Wednesday, 1 October 2014
Last updated 12 hours ago
Jul 28 2011 | 11:44am ET
It hasn't been easy, but Greenlight Capital founder David Einhorn may finally be near a deal making him the minority owner of the New York Mets.
The Mets, wracked with huge debts and huge losses, and with their owners facing a huge lawsuit filed by the trustee in the Bernard Madoff Ponzi scheme case, have satisfied the banks that the team owes $400 million to, The New York Times reports. Those banks, led by JPMorgan Chase, had balked at terms that would see Einhorn repaid prior to them.
All that remains is to complete the paperwork, meaning that the Mets will finally have access to the $200 million Einhorn will provide as soon as next month, the Times says. The deal could still be held up if Commissioner Bud Selig, who earlier this month said he would approve Einhorn as a minority owner, decides to send the matter to a vote of baseball's 30 owners.
The Mets plan to use $25 million of Einhorn's money to repay Major League Baseball and $75 million to pay down bank debt. The rest will be used to fund team operations.
Einhorn will get a one-third stake in the team for what is, in effect, a loan. Fred Wilpon, the team's majority owner, will have about five years to repay the hedge fund manager. If he does not, Einhorn will have an option to increase his stake in the team to 60%. And even if Einhorn gets every dollar of his $200 million back, he still gets to keep a chunk of the team, reportedly about 16%.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...