Friday, 31 October 2014
Last updated 12 hours ago
Sep 2 2011 | 10:02am ET
Greenlight Capital founder David Einhorn said that the blame for the collapse of his deal to buy a minority stake in the New York Mets lies squarely at the feet of the team's current owners.
On a conference call with reporters yesterday after news broke that Einhorn would not invest $200 million in the Mets, he accused Fred Wilpon and Saul Katz of reneging on several important tenets of their proposed deal.
While that proposal would have included a path for Einhorn to take a majority stake in the Mets if the Wilpons were unable to repay him his $200 million after a certain period, the hedge fund manager said he learned last week that the Mets were pushing to keep Einhorn from winning advanced approval to control the team. Einhorn said he had been told that approval would be forthcoming.
What's more, Einhorn said that the Mets reopened negotiations with one of the bidders they selected Einhorn over in May—believed to be former Glencore commodities chief Ray Bartoszek—despite their agreement to a written contract with Einhorn.
"I received a new round of comments on our definitive agreement," Einhorn said. "I was very surprised to see that many provisions of the deal, that were in place since May, had been changed. A week ago, I thought this deal was in great shape and would be done very soon."
Despite that unpleasantness, Einhorn called his three months as Mets-owner-in-waiting "a happy experience."
"This has been a very interesting summer for me," he said. "I've learned a lot."
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…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.