Showing posts with label Wall Street Journal. Show all posts
Showing posts with label Wall Street Journal. Show all posts

Friday, September 16, 2011

Paul DePodesta takes his name off the Moneyball Movie

Mets VP of Player Development -  Paul DePodesta says he does plan to see "Moneyball" the movie, and explains to Brian Costa in the Wall Street Journal why he did not want his name used. Jonah Hill plays Peter Brand, the character that would have been DePodesta had the Mets VP given permission. Writes Costa:

Over the last several years, DePodesta said he met with several of the film's actors, writers and directors to talk about his role with the 2002 Athletics. The team won 103 games despite having one of the lowest payrolls in baseball, in part because of how Beane and DePodesta used statistical analysis to find bargains on the trade and free-agent markets. DePodesta met, at different times, with both Hill and Demetri Martin, the actor who was initially slated to play him. There were various incarnations of the script, but he said he was always concerned about how he would be portrayed. Shortly before the film began shooting last year, he asked the filmmakers to remove his name from it, and they agreed. "I think for Jonah, actually, it was even a little uncomfortable, because as he told me, it was his first time having to play a real person," DePodesta said. Making the character fictional "gave him a little more freedom to do his job."

Friday, May 06, 2011

Steve Cohen the Front Runner to Buy Portion of the Mets, But he like the Mets has Problems too..

According to the  NY Post ,  billionaire hedge funder Steve Cohen is the front runner to buy the Mets; it seems like the team leaked the info out purposefully to gauge reaction to his status as the "preferred bidder." But seeing as how this is the Mets, you know nothing can go right...because the Wall Street Journal reports that Cohen is also being investigated by federal prosecutors for possible insider trading. Like the Mets need anymore problems.

According to their source, the Post says Cohen really wants in on the team, and see potential in the future: "What he wants he gets. It's a trophy to him but not just a trophy. In time, it can be a real asset."

The Mets refused to say whether he's officially won the bid yet, but other finalists have told the Wilpons in the last week that they believe the Mets are worth less than the $800 million-plus valuation needed to get to a $200 million price for 49 percent of the team.

Cohen, who started his hedge fund in 1992, has routinely made more than $1 billion a year, and has generated average annual returns of about 30 percent over its nearly two decades. Investigators are looking into Cohen after they found that two former portfolio managers at his hedge fund have both pleaded guilty to securities-fraud charges for trading on inside information. This is the first time the Cohen Account has been tied in any way to the larger insider-trading probe.

Saturday, March 19, 2011

Time Warner and Comcast may block selling SNY Stake

Time Warner Cable Inc. and Comcast Corp. may block the New York Mets' owners from selling their stake in SportsNet New York (SNY), a jointly owned regional cable channel, the Wall Street Journal reported on Saturday.

Fred Wilpon and Saul Katz, owners of the baseball franchise, want to sell a minority stake in SportsNet to help cover their costs for the next two seasons. If their partners refused, it would complicate the sale, the Journal said.

The Mets owners are trying to raise roughly $200 million by selling a stake in SNY.

A Comcast spokesman declined to comment on the story. Time Warner Cable was not immediately available for comment.

Wilpon, Katz and their associates are being sued for more than $1 billion by the court-appointed trustee recovering assets for victims of disgraced U.S. financier Bernard Madoff's Ponzi scheme.

The trustee maintains the team owners, who invested with Madoff, knew or should have known of his fraud. The trustee filed an amended suit on Friday. The Mets owners denied the allegations.

In a statement posted on the New York Mets' website, Wilpon and Katz called the latest complaint, "The work of fiction created by the Trustee. We will pursue a vigorous legal defense that will set the record straight and vindicate us."

The Mets' owners control 65 percent of the cable channel, which broadcasts Mets games and other New York area sports. Time Warner Cable owns 27 percent of the network, while Comcast controls 8 percent through its majority interest in NBCUniversal, the Journal reported.

Wednesday, February 16, 2011

Buy the Mets? Check it Out!

In an interview with The Times last year, Commissioner Bud Selig dismissed the idea of a community-owned team in Major League Baseball.

"I don't think it works," Selig said. (Why not? This post explains.)

Nonetheless, the New York Post reported Wednesday that three Wall Street executives have launched a website. The site is clear about the goal: "Buying the New York Mets so that they can be owned by the people who care the most: the fans!"

James Preissler, chairman of the venture, told the NY Post: "Looking at the Packers and what they have done in the past, I think there's no reason why the fans of the Mets can't accomplish something similar."

Wednesday, February 02, 2011

Mets hope to sell 25% Stake by End of June

PHILADELPHIA - OCTOBER 27:  Major League Baseb...Image by Getty Images via @daylife
According to The Wall Street Journal, the New York Mets hope to complete the sale of up to a 25% stake by the end of June, according to a person involved with the planned transaction, as the baseball team seeks funds to make up for a potential settlement related to investments with fraud figure.

Mets owners Fred Wilpon and Saul Katz met with Major League Baseball Commissioner Bud Selig and his lieutenants Tuesday in what was described as an effort to update Major League Baseball on the Mets' financial problems and the owners' plans to sell a minority stake in the team, which they revealed Friday.

They discussed the Mets owners' exposure from a lawsuit by the court-appointed trustee gathering assets for victims of Mr. Madoff's Ponzi scheme, according to people with knowledge of the meeting.

The people described the meeting as "cordial," noting that Messrs. Wilpon and Selig are longtime friends. Afterward, the men attended a benefit lunch at New York's '21' Club.
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