In what may be the best financial euphemism of the summer, Lenny Dykstra, the ex-Met star, spoke to CNBC today and referred to his recent Chapter 11 filing as a mere "reorganization." Just don't call it bankruptcy.
"The confusion here is that this is about reorganizing nothing else. Period," Dykstra says. "I filed Chatper 11. That's reorganization, that's not bankruptcy."
CNBC says that Dykstra was worth $58 million last year, but bankruptcy documents show that he now has only $50,000 left. He also is reportedly $31 million in debt. Hmmm...liabilities greatly exceeding assets -- sounds like bankruptcy to me.
On Dykstra's Nails Investments website, he adds a longer -- and equally strange -- defense of his filing. For one, Dykstra blames his Chap. 11 proceedings on the owners of the mortgage on his $25 million home, a house formerly owned by Wayne Gretzky.
He hopes to be resurrected, "through God's grace and the mercy of the U.S. Bankruptcy Code..." Here's more:
"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...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."
Still, he reminds his subscribers that, "Bottom line is that this is not about me, it's about YOU! I still stand behind you 100%."
Dykstra also lists other notable figures who've filed for bankruptcy, including Mark Twain, Henry Ford, Walt Disney, Thomas Jefferson, Abraham Lincoln, and Burt Reynolds. One small note: Dykstra says Donald Trump has filed for bankruptcy twice, which isn't exactly true. Actually, Trump filed for corporate bankruptcy. Unlike Dykstra, Trump has never filed for PERSONAL bankruptcy.