Oldest Paid Player in Met History

[Elster88]

A 73 year old Bobby Bo in 2036. Probably old news to many.

http://blogs.wsj.com/metropolis/2010/07/01/thanks-to-interest-mets-still-owe-bonilla-298-million/?KEYWORDS=bobby+bonilla

[Guest attgig]

depends on what you mean by 'player'.

i wonder if this defered money will count against the luxury tax calculations...

[Zvon]

lol.
I heard dings about dis.
I heard some dings.

[Theoldmole]

Well, it's not as bad as the $298 million I thought from the URL.

[Guest The Second Spitter]

attgig wrote: depends on what you mean by 'player'. i wonder if this defered money will count against the luxury tax calculations...

I believe it won't -- Bonilla's salary was attributed to luxury tax calculations as if the Mets paid Bonilla's salary when it was due under the terms of the original contract.

[ashie62]

I believe Mo Vaughn has an annuity from the Mets maturing into perpetuity.

[Ceetar]

The Second Spitter wrote: attgig wrote: depends on what you mean by 'player'. i wonder if this defered money will count against the luxury tax calculations... I believe it won't -- Bonilla's salary was attributed to luxury tax calculations as if the Mets paid Bonilla's salary when it was due under the terms of the original contract.

I believe the Mets will make money off the contract due to interest and what not. (Although, they expected to make a ton more, based on numbers Madoff was promisng them) the Ropolitans had a post on it last year.

[smg58]

8% interest compounded over a full decade? Can I start an account with Steve Phillips today?

[Ceetar]

http://theropolitans.com/2009/08/bobby-bonillas-back-on-payroll-in-2011.html

from the comments:

It is actually correct, and a horrible deal...for Bonilla. Ahh the power of compounded interest. The way it works, the Mets set aside $6 million in 2000 @ a rate of 12% per year. They are not allowed to withdraw any funds until year 11, in which they can withdraw $1,200,000 per year for 25 years. After the 25 years, and after paying off Bonilla, the Mets will have...drum roll please....$138 million. So they took the $6 million he was supposed to receive and invested it themselves and made $132 million for themselves on it. They also have a similar deal with Bret Saberhagen. Now here comes the problem with this deal and others. Madoff is the one that was guaranteeing them the 12%. So the Mets are now going to be paying the players out of their pockets, with new 2011 dollars, not 2000 compounded dollars, and on top of that, never receiving the $138 million lump sum. Much of the speculated $700 million the Mets lost was not what they lost out of pocket, but what was supposed to be there after this great compounded rate. Read more: http://theropolitans.com/2009/08/bobby-bonillas-back-on-payroll-in-2011.html#ixzz0sUKNogij

[Guest Edgy DC]

Wait a minute. Fernando Tatis is a key Met?

[Ceetar]

Edgy DC wrote: Wait a minute. Fernando Tatis is a key Met?

_someone_ has to lock the door when they go on the road..

[smg58]

Oh, so Madoff guaranteed the Mets 12%. I feel much better about this now.