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TMFEditorsDesk (< 20)

Happy B-Day, Lenny Dykstra!

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July 08, 2009 – Comments (11) | RELATED TICKERS: TSCM

At the Fool, we've poked a lot of fun at Lenny Dykstra. Most know him for his career on the baseball field. More recently, he created a reputation as an overconfident businessman looking for handouts from just about everyone, including his family. There are probably some people who would argue that he was a passionate, smart businessman..but it's virtually impossible to think that after reading ESPN's article on Lenny Dykstra from April. One thing is certain, Lenny never stopped cooking up get-rich-quick schemes.  

The former advisor for an options service at TheStreet.com used to brag about the boatloads of money that he made for his newsletter subscribers. Not to mention, he always had a multi-million dollar deal (or scandal to some, given the 20 lawsuits against him) in the works.

We were all wondering just when the the Dykstra non-stop cash party would come to an end. Well.. according to ESPN, his B-Day has come. Lenny Dykstra just filed for Chapter 11 bankruptcy protection with less than $50,000 in assets and somewhere between $10-$50 million in liabilities. It doesn't take an investor to know that's one off-balance balance sheet.  

Leave us a comment with other crazy bankruptcy stories. 

-- Katrina

11 Comments – Post Your Own

#1) On July 08, 2009 at 2:07 PM, TMFBrich (79.67) wrote:

For another good Dykstra read, I recommend "You Think Your Job Sucks? Try Working for Lenny Dykstra," from GQ magazine.

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#2) On July 08, 2009 at 2:21 PM, JakilaTheHun (99.95) wrote:

Lenny Dykstra just filed for Chapter 11 bankruptcy protection with less than $50,000 in assets and somewhere between $10-$50 million in liabilities.

Wow!  That's Pax Clean Energy-bad!  Lenny Dykstra could be his own pump-and-dump! 

(It's probably worth noting that his business model was not all that different.)  

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#3) On July 08, 2009 at 3:03 PM, TMFEditorsDesk (< 20) wrote:

I warn you, once you start reading these stories, you won't stop.  Lenny's shenanigans are reality-show good. 

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#4) On July 08, 2009 at 3:50 PM, TMFPhillyDot (89.85) wrote:

As a loyal 'all things Philadelphia' fan, I feel obliged to defend Dykstra's non-financial attributes: 1990 All-Star, 1990/1993 leader in hits, runs, and walks, and an outstanding performance in the hearbreaking world series loss to Toronto in '93 (.348 average and 4 homers).

However, for some laughs, I have included quotes from a 2008 court appearance:

"[They] folded like Mitch Williams in the ninth," Dykstra said about the firm that sued him as he made reference to a former Phillie teammate who served the winning homer to the Blue Jays' Joe Carter in the '93 World Series. "There was no case. There was nothing."

"The brash World Series winner left court and then assaulted the court reporters with an unrelenting series of  "bro"-laced non-sequiturs and jammed handfuls of Twizzlers into his maw."

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#5) On July 08, 2009 at 6:09 PM, retailsails (99.59) wrote:

Good stuff.  You got me, I can't stop reading...

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#6) On July 08, 2009 at 7:55 PM, tonylogan1 (28.82) wrote:

dang. that is addicting

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#7) On July 08, 2009 at 8:49 PM, Seano67 (22.14) wrote:

I warn you, once you start reading these stories, you won't stop.  Lenny's shenanigans are reality-show good.

 

I know. I was thinking that too. There's a way for Lenny to make some money- allow his daily life to be filmed for reality TV! I bet his ratings would be through the roof. 

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#8) On July 09, 2009 at 3:50 AM, JakilaTheHun (99.95) wrote:

The brash World Series winner left court and then assaulted the court reporters with an unrelenting series of  "bro"-laced non-sequiturs and jammed handfuls of Twizzlers into his maw."

That might quite possibly be the greatest sentence I've ever read in my life!  

"Bro"-laced non-sequiturs!  Hahahaha!

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#9) On July 09, 2009 at 2:12 PM, tonylogan1 (28.82) wrote:

CNBC is repoirting that Lenny Dystra is a "VICTIM" of mortgage fraud and will sue JP Morgan Chase...

Good stuff.

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#10) On July 09, 2009 at 3:31 PM, TMFKopp (96.72) wrote:

Man... there goes an hour... a fun filled hour though.

Hackett said Washington Mutual, now part of JPMorgan, was the main lender on the 2007 home purchase, and that the bank misled Dykstra about his ability to afford the property. The lawyer said the bank deserves nothing on its claim.

Misled him? But wait, I thought he was a financial savant that was guiding TSCM subscribers to untold wealth through options???

I'm crushed.

Matt

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#11) On July 09, 2009 at 5:20 PM, TMFEditorsDesk (< 20) wrote:

Good point, Matt...we could probably do a top 50 Lenny contradictions list.

-Anand

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