Lenny Dykstra files 'difficult, necessary' bankruptcy
Dykstra owns under $50,000 and owes over $10 million
Lenny Dykstra files 'difficult, necessary' bankruptcy
UPDATED: Phillie-turned-would-be stock-option guru Lenny Dykstra owes more than $10 million to JPMorgan Chase, Bank of America and other creditors, and owns less than $50,000 to pay them with, his Los Angeles bankruptcy filing says. NEW: Read Dykstra's bankruptcy filing
"Sometimes the difficult decisions in life are the most necessary," Dykstra wrote me in an email. "In the end, the restructuring will definitely be a good thing." Yes, he's filed for voluntary Chapter 11.
A good thing, for whom? Dykstra owes, among others:
$12.9 million, unsecured, to Washington Mutual (now part of JPMorgan Chase & Co.)
$4.2 million, unsecured, to Bank of America's Countrywide and credit card units
$3.5 million to Rockbridge Bank, Atlanta, Ga.
$2.5 million to David and Teresa Litt, real estate pros in Calabasas, Calif.
$1.5 million to K & L Gates LLP, a Santa Monica law firm
$1.1 million to United Commercial Bank, San Francisco
$962,000 to private-jet companies in New York, Cleveland and California
$512,000 to the California state labor department's enforcement unit
And hundreds of thousands more, each, to celebrity lawyer Daniel Petrocelli, New York literary agent David Vigliano, California anaesthesiologist Dr. Festus Dada, former publisher Doubledown Media, Index Investors, Wachovia Securities, and more. And smaller amounts to New York's Carlyle and Jumeirah Essex hotels, Verizon, UPS, AmEx, Citibank, and other private-jet companies. Tho nobody in Philly.
Just last week, Dykstra was still soliciting $995/year subscriptions to his newsletter at www.nailsinvestments.com, after his column was dropped by Jim Cramer's TheStreet.com. "Nails" claimed he had a record of better than 100-0 in stock options calls. Tho he ignored my request to prove it. Readers who complained about his claims said such results would only be possible, and still not much, if he'd kept counting performance until the blue-chip stocks he mostly bet on finally rose, instead of admitting defeat when his contracts expired underwater. Like the stopped clock that's still right twice a day.
Which just raises the old question: If he's so smart, how come he's not rich?
ESPN report here.
Dykstra is beyond worthless he took millions and turned it into tens of millions of losses. It takes someone truely and remarkably inept to have such an epic fail. But I remember when the dude told the reporter I aint broke I got a grand right here in my pocket. LOL !!!- idiot— psuwelsh
- He is really stupid. And spent like a drunken sailor.— Jeffy3
Comment removed.- "...several more private-jet companies, and more. Tho nobody in Philly." Was this sent as a text message? Is it too much to ask a professional journalist for one of America's better-regarded newspapers to use standard English in posting a story? Should I just tell my students not to read the _Inquirer_, since its writers are apparently unable to write in the sort of English that educated writers once employed?— J H
- Bernie Goldberg is the worst journalist alive. His puff piece on Real Sports last year was so pathetic that he should be fined.— mjb
- I wonder if his divorce is just to hide assests?— Frosty Peters
- Yes, the ego will do that people.....another spoiled athlete who got caught up in his invincibility......and those who jumped on his band wagon got what they deserved......their belief in a magic bullet to produce wealth......naive greedy folks got their just results...and the Dude showed he was never more, never less than a super jock baseball player.......— nuggett
- He should get back on the juice to fight Bonaduce.— dgreils
- he should of taken Dutch's stock tips— Serge_Matthews
- At least Dutch doesn't owe the Blumpkakians for exposing their secret plans to take over Earth. Thanks to Dutch, we'll be ready for 'em.— Murrayman
- Comment removed.
- I've never seen anyone as professional, 1st class and upstanding as Lenny Dykstra. If I had money to invest, I'd give it to him in a second.— TheDude
- Posted by dgreils 04:11 PM, 07/08/2009 He should get back on the juice to fight Bonaduce. -Excellent idea. I'd go see that. Excellent.— TheDude
Got dropped by Jim Kramer? Dude...— Tacony Palmyra
