Rejuvenated Mets Owners Pay Off MLB and Bank of America Loans

An article by posted on March 19, 2012

Blue skies, smiling on me...

According to the New York Daily News, the Wilpons were quite busy this evening. They finished deals to sell 12 minority shares  - a $240 million cash infusion – and they have taken care of a few debts as well.

One debt that the Wilpons paid back was their debt to the MLB. That full debt was a total of $25 million.

Another debt they took care of was their debt to Bank of America. They owed the Bank $40 million.

All this coming after the Wilpons reached a settlement with the trustee before their case officially went to trial.

This really sets up the Wilpons being in charge for the foreseeable future, contradicting much of what had been reported by various media outlets.

By repaying these debts, especially the one to MLB, they have likely shown Selig that they can remain fiscally solvent and add money into the team when the right deals and players become available.

Hopefully that will be the case.

Thoughts from Joe D.

I wrote this in a post from February 9th:

Don’t wish ill will on a family who has done so much good for the team, and this city, and for veterans, just because Omar Minaya signed Jason Bay or Steve Phillips traded for Mo Vaughn. Let’s use some common sense and know that there is a difference between this legal matter and the operational choices the current Mets owners have made. It’s a vast difference, and one should have nothing to do with the other.

I have my opinion on all of this. I posted repeatedly not to believe all this bankruptcy stuff everyone is circulating, and that the demise of the Wilpons has been greatly exaggerated. I’ve said again and again that it was all just wishful thinking. I couldn’t care less that it put me in the minority and on the firing block, I blog for my benefit not yours. So let me close this out in the form that some of you will find somewhat familiar – a Haiku:

Justice will vindicate.
It was all folly.
You’ll see the rising son.

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