Lenny Dykstra Files For Bankruptcy - Ex-Met Was Fan Favorite

LOS ANGELES — Former New York Mets outfielder Lenny Dykstra has sought bankruptcy protection in Los Angeles, citing more than $31 million in debts.

Federal court documents show Dykstra filed for Chapter 11 status on Tuesday. He listed assets of $50,000 or less and liabilities of between $10 million and $50 million.

Dykstra, whose lifestyle included a lavish house, a jet and a Rolls Royce, says he owes millions of dollars to his 20 largest creditors, many of them banks. His filing follows at least two dozen lawsuits over his business and financial dealings.

Dykstra, nicknamed "Nails" for his rough-and-ready style, is a former All-Star who spent 12 years with the Mets and the Philadelphia Phillies. He won a World Series with the Mets in 1986.

Comments

[pastpartisan]

Stimulus is a joke of a concept; it doesn't end up with real economic growth in the long
tem. Even the New Deal failed to increase private investment. It wasn't until 1941 that
domestic private investment reached 1929 levels. The fact that the first stimulus has failed
to stop the bleeding yet isn't surprising. Our government deficit for the year which is over
20% of GDP (when the omnibus bill, first stimulus, bailouts, and on-budget deficit are
summed) is unsustainable and something's gotta give, whether it be the lenders or the
interest rates.

hat tip to http://www.iamned.com

[JakeMontero]

Next for the 'dude' is a fr.aud charge... stay tuned.

[johnnygoodwud]

key word, WAS fan favorite.

[Jazz88105]

Is a fan favorite always will be but Lenny how did it go so wrong?

[platanoman]

I guess this the great one Cramer was talking about

[ManwithaParachute]

Wasn't Dickstraw a Republican?

[ptgkc]

One more notch in the CNBC Hall of Shame. During 2007, Dykstra was often interviewed for his stock picking advice.

Even worse, instead of doing any real journalism to check his performance, strategy, risks, etc., CNBC did stories that centered just on Dykstra and how successful his own company was. Below is an example of how CNBC grilled, uh... questioned, uh..., ran an infomercial, uh... ok, pimped Lenny's business. Just another day of great hard hitting investigative business stories.

http://www.cnbc.com/id/16562185/

Player's Club: Major League Investing For Ex-Pros
10 Jan 2007

As a side note, can we repost that Dennis Kneale piece from last week about the recession being over?

[sloreader]

Looks like the truth is Lenny was hitting way below the Mendoza line on Wall Street.

[dadw5boys]

Lenny how is that investment thing working out for ya ?

Sorry I did not join your investment club.

[WorldGoneWild]

Did anyone see Lenny on HBO's Real Sports with Bryant Gumbel? They did a follow up on Lenny and his financial empire recently and he looked medicated. Talk about fall from grace.

[BobHanssen]

Isn't t he the former ball player who, until recently, was a regular on the Fox News Channel's Saturday morning stoxx bloxx? They're sort of a series of four financial cartoons where Hannity wannabes give bad financial information in between demonizing Obama. Yep, Dykstra's the one.

[planetjeffy]

He was also Cramer's beochhhh. Everyone who had ever met Lenny knew there was no way he was intelligent / savvy enough to be a financial whiz. It was all a charade, like lots of Wall st - where the only people who made money were the pitchmen.