Bobby Bonilla got paid today

[David_TheMan]

This agent belongs on the agent hall of fame along with Allen Iversons for hiding his Reebok money

Iverson lost that reebok money in his divorce.

 

[MikelArteta]

Nope

Iverson lost that reebok money in his divorce.

 

[SteelCitySoldier]

Iverson lost that reebok money in his divorce.

Naw that contract was signed before he was married so he still gets it. It was a lifetime contract if I remember correctly. I'm speaking soley about the money he gets yearly, not about the money that his agent/lawyer had stashed for him.

 

[neph27]

yo how is this a win for Bonilla

With inflation he's getting killed

He could've taken that lump sum and invested it properly, he could have had steady growth on this momey

 

[Grifter]

Someone break down his contract for me

How did the deal present itself?
Deferred-money deals have been going on for a long time, but the Mets did more of them than most. The first deferred-money deal we know about is Darryl Strawberry's 1985 contract, in which the Mets deferred 40 percent of his 1990 $1.8 million team option ($700,000) at a 5.1 percent interest rate. The deal, which pays out $1.64 million from 2004 to 2033, was obtained through a life insurance company.

Bonilla's agent, Dennis Gilbert, was an insurance agent at the same time he developed into a superagent (Gilbert's clients included Bonilla, Barry Bonds, Jose Canseco and Danny Tartabull), so he was more uniquely prepared to understand annuity-type payouts than other agents.

How does the deal actually work?
The Mets owed Bonilla $5.9 million for the 2000 season and no longer wanted him. So the club negotiated with Gilbert to attach an 8 percent annual interest rate to that money. With the clock starting in 2000, that adds up to $29.8 million. The first installment of the payout came on July 1, 2011, and the Mets will pay their sixth installment on Friday.



Madoff scammed the Mets so didn't mind this deal at the time.

 

[David_TheMan]

Nope

My bad he lost half of it.

Tawanna Iverson Was Awarded Allen Iverson $32 Million Reebok Trust Fund | BSO

If Iverson broke any of the provisions and it led to a divorce, he would have to immediately put $100k in a trust fund for each of his 5 kids, all property would be transferred over to Tawanna, all remaining debt would be solely Iverson’s responsibility, Tawanna and the 5 kids would be owed 25c for every $1 Iverson made for the rest of his career and finally…….

THE FULL $32 MILLION REEBOK TRUST WOULD GO TO TAWANNA

A man would have to be crazy to sign something like right? A.I. signed the contract and I think you know what happens next.

He broke several of the provisions, Tawanna refiled the divorce petition and was awarded everything that was in post-nuptial agreement when the divorce became final in 2013 including the $32 million.

But there is a twist and I have tried to figure out how it should be looked at. Before the divorce became final, Tawanna even though she didn’t have to, agreed to give Iverson half of the $32 million Reebok trust when he turns 55.

 

[David_TheMan]

yo how is this a win for Bonilla

With inflation he's getting killed

He could've taken that lump sum and invested it properly, he could have had steady growth on this momey

Its an easy when he flipped 5 mil into 20+ mil.
Lump sum is good in so instances, security is good in other, it depends on where you are in life.

 

[SteelCitySoldier]

My bad he lost half of it.

Tawanna Iverson Was Awarded Allen Iverson $32 Million Reebok Trust Fund | BSO

Thread should be changed to "best finesse artists in sports". Props to his wife for not taking all his bread though.

 

[David_TheMan]

Thread should be changed to "best finesse artists in sports". Props to his wife for not taking all his bread though.

Iverson is just a fukking idiot.

 

[SteelCitySoldier]

Iverson is just a fukking idiot.

Yea I would have never signed that shyt. Wasn't even a prenup but post lol. You done been cheating and shyt so much that she can even think about having you sign one of these is crazy

 

[L&HH]

yo how is this a win for Bonilla

With inflation he's getting killed

He could've taken that lump sum and invested it properly, he could have had steady growth on this momey

What investment you got that's returning a GUARANTEED 8% on $5.9 million principle for a DECADE . Especially at that time we know one of the biggest hustles was real estate and had he done that like everyone else, he would have gone belly-up once the 07 crash came.

$5.9 million in '99 has the buying power of $8.6 million today.

 

[FaTaL]

The greatest contract there ever was

Is there any definitive answer on whether or not Steve Young is still getting paid off of the USFL deal?

Usfl went broke, he ain't getting sh!t

 

[FooFighters]

The greatest contract there ever was

Is there any definitive answer on whether or not Steve Young is still getting paid off of the USFL deal?

Sad thing (for me and fellow St. Louisans) is rumor has it that because of that deal, the NBA will never seriously consider moving a team to St. Louis or starting a franchise here while that deal is still going on.

Wait, that deal is still going on?

 

[GnauzBookOfRhymes]

Finessed the fukk out of the Mets Black Excellence

Not necessarily finessed. Basically a form of an annuity. Not like the Mets themselves are paying out 30M.

yo how is this a win for Bonilla

With inflation he's getting killed

He could've taken that lump sum and invested it properly, he could have had steady growth on this momey

Many investors would consider 8% a year a very good return.

 

[SteelCitySoldier]

Wait, that deal is still going on?

Yup. NBA and them reached a settlement but it still hasn't been approved by a judge...that was in 2014