what business credit card has the best rewards how do i get a credit card with no credit household bank credit card payments login best buy gift cards to pay credit card chase credit card approval community first credit union credit limit definition wikipedia icici credit card helpline number mumbai is it bad to have high credit card limits request to stop pre approved credit card offers chase request credit limit increase 2012 best online payday loans reviews mastercard cash plus charges 0 apr credit card explained who finances best buy credit cards free balance transfer credit card india airline reward credit card offers citibank virtual credit card india hsbc credit card points singapore top 5 best secured credit cards hdfc bank credit card login netsafe disney cruise reward credit card credit cards for college students under 18 american express costco credit card canada home depot credit card services address vanquis credit card reviews 2013 credit cards to apply for if you have no credit federal consumer credit card protection act best credit cards no annual fees rewards best student visa cards canada gold credit card means commonwealth bank credit card repayment calculator top rated college student credit cards how to apply for a home loan with bad credit business credit card balance transfer offer hdfc credit card toll free number prepaid virtual credit cards usa direct payday loans online uk united mileage plus credit card phone number eastwest credit card application online philippines personal loans online instant decision low interest credit cards balance transfer valid credit card numbers with cvv 2013 hdfc credit card dial an emi calculator miles and more credit card review government travel credit card regulations payday advance loans actual online payday loan companies kotak bank aqua credit card best no fee credit card offers credit and debit card machines for small businesses money magazine best rewards credit cards 2012 best prepaid visa card australia lowest credit card apr hsbc credit cards online application philippines credit card insurance coverage bad credit loan lenders guaranteed approval credit card with low interest rate for balance transfers 76 gas credit card login credit card rates canada comparison apply for a credit card online with bad credit south africa chase visa credit card for students charge free credit cards abroad citibank credit card customer service number usa 10 top credit card companies hdfc credit card rewards platinum credit card travel insurance comparison canada cash advances direct lenders no teletrack hbc mastercard credit card online hsbc credit card online verification best store credit cards 2012 secured credit card no foreign transaction fee best student credit cards with cash back ez payday advance olathe ks bad credit loans no guarantor review annual credit card report credit card with rewards australia cash back credit cards comparison city bank credit card customer care phone number-mumbai visa credit card canada wikipedia how do you get a nandos black card difference between visa and master credit card best interest free credit cards australia large credit card debt help best unsecured credit cards for fair credit credit card 0 balance transfer explained samsung offers for icici credit cards is discover credit card good chase credit card rewards 5 if i get a walmart credit card can i use it the same day credit card machine rental uk new online payday loan direct lenders prepaid credit card canada walmart zero percent balance transfer fee credit card offers bad credit loans no fees no guarantor no broker uk bank of america travel credit card review chase disney credit card capital one visa card for bad credit loan with bad credit online td canada trust credit card lost platinum card requirements malaysia credit card application online bpi citibank online credit card payment icici bank add on credit card application form rbc debit visa card free gas reward cards receiving credit card payments on iphone lifetime free credit card citibank credit card bad credit unsecured instant approval mbna low interest credit card canada orchard bank credit cards apply portable credit card machines for small business pay walmart credit card app compare travel miles credit cards western union gold card uk pay with credit card through paypal capital one no fee credit card tesco credit card application time what is the easiest unsecured credit card to get approved for diners club international credit card hdfc first premier bank platinum credit card application status walmart credit card customer reviews top 5 cash back credit cards td bank prepaid visa card how to close batch on first data credit card machine credit card 0 apr for 12 months american express zync card credit score westpac credit card travel insurance policy quick installment loans online hacked credit card numbers 2013 0 interest credit cards for 24 months no interest credit cards australia icici instant credit card eligibility valid visa credit card number and expiration date chase southwest rapid rewards credit card review southwest airlines credit card 2 free flights is getting a loan to pay off credit card a good idea easy credit card to get approved for online payday lenders money back credit cards uk southwest visa rewards card login unsecured credit cards bad credit instant approval no deposit student credit card debt canada best credit card offer september 2013 instant bad credit loans click to view icici credit card statement aqua reward card credit limit virgin credit card fees abroad best buy credit card a american express cash reward credit cards best cashback credit cards 2013 malaysia ge online services credit card government loans to consolidate credit card debt best credit card for students 2013 visa credit card applications online credit card approval form credit card bad credit no deposit instant approval bank of america and credit cards capital one aspire travel credit card review what;s the difference between gold and platinum credit cards credit card advice martin lewis credit card consolidation loans should i get a credit card credit card apps for ipad hdfc credit card offers for mobiles credit card settlement process in uae cash back credit card comparison 2013 hsbc philippines visa debit card how to apply citibank credit card philippines chase prepaid credit card credit card reward program comparison canada bad credit card loans international credit card provider in bangladesh cash back visa anz get a credit card today with no credit mbna cash back credit card review cibc visa credit cards canada cash loans today no credit check td visa gold card insurance coverage icici bank credit card loan interest rate best travel reward credit card canada 2012 walmart credit card payments login payday lenders only bad credit best oil company credit cards best mobile credit card processing companies free credit report canada no credit card hdfc bank instant credit card discover credit cards for college students apple id credit card declined unsecured bad credit loan lenders citibank cash back credit card offers halifax balance transfer credit card review low limit credit cards for students axis bank online credit card application status natwest credit card online banking liberty payday online loan us credit card for foreigners improving a credit card fraud detection system using genetic algorithm low credit credit cards applications easiest store credit card to get 2013 sears credit cards account login credit card scanner for laptop paypal no fee air miles credit cards canada credit card offers for poor to fair credit gift visa card balance scotiabank american express gold card review small online loans instant approval bank of ireland visa debit card contactless can i apply for paypal without a credit card accept credit card payments mobile phone credit cards travel rewards comparison i want to offer credit cards to my customers interest free credit cards for 24 months sign up for capital one credit card online banking chase marriott rewards credit card review chase credit card travel miles credit card companies reporting to irs best travel rewards credit cards 2012 canada top uk credit cards rewards best low rate credit cards credit card for bad credit history uk jewelry stores that offer credit cards verified by visa for axis bank credit cards genuine bad credit loan companies credit card credit score requirement no credit check credit cards no deposit uk how to get real working credit card numbers any new credit cards for bad credit amazon credit card payment login credit card calculator spreadsheet visa low rate credit cards clothing store credit cards with bad credit unsecured credit card bad credit guaranteed approval hdfc credit card cash advance charges usa credit card number visa $5000 bad credit loan australia walmart discover credit card payment same day installment loans online payday loans no credit check no upfront fees apple iphone 4 credit card swipe can i claim back credit card insurance how do i pay my firestone credit card online credit card ppi claim calculator walmart canada credit card customer service td canada trust visa phone numbers capital one balance transfer fee visa credit card offers for businesses hsbc credit card 60 months interest free apply for a walmart credit card online free credit card debt consolidation services usaa interest on cash advances fnb apply online for credit card chase 0 intro apr credit cards sbi gold credit card eligibility criteria 0 balance transfer calculator halifax cash back credit card conditions ge capital credit card application best buy credit card app nab gold card travel insurance best credit card consolidation companies how many different types of credit cards are there online sbi credit card login credit card canada work permit best buy credit card canada review advance payday loans in georgia credit card score canada how to choose a credit card for college students safe online loan bad credit best credit cards with lowest interest rates best business credit card offer 2013 best and easiest to get credit cards instant same day payday loans online chase credit cards for students with no credit history credit card apps for mobile phones wells fargo credit card student virtual mastercard gift card chase united airlines mileage plus credit card login online payday loan same day cash old navy credit card payments online capital one secured credit cards in canada best credit cards to have 2011 bad credit car loans uk reviews uk credit cards for bad credit rating low interest rate credit cards no annual fee online credit card generator with cvv and expiration date 2013 legit online payday loans cash advances icici bank hpcl platinum credit card review bank of america small business credit card payment united arab bank credit card hdfc credit card bonus reward points offer cimb credit card online application form hdfc credit card payment ifsc code mumbai firestone auto credit card login citibank instant approval credit card starbucks gold card lost personal bad credit loans toronto standard credit card approval form credit card bin checker online excel sheet to calculate credit card interest business credit cards canada rbc best app for iphone credit card terminal jcpenney credit card secure login manage rewards cards app online credit card application hdfc can a credit card company garnish your wages in california ryanair credit card charges hdfc credit card bank login lowest rate credit card machine unsecured business cash advances how can i get a loan with bad credit and no guarantor sbi bank credit cards apply online quickbooks credit card processing kit prepaid credit cards post office canada credit card processing regulations canada what is cash advance interest rbc balance transfer credit card deals australia international credit cards for students what credit cards are offering balance transfers at 0 apply for business credit card with ein number easy credit cards to get with bad credit australia anz platinum credit card insurance best reward credit cards for travel premium credit cards india chase credit card minimum payment due apply for lloyds tsb student credit card top credit cards in india 2013 how to check my hdfc credit card application status online should i apply for apple credit card free credit card details 2013 that work average credit card rate uk sears credit card customer service mailing address fake credit card numbers generator credit card travel offers india no social security credit card manual credit card machine uk credit card number format in india how to eliminate credit card debt without paying what is the best credit card for travel rewards 2011 student credit cards no credit history hsbc credit card online application india easy credit card checker 1.21 free download amazon credit card points not showing up us bank credit card payment can you get cashback on credit card purchases best credit card for balance transfers uk online credit card minimum payment calculator prepaid credit card non-uk resident online credit card payment system java sbi credit card reward points redeem catalog credit card online validator 2.11 credit card debt consolidation loan bad credit first cash advance hours tesco credit card uk online high limit credit cards black card visa requirements report credit card fraud visa visa credit card comparison australia 12 month bad credit loan no broker can you sign up for a walmart credit card online american aadvantage credit card 75000 bonus miles visa vs mastercard exchange rate good credit card to rebuild credit best cash advance loans best credit card application credit card reporting agencies capital one bank secured credit card i have bad credit and need a credit card to rent a car credit cards no credit check instant approval uk hello kitty credit card designs credit card debt settlement companies in india credit card 0 interest balance transfers 12 months toys r us gold card points instant approval credit cards for fair credit provident gold card online capital one credit card debt settlement list of direct payday lenders uk how to get rid of unsecured credit card debt pay jcpenney credit cards how long to get a credit card after bankruptcy discharge credit cards compare malaysia 0 purchase credit cards 18 months using american credit cards in canada walmart discover credit card status icici credit cards online application va loan with bad credit score average uk credit card debt 2013 lord and taylor credit card sign in credit card bin range search titanium plus visa prepaid credit card pay citibank student loans with credit card mastercard business rewards credit cards can you apply for a lowes credit card online instant response credit cards canada cash advance uk loans bad credit loans guaranteed approval pay advance from your employer best first credit card for young adults with no credit best unsecured credit cards for bad credit history how to use fake credit card information longest 0 percent credit cards virtual visa gift card canada what credit cards am i eligible for how to get fake credit card information government travel credit card login zero interest credit card promotions national city bank credit card offers hsbc credit card fraud protection nationwide credit card deals for existing customers the best business credit cards for small businesses free pay as you go credit card uk amazon credit card security breach how to get credit card company to increase limit orchard bank credit card application status standard chartered credit card online banking bill payment is speedy cash payday loans legit credit card verification form example citibank credit card application status india credit card promotions uae coast capital savings prepaid credit cards sbi international credit card benefits apple itunes credit card declined free credit card payment authorization form template visa credit card with rewards kisan credit card interest rate pnb best college student credit cards 2011 compare credit cards canada government capital one credit card a hdfc titanium international credit card login best travel rewards credit card 2012 storing credit card information law credit card fraud statistics canada credit card application processor job what is the best gas credit card for bad credit what types of credits would best describe credit cards best student credit cards mophie marketplace credit card reader for intuit gopayment for apple iphone 4 barclays credit card ppi complaint address saa credit card authorisation form is it good to consolidate credit cards apply for marriott credit card uk top credit cards 2013 personal loans with bad credit rating canada credit card processing no fee credit cards for bad credit instant approval hdfc credit cards online bill payment us credit card for itunes account credit card for poor credit history uk this transaction cannot be processed without a credit card verification number best business credit cards for small business 2011 top ten credit cards for purchases visa credit card company history how to use sbi credit card reward points entropay virtual us credit card citibank business credit card online payment city bank credit card bill payment from other bank best buy credit card canada phone number valid credit card number for testing how to make sbi credit card payment online payday loan no credit check no fee mastercard credit card insurance coverage credit card authorization form template apply for a mastercard canada can you apply for walmart credit card in store best visa credit cards canada alaska airlines credit card visa canada how to remove my credit card from apple id guaranteed credit card canada bad credit can credit card companies sue you for debt virgin atlantic american express mbna credit card login what credit score do you need to get a firestone credit card guaranteed payday loans for bad credit direct lenders natwest credit card services locked out paypal accept credit cards how much does a prepaid credit card cost at walmart visa reward cards uk cash loans liverpool nsw capital one balance transfer offers existing customers cash back credit card petrol anz low rate credit cards kroger visa rewards card login credit cards uk air miles pnb online credit cards apply how to get free valid credit card numbers sears credit card special offers bmo prepaid credit card in canada united airlines chase credit card review capital one credit card cash advance limit what is the best 0 balance transfer credit card chase credit card fraud investigation process free annual credit report score without credit card apply for orchard bank credit card for bad credit premier credit card rewards credit union credit cards suze orman chase toys r us credit card customer service number mortgage loans with bad credit and no money down car loan payment calculator bad credit weekly credit card payment calculator credit card instant approval no annual fee credit cards deals australia check my credit card score free
Home Pete Toms LWIB: More Mets and Madoff, and Are Postseason Games Shown Too Late

Like Shoot to Thrill - An AC/DC Tribute on Facebook!

An authentic tribute of AC/DC that covers the best of the Bon Scott era and the best of Brian Johnson's material

Who's Online?

We have 599 guests online

Atom RSS

LWIB: More Mets and Madoff, and Are Postseason Games Shown Too Late PDF Print E-mail
User Rating: / 4
PoorBest 
Pete Toms Article Archive
Written by Pete Toms   
Tuesday, 27 October 2009 00:39

Last Week in Bizball by Pete Toms

This week in LWIB, an update on Madoff and the Mets and is the annual bleating in the media over postseason start/finish times justified?

MADOFF AND THE METS UPDATE

It will soon be a year since the SEC charged Bernie Madoff with operating a Ponzi scheme.  Subsequent to the charges it was soon revealed that New York Mets owner Fred Wilpon had been a Madoff investor for forty years.  Determining the extent of the losses suffered by Mr. Wilpon either personally or via his investment company “Sterling Equities” and how (or if) this will impact the Mets has since been a sport unto itself.  Erin Arvedlund reported in her book, Too Good to be True: The Rise and Fall of Bernie Madoff, that a sale of the Mets was a matter of when, not if.

The Wilpons have repeatedly and steadfastly denied that their investments with Mr. Madoff will affect the Mets.  However, that has not quelled the speculation.  Some wonder if there was a connection between the Mets aggressive behaviour (signing K Rod) in the early part of last season’s free agent market and their subsequent inactivity following the fall of Mr. Madoff.  (The Mets did have the second highest payroll in MLB last season).  Also curious to some were the relatively small amount of money the Mets spent in the 2009 amateur draft (although they are not traditionally big spenders in the draft) and the cancellation of their fall instructional league program.  (The Mets counter that instead they opted to send prospects to a better program at their instructional facility in the Dominican Republic)

Select Read More to see the rest of the Madoff and Mets update, as well as whether postseason games end too late

LWIB, some in the media interpreted a recent filing to the bankruptcy court as evidence that the Wilpons’ rumoured losses (typically pegged at approximately $700 million) have been exaggerated.  ESPN (in association with Reuters) reported;

The owners of the New York Mets baseball team made about $48 million in dealings with swindler Bernard Madoff, court documents showed.

The Mets Limited Partnership, which is connected to the Wilpon family, led by Mets owner Fred Wilpon, deposited $522.8 million in two accounts with Madoff and withdrew $570.6 million, according to a Monday filing by court-appointed trustee Irving Picard.

The New York Times reported;

The Mets and their owners, the Wilpon family, may be in better financial shape than has been assumed. That is one conclusion being drawn from a filing released Friday by the United States Bankruptcy Court in Manhattan, which is sorting through accounts in Bernard Madoff’s company.

The Wall Street Journal reported;

The New York Mets just emerged from a woeful season but the team's financial picture may not be as dire as previously believed.

A partnership connected to the baseball team -- which had widely been rumored to have lost money investing with Bernard Madoff -- actually gained a net $48 million from its dealings with the convicted swindler, according to a bankruptcy-court filing.

LWIB, there were some who read these same reports but reacted with more caution and scepticism concerning the financial fortunes of the Wilpon family and the Mets.  Darren Rovell reacted at CNBC;

The headline in the Wall Street Journal this morning was certainly baffling: “Mets Win One: Owners Made Money Off Madoff.”

Mr. Rovell pointed out that it was the Mets Limited Partnership that “made money” according to the filing, which still leaves many questions unanswered.

All this is really a moot point if the Mets primary owners Fred Wilpon and Saul Katz did lose a significant amount of money from Madoff. The Mets have said that any money invested in Madoff will not affect the operations of the team. However, it’s hard to ignore the fact that Wilpon’s name appears 22 times on Madoff’s client list and that former Mets general manager Steve Phillips, who worked in the team’s front office from 1990 to 2003, said he “heard Bernie Madoff’s name once a week every week for 13 years.”

Shawn Hoffman reacted at his Squawking Baseball blog;

First off, ignore all the the articles you’re reading today saying that Fred Wilpon actually made money from their relationship with Bernie Madoff. Technically, he did — records show that the family deposited a total of $523 million, and withdrew $571. So leaving it at that, they actually turned a $48 million profit.

Mr. Hoffman goes on to estimate that, in the end, the Wilpons’ losses with Mr. Madoff will amount to several hundred million dollars.  In summary, he writes;

Whatever the number, it’s a devastating loss, and it’s a pretty good bet that the Mets now account for a significant majority of Wilpon’s net worth. And the fact that he made a paper profit off of it may end up costing him even more money, since part of those “earnings” will likely be clawed back and spread around to the other victims. Whether he’ll eventually have to sell part of the team is anybody’s guess. But it definitely wouldn’t shock me.

At the IIATMS blog, Will Moller found precedent in how bankruptcy courts have treated “investors who withdrew their money previous to the fraud's exposure”. Mr. Moller has not been convinced that Mr. Madoff’s Ponzi scheme will not force a sale of the Mets.

In previous ponzi schemes, trustees have gone after investors who withdrew their money previous to the fraud's exposure, in an effort to even out the losses amongst all investors. The most well known example of this was fake-suicide-artist Sam Israel's Bayou Management. In that case, the court trustee took back all monies withdrawn from the fund going back two years, combined that amount with money made through liquidation of the fund's actual assets, and then paid all investors back proportionally.

This article on portfolio.com writes that "New York law only permits pursuing the return of assets -- principal as well as profit -- over the six years prior to the investment firm's bankruptcy in December." This entire phenomen is referred to as claw back, and I'm uncertain as to how long the lookback will be (though it'll be somewhere between the Bayou-suggested 2 years, and the maximum of 6). However, it's very likely that Sterling will end up trading the $570.6 million that they withdrew from Madoff for some appreciably smaller number. Given the size of the Madoff scheme (and the length of time it went on for) that number will probably be significantly lower than the 33% returned in the Bayou case.

For Mets' fans hoping to see big name (and big money) acquisitions this offseason, to help make baseball's second most expensive team competitive again, don't hold your breath. For those of you hoping the Wilpons' will have to sell (paving the way for someone not named Omar Minaya to take the reins), well, it may be a good year.

Shawn Hoffman noted that, “it’s a pretty good bet that the Mets now account for a significant majority of Wilpon’s net worth.” Regardless of who owns the team in the near future, the Mets  are well positioned with a new ballpark and a controlling interest in a very lucrative RSN.  From the aforementioned WSJ report;

In addition to the Mets and real-estate assets held through Sterling Equities, the Wilpon family owns more than 80% of Sportsnet New York, a regional sports network co-owned by Comcast and Time Warner. The network is one of the family's most reliable producers of cash, with fee agreements with cable operators producing roughly $15 million a month.

Advertising on the channel produces millions more. According to people with knowledge of the SNY partnership, the media companies hold a right of first refusal if the Mets choose to sell their interest in the regional sports network.

Officials with Major League Baseball said the Mets remain a healthy franchise with a new stadium, Citi Field, and local media rights fees from SNY worth more than $50 million a year.

So much remains unresolved.  How long will it take to untangle the losses of Sterling Equities, the Mets and the Wilpons from the maze of a decades long $65 billion fraud scheme?  More immediately, will the Mets cut payroll this off-season and will we know the motives behind it?  Will the Wilpons be forced to sell the club in the end?  It is likely that nobody, perhaps not even the Mets owners, actually knows.

DO POSTSEASON GAMES END TOO LATE?

A large number of closely contested and exciting games, played by teams in large markets, has resulted in a 15% increase in TV ratings for the MLB postseason over last year.  Yet, as is the case every postseason, many sportswriters, columnists, talking heads and bloggers have wondered why MLB and their TV partners cannot understand that scores of fans on the east coast are falling asleep before the games end.  Bruce Dowbiggin, based in Toronto, wrote about the too lengthy contests (no argument on that point) and in particular the Game 2 ALCS 13 inning classic.

We understand why the players draw out the drama. They have nowhere else to go. They are paid. But many of the people in the Fox audience east of the Mississippi were counting Serta sheep by the time the game mercifully concluded.

Mr. Dowbiggin is far from alone in his assumption that most east coast fans did not see the final innings of the Game 2 Yankees / Angels series but the ratings reveal the opposite.  Michael Hiestand reported for USA Today;

Fox's ratings for the Yankees' 13-inning win against the Angels Saturday night peaked at 11:30-midnight ET, and held 90% of its audience for a game that lasted until 1:07 a.m. For anybody who thinks MLB is impractical by staging late games: That game's ratings among males aged 18-49 — the demographic craved in TV sports — peaked after 1 a.m.

Billy Witz reported for the New York Times that the late finish of Game 2 of the ALCS did little to diminish the east coast audience, in fact the NYC numbers dwarfed the LA numbers.

For most of the night, the ratings in New York nearly doubled those in Los Angeles — even as the game crept toward Sunday morning on the East Coast. From 11 p.m. to midnight, 22.1 percent of households in New York were watching the game, while in Los Angeles 12.5 percent were tuned in.

As the theater continued, with the Angels taking the lead and Alex Rodriguez homering to get the Yankees even, and the rain falling more steadily, the crowd at Yankee Stadium — at least in the box seats — thinned.

But there were few at home who drifted off to sleep. From midnight to 1 a.m., 44 percent of televisions that were on in New York were tuned in to Game 2. That number was 28 percent in Los Angeles.

MLB is not blind or unresponsive to the complaints about late start and finish times of postseason baseball.  MLB and their TV partners did schedule earlier start times for the 2009 postseason.  Commissioner Selig has mused publicly about the possibility of scheduling an afternoon World Series game.  In the short term that would require the consent of FOX, who would be opposed because afternoon games garner smaller audiences.  However if the will exists, MLB could re-negotiate their deal with FOX (expiring in 2013) to accommodate the change in scheduling.  But this week when you hear the media complaining that we are all asleep before the game ends, well, apparently we aren’t.


OTHER NEWS FROM THE BUSINESS OF SPORTS NETWORK

(THE BIZ OF FOOTBALL)

(THE BIZ OF HOCKEY)

(THE BIZ OF BASKETBALL)


Pete Toms is an author for the Business of Sports Network, most notably, The Biz of Baseball. He looks forward to your comments and can be contacted through The Biz of Baseball.

Don't forget to register and log in on The Biz of Baseball site to get updates via your in-box, and see information only logged in members can see.

Follow The Biz of Baseball on Twitter Twitter

FacebookFollow the Business of Sports Network on Facebook

 
 
Banner

Poll

Should MLB Force Jeffery Loria to Sell the Marlins?