Wilpon’s insistence on selling only a non-controlling interest is going to be tested

I’ll turn back to the Chass article which also gets at the kernel of why control is required, or at least attainable:

Why would anyone buy, at a high price, a minority interest and be partners with Fred and his son?” asked a lawyer who has been involved in baseball. […]

Jeff Wilpon, the Mets’ chief operating officer, would be the first member of the family to run the Mets after Fred is no longer active. But Jeff is also a potential problem for the family. “Most buyers won’t want anything to do with Jeff Wilpon,” the lawyer said. “He’s a light weight and has a bad reputation. I can’t imagine a buyer not wanting an option to buy him out when Fred dies.”

Jeff Wilpon is typical of many sons of wealthy owners. They are in their positions only because their fathers own the teams, having done nothing to earn their jobs and exhibiting a lack of baseball knowledge.

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Wilpons’ integrity in question?

Chass continues:

It’s the possibility that Wilpon knew or should have known that Madoff was running a Ponzi scheme that has prompted the trustee to seek more money from the Wilpon entities than they gained from their investments.

If Wilpon knew something wasn’t right about the Madoff operation and failed to alert authorities, he could be held liable for losses suffered by other investors Madoff swindled.

“That’s a devastating allegation,” the lawyer said. Noting that the trustee’s lawsuit was filed under seal at the request of Wilpon’s lawyers, he added, “The seal is another reason why Wilpon has to settle. The reason we want to see what is sealed is the same reason Wilpon wanted it sealed. There must be serious allegations that Wilpon did some bad things.”

The most creative aspect of Chass’ piece is the solution he proposes (not that I think it’s possible or even likely):

There are plenty of wealthy people, in New York alone and especially Mets fans, who could make that kind of investment, but [Irving] Picard [the trustee for the victims of Madoff’s massive Ponzi scheme] is closest to the situation and should get the first shot at becoming Wilpon’s partner, particularly because part of the money he would be investing would be coming from Wilpon himself.

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Yu Darvish: The next great Yankee righthander?

Nippon Professional Baseball superstar Yu Darvish, a 24-year-old righthander who, by many accounts, is not only the best pitcher in Japan but may have the potential to...

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J-Dusch joins the AL East … with the O’s

I’m slightly disappointed to announce that another potential rotation solution (not named Sergio Mitre) has been taken off the table. ESPN’s Jerry Crasnick reported last night that Justin Duchscherer has reached an agreement...
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Assessing Brian Cashman’s reign-Part 1 of 5

Brian Cashman has become something of a lightning rod this off season, drawing criticism from fans and media types for both his lack of activity and distancing himself from the Soriano deal. But he also has his defenders, and while appearing on Mike Silva’s radio show last night Mike cited a poll...

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I’ll be appearing on Mike Silva’s New York Baseball Digest show tonight @ 8:30 PM. Topics will include Brian Cashman, and some of the recent goings on here at TYU. There may also be a conference call between me and Frank Russo, and while we’re both die-hard Yankee fans he comes at it from a...

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More mainstream love for the Yankee farm system

The New York Post’s Kevin Kernan is arguably one of the worst mainstream writers covering the Yankees today — and that’s saying a lot, considering the sheer volume of people competing for that particular honor — but he’s got a great piece up today about Dellin Betances, and it also features...

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