourts are really broke, neither has the wherewithal to pay off the $430M that the team owed out of proceeds from a sale. So whoever buys the teamis really paying $1.3B. That’s steep. This is a simplified explanation,but it’s essentially the situation.

Actually, there are potential buyers who are quietly lining up. So far, Frank is absolutely adamant he’ll never sell and his sons will someday own the team. Selig nixing this Fox dealis one of the first steps towards getting the McCourts out of here.

"When they signed Fukudome, I knew they were trying to get me fired". - Ron Santo, January, 2008

by BeerCub on Feb 25, 2011 3:37 PM CST up reply actions

Boston Grifters?? I dont follow.... kindly explain

have McCourts done anything illegal? I know that their divorce is really ruining what should be very nice lives, but I’m not aware of any crimes. are they from Boston? sorry for not following.

ask not what the Cubs can do for you - ask what you can do for the Cubs.

by holy mackeral on Feb 25, 2011 1:51 PM CST reply actions

drats, I forgot to use the "reply button"

ask not what the Cubs can do for you - ask what you can do for the Cubs.

by holy mackeral on Feb 25, 2011 1:52 PM CST up reply actions

They are using very shady tactics

to avoid paying any taxes. (They’ve paid no income or capital gains taxes over the past several years. Why? Because despite owning the Dodgers and about six homes in the LA area, apparently they have no income. They live off multi-million dollar “loans” from the Dodgers.) They have created a “Dodgers Charity” that pays its top executive more per year than the charity actually gives out in charity—violating laws governing charities.

I would also be shocked if they were honest on all the loan applications they’ve made—or even in their application to buy the Dodgers. Considering that it came out in the divorce hearing that Frank had his lawyer alter a document after Jamie signed it to give him complete control of the Dodgers (“An honest mistake” Yeah, right.), honesty is not high on these people’s agenda.

They’re crooks. They have enough high-powered lawyers that will argue that all their crimes were just “mistakes” and with the way America is today. they’ll probably get away with it. But they’ve looted the Dodgers and Southern California like the Huns sacking Rome.

by Josh Timmers on Feb 25, 2011 3:25 PM CST up reply actions

The good news is...

… that in the end, they’ll wind up broke, all their $ gone to pay the divorce lawyers.

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by Al Yellon on Feb 25, 2011 3:58 PM CST up reply actions

I wish I could be so optimistic

But they’re likely right now sticking money in places where the bankruptcy attorneys can’t find or touch. They’ll lose control of the Dodgers and their Beverly Hills and Malibu mansions, but unless they end up in jail, they’ll likely have enough money to live on comfortably for the rest of their lives.

Look at Michael Milken. The guy committed fraud that helped cause one of the biggest financial disasters in American history. He used his stolen money to hire lawyers that plea bargained his 98 charges down to six. Then he used his money to get his ten year prison sentence knocked down to two. Now he’s worth $2 Billion and gets to partner with MLB for his (admittedly worthy) charity.

That’s America for you.

by Josh Timmers on Feb 25, 2011 4:54 PM CST up reply actions

wow. thanks for the update. I thought they were just screwballs, not crooks. sounds like both

Al is right, the McCourts are circulating their fortune throughout the economy by paying attorney’s fees. The attorneys are then able to pass that along to whatever expensive places they go to. As for the Dodgers, their story is sad, but their fans will survive. They still have those Dodger dogs

ask not what the Cubs can do for you - ask what you can do for the Cubs.

by holy mackeral on Feb 25, 2011 4:31 PM CST up reply actions