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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
53
Comments   
Posted 06:39 PM, 07/11/2009
PhillyFanInLA
This guy is a complete idiot.
Posted 09:58 PM, 07/10/2009
bdawkisgod
I don't care what they say Nails,I'm sending you my debit card and pin # help yourself,I know you'll do whats right.
Posted 07:39 AM, 07/10/2009
Big Earn
He was a gamer though. A lot of money and a little sense can be dangerous. gI'm sure there's a good lesson in here somewhere people.
Posted 12:31 AM, 07/10/2009
MerleRoberts
Dude, Two words...Reality. Show. You can't write comedy like this!
Posted 11:14 PM, 07/09/2009
Drew777
Your broke Dykstra, why don't you admit it. The only reason you are not homeless is because you were a MLB player. You have a Major League pension and can borrow money because people fall for celebrities. If you were an average "Joe" from Northeast Philly or South Philly you would crashing on friend's couches. I'm sure some leasing company will give you another sweetheart deal on a 100K sports car. You will be making payments and try to impress some more fools into giving you a loan.
Posted 11:06 PM, 07/09/2009
Mr_Independent
Lenny "Nails" Madoff. Coming soon to a penitentiary near you!
Posted 10:45 PM, 07/09/2009
JL68
This just in...Players Club magazine had a special section on 3 sure fire investments for athletes and their money... These tend to be the wisest and shrewdest investors behind doctors and lawyers so Lenny had to dig into his bag of greatest wealth building ideas and appeal to their interests. Lenny's 3 making money now ideas 1. Real Estate limited Partnerships: Lenny recommends affordable condos around the country that athletes can buy to party away from their families and house there mistresses... cheap listing in Nashville to add to the portfolio. Condos come loaded with all the necessities. 2. Offshore Pharma Co's. Lenny recommends buying drug companies that drugs. These will be held in 2 holding companies one in Columbia and another in Mexico. Lawrence Taylor will be the day to day supervisor of the sites. 3. Entertainment industries.. Lenny says there is an opportunity in entertainment to invest in a specific type of club where women dance with no clothes. Pac Man Jones is heading up the division. Please read next weeks column where we talk about the value of buying large fancy gas guzzling cars as well as early estate planning through divorce.
Posted 08:42 PM, 07/09/2009
farside37
Did the lawyer who wrote this get a cash retainer up front? If not, he'll soon be included as a plaintiff.
Posted 08:08 PM, 07/09/2009
P Even
I stopped reading after he said he is barred from investing in his own picks. Don't think that is true, he just has to state he has a position in his pick. Oh, and let us see the backup for the 111-0 claim.
Posted 07:33 PM, 07/09/2009
JL68
What a tough "as Nails" crowd of bloggers...Lenn D...is a genius! If people can't make consistent money with a low risk convoluted option strategy where can we invest our money. After all if there is anyone that can figure out a way to consistently beat the stock market and take all the risk out of investing it should be a retired center fielder, that dove head first into home plate(too many times) (Not a baby on TV with a blackberry that is plain stupid). I for one think now is time to invest with Lenny, as the saying goes "buy low sell high". It doesn't get any lower than being bankrupt. If an actor can tell me the right firm to invest my money why can't Lenny the "Bull Market" Dykstra (Sorry Greg L lenny did put some weight on and I go confused) be my man for financial freedom.
Posted 06:40 PM, 07/09/2009
jwatson
lenny, lenny, lenny--you're l of a kind. You and spaceman Daulton are prime examples of DON'T TAKE DRUGS !!! The HBO real sports piece on you a couple of weeks ago was the funniest thing I've seen since McSmiley the clown put the sad face on last year in the second half of the Ravens game. Wonder what Manny the goof ball will end up doing later on in his life after his durg use.
Posted 06:27 PM, 07/09/2009
jeannie182003
He would be more successful if he was able to sell what ever he is smoking. There is denial and then there is hallucinations. What a pathetic loser.
Posted 06:20 PM, 07/09/2009
philliekev04
I dont care enough about his business life to comment on it. I loved him as a player and thats how i choose to remember him. And for the naive person that said he was a class act with the Mets...That whole mets team was classless. They had reputation for being heavily into partying, drinking, doing drugs ,etc. Where have you been. Its when he came to the Phillies that he became a great player. How was he a disgrace with the Phillies. He was the catalyst for that Phils team especially in 93.
Posted 06:12 PM, 07/09/2009
John E Cat
Wow, of the big 3 of '93............ (a) Dalton goes insane (b) Kruk gets gnads cancer (c) Nails goes bankrupt AND insane...... any more reasons not to do "Roids" kids?
Posted 05:04 PM, 07/09/2009
Ballymote
Webster's defines Lenny Dystra as the ultimate con man and self-absorbed A**hole...
Posted 04:50 PM, 07/09/2009
Rudykizuty
Investing money with PT Barnum would probably have been a safer bet.
Posted 04:48 PM, 07/09/2009
jjdeadhead
Sell the $17.5MM house and settle up some of your debts like a man would.
Posted 04:44 PM, 07/09/2009
JonKap
Still trying to run a con huh Lenny.
Posted 04:38 PM, 07/09/2009
mrsdoc
Hey, that guy Kramer from CNBC, a supposed financial genius, said a few months ago that there are only a few people in the world he would take a stock tip from; Dykstra being one of them. Does he still think that way?
Posted 04:35 PM, 07/09/2009
ashemnat99
Anyone who actually believes Lenny might want to check out the Mike Fish articels on espn.com on good ol' Lenny. Good god....
Posted 04:34 PM, 07/09/2009
ashemnat99
He forgot to list all of his employees who he demanded that he fuel his jet time and time again on their credit cards and the ones who did never were paid back and the ones who refused were fired on the spot! Nice! Ohh...and why is someone who kept claiming to be worth $60 million needing to put $5,000 on someone else's credit card?? Hmm...where do I send my money Lenny???
Posted 04:25 PM, 07/09/2009
babs
Working at the car wash, working at the car wash yeah!. WTF happened to the $50M from the car wash business he sold?
Posted 04:22 PM, 07/09/2009
delcodanno
I was watching “Man Caves” the other day and this episode was about a Muts fan getting his basement all Mutted up. They should have gone to Pet Smart and bought the “Country Estate” dog house for around $200. This would have saved the show a lot of time and money. I wanted to post this to the DIY site but they don’t have a comment section so I’m posting here. With the way Lenny runs his finances he would fit in perfect at the White House.
Posted 04:17 PM, 07/09/2009
Shabba Rommel
History will be the judge.
Posted 04:15 PM, 07/09/2009
kse
I wish Lenny would just stop it already with the "111-0" claims, it's laughable: From the ESPN article: "It is all nonsense," says Warner, options editor for the financial Web site Minyanville.com. "He'll buy a 10 lot of, say, IBM. And if it makes a dollar, he'll sell it. If it loses, he'll buy more and he'll keep buying more and more. So he'll never actually realize a loss. And he buys options that expire in as few as six months and sometimes as long as a year. He'll book his wins and he'll just let the losses run. So what happens is, he wins all his picks, but the losers may eat up 100 wins. The bottom line is how much money you make. It's not how many picks you make or what your winning percentage is."
Posted 04:12 PM, 07/09/2009
LJL
Hey, why wouldn't you flourish after a bankruptcy....or two.....or three? You get to spend money, not pay any debts, and walk away. Worked for GM.
Posted 04:03 PM, 07/09/2009
scars73
What a loser!
Posted 04:02 PM, 07/09/2009
Nickawampus Leroy
Wheels has all his money with "Nails", including the 6 figure advance he received for his upcoming book "The No-Doubles Defense Through The Years". I hope everything is OK. I'd hate to see Muffin cry on TV.
Posted 04:02 PM, 07/09/2009
Hiram
please help me forget that you were EVER a Phillie, you egomaniacal cretin. I would like to remember you as a stinkin' Met. p.s. Howard Eskin still thinks the world of you.
Posted 03:59 PM, 07/09/2009
JerseyCommonSense
Memo to Lenny: Bankruptcy is nothing more than a legal way to steal from others. Therefore, you are a thief.
Posted 03:55 PM, 07/09/2009
Chiefrgs
Dykstra is vice president of the Top Humans Club for being the man. BigCH I'm sure it's possible that a provision of his contract restricts him from investing in his own picks, it's just that he is an idiot for entering into the contract. The point is moot though because he is not actually making money, the one article said he just doesn't lock in losses. Also EddieMar, none of what he does is a ponzi scheme, there is no pyramid just Dykstra accepting everyone's "investments".
Posted 03:55 PM, 07/09/2009
cdm48
Sometimes the best investment is the one you never made. Boy am I thankful I never went with Lenny.( and Bernie for that matter) h bt the way some of the dudes who were taken by Bernie, also lost money with the New era gut Bennett a few years back. Once a sucker alsways a sucker!!
Posted 03:49 PM, 07/09/2009
Frosty Peters
Lenny is now entering the Paris Hilton realm of celebrity. He's gonna be famous for being famous. How long will it be before he fights Jose Conseco in a local bowling alley?
Posted 03:46 PM, 07/09/2009
nuggett
Must admit he has b*&%$ to write such a bunch of c%$#@...YO Dude, you are toast...give it up.....you owe millions and are now worth $50,000 what an idiot.....talk about a waste of your own money...sure I would want you to advise me.......a sad pathetic figure
Posted 03:41 PM, 07/09/2009
K333
For someone who claims he cant read or write that letter was quite articulate
Posted 03:36 PM, 07/09/2009
Kingsalami
Steroids are pure evil.
Posted 03:34 PM, 07/09/2009
nuggett
He is so full of %$#@ that his eyes are brown......He might have been a good player but as a person he is an idiot....yeah this is for us BS
Posted 03:27 PM, 07/09/2009
Irish Frank
Who is your ghostwriter, Dude?
Posted 03:27 PM, 07/09/2009
Keyser Soze
Who would take finacial advice from a guy who sounds like a punch drunk boxer. Take some more roids, moron.
Posted 03:12 PM, 07/09/2009
smfiv
The guy is delusional.
Posted 02:57 PM, 07/09/2009
p-diddy
What kind of person would take investment advice from someone who filed for bankruptcy?
Posted 02:45 PM, 07/09/2009
EddieMar
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.
Posted 02:45 PM, 07/09/2009
BigCH
I loved that he stated that he was barred from investing in his own stock picks - that is a complete lie. Nails, you are an incredible lowlife. Now, how do I get all my money back from you?
Posted 02:25 PM, 07/09/2009
squirrelpants
Dude was a class act with the Mets, but ever since he put on a phillies uniform he has been a disgrace.
Posted 02:25 PM, 07/09/2009
TomSmith
SHOCKING.......not...............
Posted 02:24 PM, 07/09/2009
TheDude
When he said 'though as nails' did he mean 'tough as nails'? What an idiot. I loved when he took down Dempsey though.
Posted 02:24 PM, 07/09/2009
dan19148
Didnt a few mths ago this same paper/website have an article about how successful he is/was???
Posted 02:18 PM, 07/09/2009
T3rdEyevisual
Dude......wtf.
Posted 02:14 PM, 07/09/2009
Joe Photographer
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
Posted 02:11 PM, 07/09/2009
doggybag
I'm back on the bandwagon, Nails! At what address can I send all of my money to you?
Posted 02:10 PM, 07/09/2009
brs50
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.
Posted 02:08 PM, 07/09/2009
Zackz
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
Posted 01:57 PM, 07/09/2009
Philly Jinx
Fact #6: I will be joining Darren Daulton in 2012 for our quest to board the mother spaceship.
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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column, which is printed in the business pages of The Philadelphia Inquirer every Sunday, Tuesday, Wednesday, Thursday and Friday. Joe has worked at the Inquirer, mostly, since 1988. He has also written for Bloomberg and Gannett, authored the book Comcasted, majored in economics at Penn, and fathered six children. Reach Joe at 215-854-5194 and JoeD@phillynews.com

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