Own the Mets for One Dollar
Written by Daniel Turner, Friday June 17 2011
New Mets minority owner David Einhorn has won praise for his acumen on Wall St. Now he may prove that his knowledge extends to the diamond, too. Currently Einhorn owns 33 percent of the team, but he may be able to up his share to 60 percent after three years for the cost of one additional dollar.
Fred Wilpon and his Sterling partners are treading water and face an uncertain future. Sterling Properties reeling from the economic skid has left Wilpon with nothing of value to sell. Last month a Sterling building in Hauppage, NY went into foreclosure. SNY doesn’t offer much either. Although Sterling are the principal owners minority owner Comcast has first dibs on a sale meaning Sterling can’t hope for a highest bidder scenario.
This opens the possibility that Wilpon will divest himself of the Mets who currently are in debt in the vicinity of $400 to $600 million to stave off a payout to those burned by Madoff’s Ponzi scheme leaving Einhorn principal owner having paid a grand total of $200 million and $1.
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