For those of you following the Wilpon/Mets/Madoff train wreck, there’s a fascinating story in today’s New York Times which suggests that the Wilpons’ legal problems may just be getting started.
The upshot: when Madoff got arrested, the Wilpons and Saul Katz were strapped. Coming to their rescue: as many as eight banks who provided them with financing on which Sterling Equities continues to rely. The Times talks to multiple banking and legal experts who suggest that, in light of the current lawsuit — and all of the ugliness it’s dredging up — the banks could do any number of things, none of which are good for the Wilpons and Katz.
Things like calling in their loans now, which would put even more financial pressure on them to sell the Mets. Another possibility: they could comb through all of their own financial records relating to the Wilpons searching for something — anything — which, in light of the new information we’re all learning, could be used to cast the Wilpons in a bad light.
I don’t pretend to understand the complexity of the financial stuff. But I certainly do understand the overall when-it-rains-it-pours dynamic of these things. We’d all like to believe that people will stand strong with us when things get bad, but when a scandal erupts or a suit gets filed people either run for cover, look for someone else to throw under the bus or both. These banks are no innocents themselves. J.P. Morgan, for example, has its own Madoff-related problems. You can bet that if there’s a way to shift blame to or share blame with someone else, they’ll take it. The first big conversation with the lawyers in any mess like this involves the question of “who else can be invited to this party?”
Every day the Wilpons don’t settle with the trustee is another day when someone, somewhere, will consider jumping on the pile.
A report from the Baltimore Sun’s Dan Connolly suggests that free agent catcher Welington Castillo currently tops the Orioles’ list of potential backstop targets for the 2017 season. With Matt Wieters on the market, the Orioles lack a suitable platoon partner for Caleb Joseph behind the dish, and Connolly adds that the club has been discussing a multi-year deal with Castillo’s representatives since the Winter Meetings.
Castillo batted .264/.322/.423 with the Diamondbacks in 2016, racking up 14 home runs and driving in a career-high 68 RBI in 457 PA. His bat provides much of his upside, and Connolly quoted an anonymous National League scout who believes that the 29-year-old’s defensive profile has fallen short of his potential in recent years.
For better or worse, both the Orioles and Castillo appear far from locking in a deal for 2017. Both the Rays and Braves have expressed interest in the veteran catcher during the past week, while the Orioles are reportedly considering Wieters, Nick Hundley and Chris Iannetta as alternatives behind the plate.
The Phillies reportedly signed veteran outfielder Daniel Nava to a minor league contract, according to Matt Gelb of the Philadelphia Inquirer.
Nava began the season on a one-year contract with the Angels, during which he slashed .235/.309/.303 through 136 PA in the first half of 2016. He was flipped to the Royals in late August for a player to be named later and saw the remainder of his year go down the drain on an .091 average through 12 PA in Anaheim. After getting the boot from the Angels’ 40-man roster in November, the 33-year-old outfielder elected free agency.
Nava is expected to compete for a bench role on the Phillies’ roster in the spring. As it currently stands, the club’s projected 2017 outfield features Howie Kendrick and Odubel Herrera, with precious little depth behind them. Nava’s bat is underwhelming, but at the very least he offers the Phillies a warm body in left field and a potential platoon partner for one of their younger options, a la Tyler Goeddel or Roman Quinn.