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Oldest Paid Player in Met History

Elster88 Jul 01 2010 03:24 PM

A 73 year old Bobby Bo in 2036. Probably old news to many. [url]http://blogs.wsj.com/metropolis/2010/07/01/thanks-to-interest-mets-still-owe-bonilla-298-million/?KEYWORDS=bobby+bonilla

attgig Jul 01 2010 03:54 PM Re: Oldest Paid Player in Met History

depends on what you mean by 'player'. i wonder if this defered money will count against the luxury tax calculations...

Zvon Jul 01 2010 05:14 PM Re: Oldest Paid Player in Met History

lol. I heard dings about dis. I heard some dings.

TheOldMole Jul 01 2010 06:42 PM Re: Oldest Paid Player in Met History

Well, it's not as bad as the $298 million I thought from the URL.

The Second Spitter Jul 01 2010 06:59 PM Re: Oldest Paid Player in Met History

attgig wrote: depends on what you mean by 'player'. i wonder if this defered money will count against the luxury tax calculations... I believe it won't -- Bonilla's salary was attributed to luxury tax calculations as if the Mets paid Bonilla's salary when it was due under the terms of the original contract.

Ashie62 Jul 01 2010 07:02 PM Re: Oldest Paid Player in Met History

I believe Mo Vaughn has an annuity from the Mets maturing into perpetuity.

Ceetar Jul 01 2010 08:07 PM Re: Oldest Paid Player in Met History

The Second Spitter wrote: attgig wrote: depends on what you mean by 'player'. i wonder if this defered money will count against the luxury tax calculations... I believe it won't -- Bonilla's salary was attributed to luxury tax calculations as if the Mets paid Bonilla's salary when it was due under the terms of the original contract. I believe the Mets will make money off the contract due to interest and what not. (Although, they expected to make a ton more, based on numbers Madoff was promisng them) the Ropolitans had a post on it last year.

smg58 Jul 01 2010 08:11 PM Re: Oldest Paid Player in Met History

8% interest compounded over a full decade? Can I start an account with Steve Phillips today?

Ceetar Jul 01 2010 08:29 PM Re: Oldest Paid Player in Met History

[url]http://theropolitans.com/2009/08/bobby-bonillas-back-on-payroll-in-2011.html from the comments: It is actually correct, and a horrible deal...for Bonilla. Ahh the power of compounded interest. The way it works, the Mets set aside $6 million in 2000 @ a rate of 12% per year. They are not allowed to withdraw any funds until year 11, in which they can withdraw $1,200,000 per year for 25 years. After the 25 years, and after paying off Bonilla, the Mets will have...drum roll please....$138 million. So they took the $6 million he was supposed to receive and invested it themselves and made $132 million for themselves on it. They also have a similar deal with Bret Saberhagen. Now here comes the problem with this deal and others. Madoff is the one that was guaranteeing them the 12%. So the Mets are now going to be paying the players out of their pockets, with new 2011 dollars, not 2000 compounded dollars, and on top of that, never receiving the $138 million lump sum. Much of the speculated $700 million the Mets lost was not what they lost out of pocket, but what was supposed to be there after this great compounded rate. Read more: http://theropolitans.com/2009/08/bobby- ... z0sUKNogij

Edgy DC Jul 02 2010 06:08 AM Re: Oldest Paid Player in Met History

Wait a minute. Fernando Tatis is a key Met?

Ceetar Jul 02 2010 06:53 AM Re: Oldest Paid Player in Met History

Edgy DC wrote: Wait a minute. Fernando Tatis is a key Met? _someone_ has to lock the door when they go on the road..

smg58 Jul 02 2010 09:20 AM Re: Oldest Paid Player in Met History

Oh, so Madoff guaranteed the Mets 12%. I feel much better about this now.