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Monday, December 12, 2011

Mets' Bankruptcy Watch On

The Great Recession, or fate, continues to hammer away at the New York Mets.

The bastard stepchild of New York baseball is reported today to have taken an additional bank loan of $40 million from a "major bank" (separately reported to have been Bank of America) to finance ongoing operations.  This loan follows an earlier $25 million loan from Major League Baseball that has not been repaid, and its general manager's assertion that the franchise lost $70 million in 2011.  (My opinion is that last claim should be viewed suspiciously, given the team's attendance over two million in 2011 and the likelihood that revenues to affiliate SportsNet New York are classified separately so as to facilitate ownership's sale of a stake in the baseball club without having to attach a stake in SNY as a deal sweetener.)

Whether or not the economy is "recovering," many businesses continue to deteriorate as the mistakes of the past continue to be unraveled.

Eric Dixon is a New York investigative lawyer with a strong background in the securities laws, corporate transactions and negotiations, and election law. 

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