File photo of Los Angeles Dodgers owner Frank McCourt speaking at a news conference about increased security at Dodger Stadium in Los Angeles

Big surprise: Frank McCourt to keep the Dodgers running with a crappy loan

23 Comments

Frank McCourt, who knows from crappy loans, received one for $150 million in order to meet payroll on the 30th and to keep the team running while the bankruptcy proceeds through its paces, reports the Wall Street Journal.  Some basic questions you may have, followed by the best answer I have (again, bankruptcy types, feel free to correct me if I’m wrong):

First question: How in the hell did Frank McCourt get a loan? I thought he was tapped out!

Answer: It’s a special bankruptcy loan for debtors in possession. These things happen frequently. The moment the bankruptcy goes down, the lender of such a beast goes to the front of the line for payment. It would not have been available before a filing, as a lender would then be behind all of the other creditors. The idea: better to favor a post-bankruptcy lender than to have no one get paid.

Second question: What makes this a crappy loan?

Answer: The interest rate for starters, which at 10% is higher than your usual debtor-in-possession financing. Even Borders bookstore, which is basically in a dying industry, got a better deal. Also the fact that McCourt had to pay the lender a $4.5 million fee on top of it all. Also because McCourt had to put a lien on Dodger Stadium and offer personal guarantees on the load too.

Third question: Why such bad terms?

Answer: Apparently because no one else would lend him the money, preferential treatment aside.  According to the Wall Street Journal, a J.P. Morgan-affiliated hedge fund — Highbridge Principal Strategies — was the only entity willing to do business with Mr. McCourt. Maybe next time he should call Moneytree, where lenders compete for your business!

What? You mean he called Moneytree already?  And they pretended they weren’t home?  Awwwkwaaard.

Jon Niese leaves start with knee pain

PHOENIX, AZ - AUGUST 17:  Jonathon Niese #49 of the New York Mets delivers a pitch during the first inning against the Arizona Diamondbacks at Chase Field on August 17, 2016 in Phoenix, Arizona.  (Photo by Jennifer Stewart/Getty Images)
Getty Images
5 Comments

Mets starter Jon Niese left his start Tuesday night against the Cardinals due to left knee pain.

Niese walked two and gave up an RBI single before leaving with a trainer with one out in the bottom of the first inning. He was eventually charged with three earned runs. Robert Gsellman, just up from Las Vegas, took over, making his major league debut under unexpected circumstances.

Niese, who has not pitched well at all since coming over in a trade with the Pirates, is likely to be placed on the disabled list after the game or before tomorrow’s game.

Mark Trumbo’s home run streak ends

OAKLAND, CA - AUGUST 11:  Mark Trumbo #45 of the Baltimore Orioles hits an RBI single against the Oakland Athletics during the fourth inning at the Oakland Coliseum on August 11, 2016 in Oakland, California. The Baltimore Orioles defeated the Oakland Athletics 9-6. (Photo by Jason O. Watson/Getty Images)
6 Comments

Mark Trumbo still has many chances to hit a home run tonight — it’s only been an inning or so in the Nats-Orioles game — but his weird home run streak is over.

Coming into tonight’s game, Trumbo’s last seven hits had been homers. The all-time record had been 11, set by Mark McGwire back in 2001. The last time Trumbo got a hit that wasn’t a dong was back on August 11. Later in that game, however, he hit a grand slam. After that he went 6 for his next 34, with all those safeties dingers.

But that’s over now. In the first inning tonight he drove in a run with a two-out single. Then he was thrown out trying to stretch it to two. Good job on the RBIs, Mark. Bad job on the base running. Judgment withheld on the homer streak because, really, that’s just kind of weird and cool.