The Wilpons didn't lose as much money to Madoff as believed

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If you believe financial experts like Larry King, Mets owner Fred Wilpon and family lost as much as $700 million investing with former friend and current inmate Bernie Madoff.  That, however, may be a slight exaggeration:

A partnership connected to the baseball team — which had widely been rumored to have lost money investing with Bernard Madoff — actually gained a net $48 million from its dealings with the convicted swindler, according to a bankruptcy-court filing.

The filing, by the court-appointed trustee handling claims for Madoff victims, is the first documentation of how deeply invested Mets principal owner Fred Wilpon was with Mr. Madoff, a longtime friend.

The filing showed that the Mets Limited Partnership, which is connected with Sterling Equities Inc., owner of the Mets, deposited about $523 million into two accounts with Mr. Madoff — and withdrew about $571 million.

Now that doesn’t necessarily mean that the Wilpons made money.  Yes, it’s a net increase in the money in play, but (a) the Wilpons may have had his money with Madoff for many, many years; and (b) they may have believed, via Madoff’s fraud, that they were up way, way above that.  So in financial terms the Wilpons could have suffered a huge loss in terms of forgone, legitimate gains, and they may have been making financial decisions based on a radically different position than the one in which they actually found themselves to be once the fraud was discovered.  That’s not a $700 million loss, but it’s certainly not great either.

Sadly for Mets fans, however, the team’s competitive position remains just as dire as previously believed.

UPDATE: Barry Bonds tentatively plans to accept the Marlins hitting coach job

Barry Bonds

UPDATE: Bob Nightengale reports that while negotiations are not yet finalized, Barry Bonds “tentatively plans to accept the Marlins’ offer to be hitting coach with Frank Menechino.” Which is a good reminder that Menechino is still the Marlins’ hitting coach. Who would be the assistant and who would be the coach — or if they’d be co-coaches — is unclear.

12:00PM: The matter of Barry Bonds as the Marlins hitting coach has gone from “consideration” to “offer,” reports Bob Nightengale. The Marlins now await Barry Bonds’ response.

The biggest mystery in all of this is whether Bonds is actually interested. No one has reported that he was willing or even that there have been serious conversations between the Marlins and Bonds. That could be because Bonds, as has always been his practice, doesn’t talk too much to the media. Indeed, we learn more about him from his social media presence than anything reported about him. So it’s possible that Bonds and Jeff Loria have been in contact about all of this and he’s strongly considering it as well.

It’s also possible that this is all nothing and the Marlins are just trying to make a long shot happen.

MONDAY, 5:01 PM: This shouldn’t cause any controversy, lead to a lot of people saying dumb things or provide fodder for jokes at all. Nope, none whatsoever:

In what promises to be a bombshell move, if executed, all-time great slugger Barry Bonds is under consideration to become Marlins hitting coach.

Team higherups have quietly been discussing this possibility for weeks.

That’s Jon Heyman, who reminds us that Bonds has worked with the Giants in the spring in recent years. And who, no matter what else you can say about him, was one of the greatest hitters the game has ever seen. Also worth remembering that despite his controversial past, that greatness came not just from physical gifts, naturally or artificially bestowed. It came from his approach, preparation and strategy at the plate. No one can teach a hitter to hit like Barry Bonds, but you’d think that hitters could be taught to try to approach an at bat the way Barry Bonds would. And who better to do it than Barry Bonds?

That is, if Bonds is willing to drop his seemingly ideal retired life in San Francisco, move to Miami and work for Jeff Loria for nine months a year. Which, eh, who knows? But the possibility of it is pretty fascinating to think about.

Royals avoid arbitration with Tim Collins for $1.475 million

Tim Collins Getty
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Left-hander Tim Collins, who missed the entire 2015 season following Tommy John elbow surgery, will remain with the Royals after avoiding arbitration for a one-year, $1.475 million contract.

Collins was a non-tender candidate due to his injury and projected salary via arbitration, but the Royals are convinced he can bounce back to be a valuable part of the bullpen again in 2016 and beyond. He agreed to the same salary he made in 2015.

Prior to blowing out his elbow Collins posted a 3.54 ERA with 220 strikeouts in 211 innings from 2011-2014 and he’s still just 26 years old. He figures to begin 2016 in a middle relief role.

Joba Chamberlain signs with the Indians

Joba Chamberlain

When you think “Joba Chamberlain” and “Cleveland” you think of the then-Yankees phenom being attacked by midges in the 2007 ALDS. If you don’t remember that somehow, the video evidence is below.

But all of that changes now, as the Indians have just announced that they have signed Chamberlain to a minor league deal with an invitation to big league spring training. That’s no promise of a big league job, but the Indians did make at least one promise to him:


I can vouch for that. The Indians’ Triple-A team is in Columbus and we don’t have midges here.

Chamberlain split time with the Royals and the Tigers in 2015, posting a composite ERA of 4.88 in 36 games of mostly mopup work.

Mariners trying to trade Mark Trumbo by Wednesday

Mark Trumbo

Seattle making Mark Trumbo available has been known for a while now, but Bob Dutton of the Tacoma News Tribune reports that the Mariners are trying to trade the first baseman/outfielder before Wednesday.

That’s the deadline to tender 2016 contracts to arbitration eligible players and with Trumbo set to make around $9 million via that process the Mariners would rather move on before any decision needs to be made. In other words: They don’t want to be stuck with him.

Trumbo has elite power, averaging 30 homers per 160 games for his career, but that power comes with a .250 batting average, poor plate discipline and a .299 on-base percentage, and sub par defense. Mariners general manager Jerry Dipoto has already traded Trumbo once, dealing him to the Diamondbacks back when he was the Angels’ general manager, and now he’s working hard to part ways again.

Ken Rosenthal of reports that the Rockies are among the interested teams.