6th inning/Gm 2 just about sums things up

[soupcan]

The answer is no.

That cash infusion is to help them cover operating expenses and pay back loans.

My hope is that whoever the minority investor is, he is savvy enough to put a clause in whatever agreement he signs with the Wilpons/Katzes that is similar to the clause in the agreement that Fred had with Doubleday allowing him to buy out his former partner when Nelson didn't really want to sell.


OE: Sorry that didn't read how I meant it. Doubleday felt forced to take less than what he thought was fair value for his half.

[Guest Edgy DC]

I don't pretend that I can see the future but I don't ignore obvious signs either.

Am I ignoring something?

[soupcan]

I don't know, are you?

As I said, I've read a lot of stuff which leads me to believe that no matter how the Wilpons/Katzes come out of this, the way they ran the finances through, in and aroiund Madoff was done in such a way that even the most experienced forensic accountants have been scratching their heads trying to unravel it all.

They do not have the financial wherewithall that they once had (by a significant margin) and will not be able to support the running of the team in a similar fashion to how they had.

They would borrow from banks and then hand the money over to Madoff to invest, thinking that the returns they got back from Bernie would cover the interest/principal on those loans and then both finance team operations and reinvest with Madoff(!) the rest.

Monies for deferred salaries were all with Madoff as well as 401(k)s and Lord knows what else.