Thursday, June 16, 2011
Wednesday, June 15, 2011
One dollars buys very little these days, but that could be how much David Einhorn pays to gain control of the New York Mets.
Einhorn is the hedge fund manager who last month agreed to pay $200 million for a one-third stake in the cash-desperate team, subject to the approval of MLB.
But Forbes reports there's a potential added wrinkle to the deal. The magazine reports it has learned that if Mets owners Fred Wilpon and Saul Katz don't repay the $200 million to Einhorn within three years he would have the right to obtain a 60% interest in the team for the "strike price" of just $1.
Forbes says the agreement isn't final yet.