Lenny Dykstra - Financial Genius

[CT III]

More Lenny:

http://deadspin.com/5224796/the-myth-of-lenny-dykstra-completely-unravels

[Quality Start Machine]

More Lenny:

http://deadspin.com/5224796/the-myth-of-lenny-dykstra-completely-unravels

Intrepid reader: Will Leitch

And with the unraveling of Lenny Dykstra's financial empire, we've all lost something more important than money.

We've lost a part of ourselves.

[LoneStarCubFan]

More Lenny:

http://deadspin.com/5224796/the-myth-of-lenny-dykstra-completely-unravels

Intrepid reader: Will Leitch

And with the unraveling of Lenny Dykstra's financial empire, we've all lost something more important than money.

We've lost a part of ourselves.

I taught Jim Edmonds how to molest collies.

[Brownie]

The 1986 Mets: whatever became of them?  Lenny Dykstra might be the biggest trainwreck of all of them...

Wally Backman: serial wife batterer and felon.
Ray Knight: Baseball Tonight "analyst" and windbag.
Keith Hernandez: Former Preferred Customer of the Medellin cartel now sexist color commentator.
Dwight Gooden: Doctor K now learning what Three Strikes and You're Out really means.
Rick Aguilera: Whereabouts unknown after brief fling as Cubs closer.
Ron Darling: Drool wiper for Dick Stockton during 2007 and 2008 NLDS
Darryl Strawberry: Should have a clause in the Dead Pool named after him.
Kevin Mitchell: I have no idea, but probably up to no good.
Gary Carter: Has the distinction of being the only Hall of Fame plaque with an Expos logo.
Bobby Ojeda: Cut off fingers hedge clipping, got them reattached Koyie Hill-style, then became Tim Crews and Steve Olin's boating and beer buddies.
Roger McDowell: Atlanta Braves pitching coach and
Tim Teufel: I don't care. I hated that sonofabitch.
Jesse Orosco: Died around 1996, but nobody had the heart to tell him (or the franchises for whom he pitched)
Rafael Santana: Last seen as a competng in one of Aramis Ramirez's live sporting exhibitions in the DR.
Randy Myers: Condemned to Hell for not euthanizing John Murray in September 1995 when he had the opportunity.
Davey Johnson: Allows Japan to avenge World War II in WBC.

[PenFoe]

The 1986 Mets: whatever became of them?  Lenny Dykstra might be the biggest trainwreck of all of them...

Wally Backman: serial wife batterer and felon.
Ray Knight: Baseball Tonight "analyst" and windbag.
Keith Hernandez: Former Preferred Customer of the Medellin cartel now sexist color commentator.
Dwight Gooden: Doctor K now learning what Three Strikes and You're Out really means.
Rick Aguilera: Whereabouts unknown after brief fling as Cubs closer.
Ron Darling: Drool wiper for Dick Stockton during 2007 and 2008 NLDS
Darryl Strawberry: Should have a clause in the Dead Pool named after him.
Kevin Mitchell: I have no idea, but probably up to no good. Currently plays in in the San Diego Adult Baseball League for the championship team, the San Diego Black Sox. Has no cats.
Gary Carter: Has the distinction of being the only Hall of Fame plaque with an Expos logo.
Bobby Ojeda: Cut off fingers hedge clipping, got them reattached Koyie Hill-style, then became Tim Crews and Steve Olin's boating and beer buddies.
Roger McDowell: Atlanta Braves pitching coach and
Tim Teufel: I don't care. I hated that sonofabitch.
Jesse Orosco: Died around 1996, but nobody had the heart to tell him (or the franchises for whom he pitched)
Rafael Santana: Last seen as a competng in one of Aramis Ramirez's live sporting exhibitions in the DR.
Randy Myers: Condemned to Hell for not euthanizing John Murray in September 1995 when he had the opportunity.
Davey Johnson: Allows Japan to avenge World War II in WBC.

[PenFoe]

Bump.

HBO feature suggests Dykstra's empire in trouble

In a provocative piece scheduled to air on the HBO program "Real Sports with Bryant Gumbel" tomorrow night (10 o'clock), correspondent Bernard Goldberg updates a segment that initially aired in March 2008 on Lenny Dykstra, the former Phillies star who has since become the target of some 20 lawsuits from his activities as a financial entrepreneur.

Excerpts from the interview:

DYKSTRA: Who? Tell me who I owe?

GOLDBERG: Let's go through a few people. The printers . . .

DYKSTRA: F--- the printers. The printers are criminals.

GOLDBERG: The flight attendant?

DYKSTRA: F--- the flight attendant . . . They all think they can come here and steal my money.

[RV]

Even better:

Goldberg asked Dykstra what he would say to people "who think once upon a time you were flying high and now you're broke?"

Dykstra laughed and withdrew a wad of bills, which he began counting. Goldberg said, "OK, so you've got $75 in your pocket, that doesn't make you rich." To which Dykstra replied, "I never carry less than $1,000. But flying high? Looks like I'm still flying pretty f------ high. And by the way, I'm flying higher."

Soaring through the heavens on wings of fuckin' cheddar, brah.

[MidgetSellingWater]

Not flying quite as high any more - http://sports.espn.go.com/mlb/news/story?id=4313487

[MAD]

Not flying quite as high any more - http://sports.espn.go.com/mlb/news/story?id=4313487

Dykstra, 46, has no more than $50,000 in assets and between $10 million and $50 million in liabilities, according to a petition filed Tuesday with the U.S. Bankruptcy Court in the Central District of California.

That's got to be some sort of record for asset/liability ratio.

[Quality Start Machine]

Not flying quite as high any more - http://sports.espn.go.com/mlb/news/story?id=4313487

Hey lawyer-types...

This doesn't protect him from criminal prosecution, does it?

[thehawk]

Not flying quite as high any more - http://sports.espn.go.com/mlb/news/story?id=4313487

Hey lawyer-types...

This doesn't protect him from criminal prosecution, does it?

Nope, but fraud is hard to prove.

[Gil Gunderson]

Not flying quite as high any more - http://sports.espn.go.com/mlb/news/story?id=4313487

Hey lawyer-types...

This doesn't protect him from criminal prosecution, does it?

Nope, but fraud is hard to prove.

Agreed.  The automatic stay of creditor action doesn't apply.  Hate to make this work-ish, but we can initiate unfair labor practice proceedings against an Employer (or Union) in Chapter 11, but we could not initiate any sort of compliance proceedings in order to obtain backpay, etc.

[flannj]

Not flying quite as high any more - http://sports.espn.go.com/mlb/news/story?id=4313487

Dykstra, 46, has no more than $50,000 in assets and between $10 million and $50 million in liabilities, according to a petition filed Tuesday with the U.S. Bankruptcy Court in the Central District of California.

That's got to be some sort of record for asset/liability ratio.

Between $10 million and $50 million in liabilities?
Nice tight bid / ask spread.

[thehawk]

Not flying quite as high any more - http://sports.espn.go.com/mlb/news/story?id=4313487

Dykstra, 46, has no more than $50,000 in assets and between $10 million and $50 million in liabilities, according to a petition filed Tuesday with the U.S. Bankruptcy Court in the Central District of California.

That's got to be some sort of record for asset/liability ratio.

Between $10 million and $50 million in liabilities?
Nice tight bid / ask spread.

Its a check off box on the form you file with the Bankruptcy Court.

But you also have to file a list of your largest creditors:




Hard to believe he would slip through Washington Mutual's and Countrywides crack underwriting procedures.  Also note that second  item on the list.  Que Gil? (I know your federal, but employee withholding related debts are sometimes not dischargeable in bankruptcy)

[Gil Gunderson]

Not flying quite as high any more - http://sports.espn.go.com/mlb/news/story?id=4313487

Dykstra, 46, has no more than $50,000 in assets and between $10 million and $50 million in liabilities, according to a petition filed Tuesday with the U.S. Bankruptcy Court in the Central District of California.

That's got to be some sort of record for asset/liability ratio.

Between $10 million and $50 million in liabilities?
Nice tight bid / ask spread.

Its a check off box on the form you file with the Bankruptcy Court.

But you also have to file a list of your largest creditors:




Hard to believe he would slip through Washington Mutual's and Countrywides crack underwriting procedures.  Also note that second  item on the list.  Que Gil? (I know your federal, but employee withholding related debts are sometimes not dischargeable in bankruptcy)

Indeed.  In this particular case, wasn't he running some sort of chain of car washes, or something?  I believe that there was one in Santa Monica, or somewhere.

We had a case against Mervyn's a large retail store a few months back that went into compliance for backpay right when they went under into bankruptcy.  We had to send that case to Special Litigation, but it turns out that if a federal compliance or criminal action is ongoing before the bankruptcy filing, then said agency can still get the money on behalf of third-parties.  If an action for backpay is initiated after a bankruptcy filing, then we are essentially powerless.