Bobby Bonilla got paid today

th_412

I fux deez hoes
Joined
Apr 11, 2014
Messages
1,176
Reputation
610
Daps
9,112
Reppin
Yo bytch bedroom / PITTSBURGH
Someone break down his contract for me:wow:


After his subpar 1999 season, the Mets released Bonilla, but still owed him $5.9 million. Bonilla and his agent offered the Mets a deal: Bonilla would defer payment for a decade, and the Mets would pay him an annual paycheck of $1.19 million starting in 2011 and ending in 2035, adding up to a total payout of $29.8 million. Mets owner Fred Wilpon accepted the deal mostly because he was heavily invested with Ponzi scheme operator Bernie Madoff, and the 10 percent returns he thought he was getting on his investments with Madoff outweighed the 8 percent interest the Mets would be paying on Bonilla's initial $5.9 million.
 

BlackAchilles

Veteran
Joined
Jul 2, 2014
Messages
38,539
Reputation
5,249
Daps
116,075
After his subpar 1999 season, the Mets released Bonilla, but still owed him $5.9 million. Bonilla and his agent offered the Mets a deal: Bonilla would defer payment for a decade, and the Mets would pay him an annual paycheck of $1.19 million starting in 2011 and ending in 2035, adding up to a total payout of $29.8 million. Mets owner Fred Wilpon accepted the deal mostly because he was heavily invested with Ponzi scheme operator Bernie Madoff, and the 10 percent returns he thought he was getting on his investments with Madoff outweighed the 8 percent interest the Mets would be paying on Bonilla's initial $5.9 million.

:mjlol:
 

Scottie Drippin

Should Never Mention Me
Joined
Apr 30, 2012
Messages
17,480
Reputation
5,431
Daps
63,826
Reppin
The Traps of Unified Korea
Someone break down his contract for me:wow:

Aight, so, he signed a 5yr, 29mil deal with the Marlins in ’96, and two years into it he fell off. Got dealt to the Dodgers, then flipped to the Mets. Entering the last year of his deal, Mets owed him 5.9mil off that Marlin’s deal. They agreed to a buyout to get him off the roster (Mets were making a World Series push, and no one would take on his contract in a trade, no other option). His agent offered the Mets a deal, he’d defer the buyout payments for a decade, then from there they’d pay his contract plus 8% interest, in an annual payment every July.


Now, why did the Mets agree to this? Because the owner was heavily invested in Madoff and this deal was peanuts compared to the returns he was getting off of Bernie :wow:
 

Lucky_Lefty

Dreams Are Colder Than Death...
Joined
Apr 30, 2012
Messages
49,387
Reputation
7,095
Daps
130,177
Reppin
Purgatory
The gift that keeps on giving....well until age 72
:blessed:

oan, didn't Ichiro get something or try to get something similar to this?
 
Top