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Thursday, July 9, 2009

Dykstra on his bankruptcy: "It's about YOU!"

I sent the former Phillie a note asking if this purported letter to his clients and friends is for real.
Dykstra says: "Yes! You may go ahead."

By Lenny Dykstra

July 9, 2009

By now, many of you have read the news and begun to ask me about it. Since I feel you are like family to me, I will therefore hold nothing back. . . .

I have always prided myself on transparency - both in my personal life and in business. Although there will always be people who choose to spin information negatively, I do hope and believe that most of you will not be swayed solely by muckraking and sensationalized accounts. For those who are interested in the actual facts, I am happy to share.

Incidentally, I expect to be taping an interview for CNBC later this morning and welcome you to tune in for more.

The facts:

1. On July 7, 2009, in a move necessary to shield my property from a host of meritless claims, I filed a petition for Chapter 11 protection.

2. The action will provide me time to reorganize my estate and allow me some breathing room to challenge a multitude of meritless claims that have been made against me.

3. This will further allow me to pursue my lawful claims against a number of parties who have attempted to steal my property, breached material agreements with me or otherwise acted in bad faith or with the intention of causing me to suffer financial harm.

4. I expect to emerge from Chapter 11 protection and continue to achieve my business goals, free from the attacks of those who have attempted to extort me.

5. Aside from the re-launch of my investment newsletter, I will soon be able to resume publication of project which is very close to my heart - The Players Club: A magazine built "For the Players, by the Players."

I assure you that my personal financial maneuvers will in no way adversely affect the quality or continuance of this service. On the contrary, we are now moving full steam ahead on some major enhancements and updates. Within a week or so, you will already start to see the improvements!

You, my loyal subscribers, have stood behind me and realize that my record speaks for itself (111 and 0 with more victories on the way!).

Perhaps if I had invested in my own picks (I am barred from doing so legally), instead of entering into business with parties who sought to destroy me, things might be different for me today.

Regardless of my personal woes - the Chapter 11, the divorce proceedings which my wife sadly seems intent upon pursuing (emotionally, this is by far the most painful of my troubles) and issues regarding my home and the mortgage my lawyers consider to be fraudulent; I am nonetheless committed to serving you and helping YOU to make money.

Bottom line is that this is not about me, it's about YOU! I still stand behind you 100%.

For those who judge me harshly, they might consider if they have fairly examined the evidence before throwing the first stone. . . .

I know that those of you who are honest with yourself realize that no matter how successful we are at any particular point in our lives; it can all come crashing down in a heartbeat.

Of course we all fall down at times (clearly, me included!). Nonetheless, through God's grace and the mercy of the US Bankruptcy Code, thankfully, this is not a life sentence.

Just like when we analyze a solid "though as nails" stock and choose to buy in when it is down, I hope that you will similarly stand behind this "Nails"- your most humbled servant.

My investment strategy is designed to counter against the inevitable ups and downs in the market and leverage them for gain. Even stock in the greatest of companies can tumble. However, when this happens, the ride back to the top will be that much more rewarding. . . .

Although I am saddened and a bit embarrassed that I had no choice but to resort to this action, at least I am in good company. . . .

Two of our greatest presidents, Thomas Jefferson (filed several times) and Abraham Lincoln, were able to restructure their lives through bankruptcy and went on to do great things such as helping to establish the University of Virginia and abolishing slavery.

Ulysses S. Grant went bankrupt after leaving office when a partner in an investment-banking venture swindled him. (I can certainly identify with this one.)

William McKinley filed for protection while serving as Ohio's governor in 1893. He was in debt to the tune of $130,000 (an insurmountable sum in those days!) before some friends eventually helped to bail him out. Three years later, he occupied a desk in the Oval Office.

Other prominent men who made the list and later went on to huge successes:

- Mark Twain
- Donald Trump (2 timer)
- Henry Ford
- William Crapo Durant (founder of GM)
- Walt Disney (up to bat several times)
- Burt Reynolds
- H.J. Heinz
- Milton Hershey
- P.T. Barnum
- Lenny K. Dykstra (coming soon!)

When I look back and appreciate what incredible contributions these men made to our country and our freedom, I wonder if the quick-to-judge media outlets of today would have been wise enough to allow them the opportunity to rise again. . . .

Feel free to contact me any time, teammates. I'm here in the dugout watching out for you: Nails@NailsInvestments.com.

As always, I welcome your questions and comments.

Remember: Life's a Journey, Enjoy the ride.
Posted by Joseph N. DiStefano @ 1:23 PM  Permalink | 53 comments
Comments   
  • 0 like this / 0 don't   •   Posted 1:57 PM, 07/09/2009
    Fact #6: I will be joining Darren Daulton in 2012 for our quest to board the mother spaceship.
    — Philly Jinx
  • 0 like this / 0 don't   •   Posted 2:08 PM, 07/09/2009
    Dear Mr. Dykstra, (I feel if he can write one, so can I.), Please stop bombarding us with personal information about your life. Bankruptcy is a necessary option for many people, but many of them don't write letters detailing the reasons behind their filing. As for the claims against you, I hope you'll be a man and fight them like a man, and admit defeat to those creditors with claims if a judgment is sought. If you exhaust your appeals, please do not bother us again that you should have been vindicated. You will always live in the hearts of us Phillies fans, but your great accomplishments are long in the past. It is time to let new leaders into the plubic forum. For we have won a championship without you now, you were not with the Phillies then. Although you are always valued as a person and have so much to give to society, please take into account that society has moved on from your "faced paced" ways. Sincerely, Everybody From Philadelphia
    — Zackz
  • 0 like this / 0 don't   •   Posted 2:10 PM, 07/09/2009
    Gee it turns out bankruptcy is a mark of honor on your resume. I see PT Barnum made Lenny's list. If you believe a word Dykstra says you prove Barnum's famous quote is correct, there's a sucker born every minute. Hopefully Lenny will join Bernie Madoff as a guest of the government soon.
    — brs50
  • 0 like this / 0 don't   •   Posted 2:11 PM, 07/09/2009
    I'm back on the bandwagon, Nails! At what address can I send all of my money to you?
    — doggybag
  • 0 like this / 0 don't   •   Posted 2:14 PM, 07/09/2009
    There's no way he wrote this....he's too stupid to put this many sentences together in one shot...did anyone see his interview on Real Sports? He sounds like he has the speech capacity of Muhammad Ali
    — Joe Photographer
  • 0 like this / 0 don't   •   Posted 2:18 PM, 07/09/2009
    Dude......wtf.
    — T3rdEyevisual
  • 0 like this / 0 don't   •   Posted 2:24 PM, 07/09/2009
    Didnt a few mths ago this same paper/website have an article about how successful he is/was???
    — dan19148
  • 0 like this / 0 don't   •   Posted 2:24 PM, 07/09/2009
    When he said 'though as nails' did he mean 'tough as nails'? What an idiot. I loved when he took down Dempsey though.
    — TheDude
  • 0 like this / 0 don't   •   Posted 2:25 PM, 07/09/2009
    SHOCKING.......not...............
    — TomSmith
  • 0 like this / 0 don't   •   Posted 2:25 PM, 07/09/2009
    Dude was a class act with the Mets, but ever since he put on a phillies uniform he has been a disgrace.
    — squirrelpants
  • Comment removed.
  • 0 like this / 0 don't   •   Posted 2:45 PM, 07/09/2009
    Lenny - I commend your agent and/or attorney in writing this for you. However, I don't know what's worse: you claiming to be a financial guru, or those who think you are. Maybe those who do follow you should look up "Pyramid Scheme" or about a fellow named Ponzi (and no, Lenny, he wasn't "the cool dude on Happy Days"). BTW, tell your attorney to not put you on the level of some great Americans (once someone tells you who they are). You're way below them.
    — EddieMar
  • 0 like this / 0 don't   •   Posted 2:57 PM, 07/09/2009
    What kind of person would take investment advice from someone who filed for bankruptcy?
    — p-diddy
  • 0 like this / 0 don't   •   Posted 3:12 PM, 07/09/2009
    The guy is delusional.
    — smfiv
  • 0 like this / 0 don't   •   Posted 3:27 PM, 07/09/2009
    Who would take finacial advice from a guy who sounds like a punch drunk boxer. Take some more roids, moron.
    — Keyser Soze


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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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