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Re: Mets FAIL

Postby Steve-o » Fri Feb 12, 2010 10:21 am

Citi Field bonds cut to `junk' status

NEW YORK—Citi Field's bonds have been lowered to junk status by Standard & Poors and Moody's Investors Service because the company that insures the reserve fund for many of them is having financial troubles.

The bonds' underlying rating was dropped from Baa3, an investment grade, to Ba1, a speculative grade, by Moody's last Thursday.

Standard and Poors cut the bonds from BBB to BB+ on Tuesday while still giving them a "stable outlook."

The Mets sold $613.1 million of three types of bonds in 2006 and an additional $82.28 million of bonds last year. Ambac Assurance Corp., the company having financial difficulty, insured $547.6 million of the 2006 PILOT bonds (payment in lieu of taxes).

"We lowered all the bonds ratings because the 2006 PILOT bonds do not have a reserve fund with adequate liquidity to support any disruption in project cash flow," Standard & Poors said. "Because Ambac is currently rated speculative grade, the creditworthiness of the debt service reserve fund supported by the surety policy is below the creditworthiness of the bonds."

S&P said the stable outlook "reflects the expectation that the project will perform in line with expectations."

The $800 million ballpark opened last year, and the Mets went a dismal 72-90.

"This is related specifically to Ambac, which insures the 2006 bonds, and is not based on our operations or the strength of the underlying credit," the Mets said in a statement.


:-D
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Re: Mets FAIL

Postby ensanimal » Fri Feb 12, 2010 1:40 pm

wrveres wrote:Sure it's hard to believe, now. I mean this thread is only two pages long, now. But it has the potential to be a great one. Immense potential come to think of it. I know I am bookmarking it for future use. :-D

NESN wrote: Mets Still Owe Bobby Bonilla $29.75 Million
the Mets will be paying Bobby Bonilla $1.19 million on July 1, 2011. They will then pay Bonilla another $1.19 million on July 1, 2012. And 2013, 2014 and 2015. All the way until July 1, 2035, when Bonilla will be 72 years old. According to BaseballLibrary.com, the Mets opted to offer Bonilla the deferred payments instead of paying him his $5.9 million salary in 2000.


awesome.
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Re: Mets FAIL

Postby Bloody Sox » Fri Feb 12, 2010 2:24 pm

wrveres wrote:Sure it's hard to believe, now. I mean this thread is only two pages long, now. But it has the potential to be a great one. Immense potential come to think of it. I know I am bookmarking it for future use. :-D

NESN wrote: Mets Still Owe Bobby Bonilla $29.75 Million
the Mets will be paying Bobby Bonilla $1.19 million on July 1, 2011. They will then pay Bonilla another $1.19 million on July 1, 2012. And 2013, 2014 and 2015. All the way until July 1, 2035, when Bonilla will be 72 years old. According to BaseballLibrary.com, the Mets opted to offer Bonilla the deferred payments instead of paying him his $5.9 million salary in 2000.

Actually, if the Mets are able to earn about 7-8% interest on the initial $5.9M (and during the 20 years they pay out), they'll break even. Of course, this is the Mets...
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Re: Mets FAIL

Postby garf112 » Fri Feb 12, 2010 2:52 pm

Bank of Bernie Madoff isn't giving interest on investments any more.
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Re: Mets FAIL

Postby buffalobillsrul2002 » Fri Feb 12, 2010 2:55 pm

Bloody Sox wrote:
wrveres wrote:Sure it's hard to believe, now. I mean this thread is only two pages long, now. But it has the potential to be a great one. Immense potential come to think of it. I know I am bookmarking it for future use. :-D

NESN wrote: Mets Still Owe Bobby Bonilla $29.75 Million
the Mets will be paying Bobby Bonilla $1.19 million on July 1, 2011. They will then pay Bonilla another $1.19 million on July 1, 2012. And 2013, 2014 and 2015. All the way until July 1, 2035, when Bonilla will be 72 years old. According to BaseballLibrary.com, the Mets opted to offer Bonilla the deferred payments instead of paying him his $5.9 million salary in 2000.

Actually, if the Mets are able to earn about 7-8% interest on the initial $5.9M (and during the 20 years they pay out), they'll break even. Of course, this is the Mets...


I was going to say exactly this....
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Re: Mets FAIL

Postby wrveres » Sat Feb 13, 2010 3:46 am

garf112 wrote:Bank of Bernie Madoff isn't giving interest on investments any more.
exactly
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Re: Mets FAIL

Postby wrveres » Sat Feb 13, 2010 3:47 am

Steve-o wrote:
Citi Field bonds cut to `junk' status

NEW YORK—Citi Field's bonds have been lowered to junk status by Standard & Poors and Moody's Investors Service because the company that insures the reserve fund for many of them is having financial troubles.
The bonds' underlying rating was dropped from Baa3, an investment grade, to Ba1, a speculative grade, by Moody's last Thursday.
Standard and Poors cut the bonds from BBB to BB+ on Tuesday while still giving them a "stable outlook."
The Mets sold $613.1 million of three types of bonds in 2006 and an additional $82.28 million of bonds last year. Ambac Assurance Corp., the company having financial difficulty, insured $547.6 million of the 2006 PILOT bonds (payment in lieu of taxes).
"We lowered all the bonds ratings because the 2006 PILOT bonds do not have a reserve fund with adequate liquidity to support any disruption in project cash flow," Standard & Poors said. "Because Ambac is currently rated speculative grade, the creditworthiness of the debt service reserve fund supported by the surety policy is below the creditworthiness of the bonds."
S&P said the stable outlook "reflects the expectation that the project will perform in line with expectations."
The $800 million ballpark opened last year, and the Mets went a dismal 72-90.
"This is related specifically to Ambac, which insures the 2006 bonds, and is not based on our operations or the strength of the underlying credit," the Mets said in a statement.

:-D


thats the idea!
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Re: Mets FAIL

Postby swyck » Sat Feb 13, 2010 9:28 am

rookies and cream wrote:The Mets need to clean house. This is embarrassing.


No, they're just fine the way they are. :-D
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Re: Mets FAIL

Postby wrveres » Sat Feb 13, 2010 3:44 pm

link Venezuela President Hugo Chavez and several members of his Cabinet took to the field on Thursday for slow-pitch softball game with some of Venezuela's past and present major leaguers. Among the players on hand were New York Mets closer Francisco Rodriguez ..
Chavez presented the major leaguers with a medal of honour named after Venezuelan independence hero Francisco de Miranda. The president then pitched two innings and allowed seven runs.

Fransisco Rodriguez gave up 11 runs during three innings.
:-D
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Re: Mets FAIL

Postby DaSh 1s » Sat Feb 13, 2010 3:53 pm

wrveres wrote:
link Venezuela President Hugo Chavez and several members of his Cabinet took to the field on Thursday for slow-pitch softball game with some of Venezuela's past and present major leaguers. Among the players on hand were New York Mets closer Francisco Rodriguez ..
Chavez presented the major leaguers with a medal of honour named after Venezuelan independence hero Francisco de Miranda. The president then pitched two innings and allowed seven runs.

Fransisco Rodriguez gave up 11 runs during three innings.
:-D


As much as I have fun teasing Met fans, It hard to deflate them with stats from a *SOFTBALL* game. To begin with, K-Rod was throwing the ball under-hand...
B-Chad wrote:Pedroia's LD rate of 20% is reason to believe he'll maintain a higher BA then Cano. It should also be noted he hits more FB's then Cano, which means that even if he posts a lower HR/FB then Cano, he should come in reasonably close to Cano in HR's
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