From Jon Friedman, MarketWatch.com
The owner of the New York Mets, will be forced to sell the baseball
franchise as soon as 2010 after incurring heavy Bernie Madoff-related
investment losses, an author of a book on Madoff says.
NEW YORK (MarketWatch) -- Fred Wilpon, the owner of the New York
Mets, will be forced to sell the baseball franchise as soon as 2010
after incurring heavy Bernie Madoff-related investment losses.
So says Erin Arvedlund, author of "Too Good to Be True," a new book
from publisher Portfolio that has gotten a big buzz in its first few
weeks by detailing the evil deeds of the disgraced New York hedge fund
manager. Madoff, who is serving a prison sentence, has become the
poster child for Wall Street's excessive corruption, greed and
"You can quote me," Arvedlund said of a possible sale of the Mets. "It's a matter of when. It could be as soon as next year."
Arvedlund estimates the Wilpon family may have lost as much as $700
million on Madoff-related investments that went awry. Mets management
has been criticized for failing to acquire such stars as Manny Ramirez
-- and many fans suspected that the team couldn't afford to obtain such
"As I understood it, they knew each other from way back when,"
Arvedlund told me. "Wilpon was one of the big real-estate magnates who
was a Madoff investor."
A Mets spokeswoman said on Thursday by e-mail: "The numbers
speculated continue to be inaccurate. We refute what has been reported.
As we have said on numerous occasions, losses incurred by the Sterling
Partners do not and will not affect the day-to-day operations and
long-term plans of the Mets organization. The team is not for sale in
any respect." Wilpon's Sterling company controls the Mets franchise.
Still, the media have speculated about Wilpon's prospects.
The New York Times (NYT, US) has written: "Perhaps most troubling is
the possibility that losses incurred by Sterling Equities could put
pressure on Wilpon to raise money by selling other assets. Because
Sterling invested money directly with Madoff, Wilpon may have to come
up with money to reimburse some of his own investors for losses. That
may cause him to sell valuable assets, including a portion of his
ownership in the Mets."
In April, Forbes pegged the Mets to have a value of $912 million.
The Mets ranked as the second-most valuable baseball franchise,
trailing only the New York Yankees. See Forbes story. http://www.forbes.com/lists/2009/33/baseball-values-09_New-York-Mets_334564.html
It has been a hoot to write for Loge13 over the years, covering everything from Shea Stadium's bathrooms
to Citi Field's bathrooms
and all points in between. Occasionally I even write about baseball although that is admittedly secondary. The goal of Loge13 was always to write about Shea Stadium, and along the way, Met fans and what makes us unique.
One of the great legacies of Shea Stadium is music and without a doubt the post that elicited the most feedback was about the Shea Stadium Festival For Peace
, held 39 years ago on August 6th, 1970.
That date was the 25th anniversary of the atomic bombing of Hiroshima, Japan.
To recognize the occasion, organizers staged a 12-hour anti-war concert at Shea Stadium. Performers included Janis Joplin, CCR, Paul Simon, Johnny Winter, Poco and more. My original post
received alot of comments from folks who were searching for info on the show. In fact, there is very little officially available about the concert. No footage or photos, no bootlegs. Thus Loge13 became something of a hub for folks looking to connect with each other and share memories...or at least confirm or refute rumors (no Jimi Hendrix did not perform that night). The comments left on Loge12.com have become an oral history of the show and provide some neat nuggets about Shea. For example, fans swear the Mezzanine section swayed up and down that night.
One reader created a Wikipedia entry
about the show after I wrote my original post, which was cool, and solicited more details from commenters. Readers continue to find my post via Google and add comments. I harvested some of the best last year
. In keeping with tradition, here are some more memories of Shea Stadium's Concert For Peace, posted since then:
Charles J. Biancheri
Lisa Boyle Mevorach
Hey man I thought I was Dreaming and thought I was
the only one there cause no one remembered. A concert to remember came
down from CT at 15 best concert ever. I can remember the movement of
the mezzanine will never forget that day. Am glad to see other people
wont forget either. Were all survivors.
Thanks for all the memories. I went with my friend,
the two of us saw the Jimi Hendrix concert the month before at
Randall's Island. We were thrilled when Janis came out on stage. I
believe she drank so much that she had a hard time completing her last
couple of songs--it was an abbreviated set. John Sebastian and Johnny
Winter were great. It was a real great and all American group of
[November 16, 2008 6:43 PM]
I was at that show too. I got in for free as a
marshall. It was incredible. The Rascals did not play but the next
generation band with their guitarist eddie Brigati, I think named
Bulldog played. when Ritchie Havens performed the tiers in the stadium
were bouncing 3 feet up and down from the crowds getting into the music
and stomping and jumping up and down. pretty scary, they had to tell
the crow to calm down. Johnny Winter And came out when it started to
get dark and tore the house down. Johnny and Derringer were incredible.
When Janis joplin came out she was pissed at all the bright lights. She
went off screaming that if " YOU DON'T TURN DOWN THOSE M***FUC#*N
LIGHTS I"L HAVE THIS CROWD TEAR THIS HOUSE DOWN" The crowd went
nuts...the lights came down and Janis sang her ass off.She was
incredible. I really glad I got to see her perfornm since 2 months
later she was gone and nobody has ever come along to replace her since.
She was GREAT! OH and yes too bad . but definately no Hendrix...I wish
but was still one of the best Musical Memories of my life . I could
tell a million stories about that day and actually do whenever I get a
chance 28 years later. Now I own a music store and wish music was like
it was back then....Who knows? Maybe they will invent a new drug that
actually makes you get into music again instaed of crack and hip hop
Rap shit that just damages society.
I have been searching for ages to find info about
this concert and it was like a Christmas present reading all this. I
was 20 years old and attended with an old girlfriend and fellow "stoner"
from my neighborhood.
I have remembered most of the groups, especially Joplin who, amidst her
drinking, shouted for them to turn out the lights, finally one last,
"turn out the F---ing lights" and they went out, it was so magical!
Poco totally rocked as did James Gang with Funk 49. John Sebastian,
whom I had seen before, was so wrecked he spent a lot of time tuning
his autoharp. There were so many people performing you just went from
group to group. I remember the bottles of wine and the joints going up
and down the rows, take a swig, or take a toke, and pass it on. We were
next to the isle where NY's finest were there to keep peace and order.
They sometimes joined in and other times just kept the free drink and
such moving to the next person. They did ask people to stop the
jumping, I do remember the stadium vibrating, I was on the second level
behind home plate and could really feel the movement. No need to repeat
the above comments, very accurate details of a truly fantastic day with
nearly 12 hours of music and very little down time. I hope more
continue to read this. One last note, I always referred to this concert
as the "August Festival for Peace", which is why I could not find
anything written about it for years. Maybe that could be included as a
possible link to finding it. I do want to point out that I have all my
vinyl from the 60's on up, still alphabetical, and I'd love to recreate
the concert because I'm sure with over 900 albums I have virtually all
the music that was played that day. Thank you to Eric for listing
groups, and anyone else who can lists sets.
I came across on YouTube The Beatles at Shea
Stadium in 1965. It was so exciting to see that because I was at that
phenomenal concert. Then I thought about the Peace Concert at Shea
which I also attended. I thought for sure a portion of it would be on
YouTube.It's a shame because the Peace Concert was such a great
concert. If I can recall, Steven Stills from Crosby, Stills, Nash and
Young was also there. If that was the concert, I remember him to be
quite obnoxious. Other than that, I remember it to be the mini
Woodstock. Those were the days.
I got home just in time to turn on today's game and see Nelson Figueroa's triple.
My first thought: has it gotten this bad that Nelson is now in the starting lineup?
Well it's almost that bad. Wonder boy Jonathan Niese did start but crumpled to the ground after covering first in the second inning. the Mets say he may have a torn hamstring. There are no words.
But give Nelson credit for bouncing back after Monday's disaster
. He pitched a great game and drove in a few runs. That's the kind of stuff to warm a Met fans' heart.
The Mets won 9-0 and lost perhaps two more players. Gary Sheffield said after the game his hamstring was also bugging him. I'm bullish on shares in the Hospital for Special Surgery for the rest of the year.
Quick notes on Monday night's game...
Lady Kingman and I had a nice date at Citi Field while the elder Kingmans watched the kids.
The boys made a noble attempt to come back after Nelson Figueora pitched 1.2 innings of 6 run, 10 hit ball. Ultimately we lost 6-5.
Not really sure why we sent for Nelson from Buffalo at all. Tim Redding was available and pitched well in relief of NF. I guess there is so little confidence in Redding that they rolled the dice.
Eternal sucker that I am, I really thought the Mets still had wild card hopes...until last night. Now that we lost three out of four to the D-Backs, it's pretty clear even to a purblind optimist like myself that we simply don't have the horses to compete, even if some of our guys come back from the DL. But I do admire the fight in the guys who are healthy.
The highlight of the night: when the Mets flashed Richard Kline on the scoreboard for an unusually long time. You might remember Mr. Kline as the upstairs lothario on "Three's Company." The fact that fans gave some of their loudest applause of the night to an aging, second-tier actor from a TV show off the air for three decades says alot about the state of Met-dom atm...and also reveals the exquisite good taste of Met fans.
I asked Lady Kingman during the game what her at-bat music would be if she was a major league baseball player. I'm still awaiting her answer. As for me, I decided last night that it would have to be either "Rockaway Beach" or "Blitzkrieg Bop" by the Ramones. Besides being great chant-along anthems, using Ramones would be an apporpriate tribute to Queens. Plus the Ramones are kinda like the Mets of punk music.
What would your at-bat tune be?