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Posted on 07/08/2009 10:54:46 PM PDT by Chet 99
Celebrity financial crash of the day: Former Major League Baseball star and Lake Sherwood resident Lenny Dykstra filed for bankruptcy protection today in Los Angeles, listing less than $50,000 in assets -- and debts totaling between $10 million and $50 million.
The 46-year-old Dykstra, who played for the New York Mets and the Philadelphia Phillies, retired in 1996. He has since been involved in a number of entrepreneurial ventures, including a string of car washes, an investment column for Thestreet.com, and a service called the Players Club Operations that offered credit cards, charter jets and other services to athletes.
In April, he bragged to espn.com that he was worth $60 million.
Evidently not.
Dykstra In the bankruptcy petition he said he owes JPMorgan Chase & Co. $12.9 million and Bank of America Corp.’s Countrywide and credit-card units a combined $4.2 million, according to Bloomberg News.
Dykstra also owes almost $1 million to jet charter services, about $342,000 to celebrity lawyer Daniel Petrocelli and $229,000 to literary agent David Vigliano, Bloomberg said.
(Excerpt) Read more at latimesblogs.latimes.com ...
If that's accurate, there's some stupid, stupid bankers in this world. Unbelievable. How can some one be leveraged with that kind of debt-to-equity ratio?
How declasse - these days all the cool celebs kick the bucket ;)
So he’s been giving investment advice for Cramer’s outfit with less net worth than a lot of FReepers?
For some reason, I am not surprised.
Looks like most of the debts were in credit cards and on things that were largely a waste of money.
He should get his own show on CNBC.
He’ll be fine, he’s hard as nails...lol.
Great?
He was good, but c’mon....
Cramer said you could trust Dykstra’s sage advice.
If you would like to be on the ping list let me know.
This will be a medium volume ping list during the baseball season and a low volume ping list when all life stops in late October.
The repossession of his Rolls was caught by some random paparazzi not long ago, and he got all huffy about it, emphatically declaring it wasn’t a repossession but a simple scheduled pick-up. He never explained why, if it was an involuntary repossession, he couldn’t just drive it to the dealership himself.
Dykstra doesn’t rate much sympathy. He played the tycoon, all flash and razzle dazzle with a whiff of the huckster.
This man belongs in the Obowma Treasury Dept.
Enjoyed watching him play for the Mets in 85 & 86....not however, the sharpest knife in the drawer.
Be careful, he is a future candidate for Secretary of the Treasury.......or maybe Director of the IRS.
That's worked for Donald Trump all these years. Maybe there's room for only one.
Video of Cramer stating “Lenny is one of the great ones” when it comes to investments, 0:47 in the vid.
http://www.youtube.com/watch?v=Lo77x4VeoQE
2 years old, meaning he bought it at the top of the market. Probably worth 1/2 to 2/3 of that now.
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