Aussie Ora Posted July 3, 2016 Report Share Posted July 3, 2016 Outback Kamado Bar and Grill♨ 1 Quote Link to comment Share on other sites More sharing options...
cschaaf Posted July 5, 2016 Report Share Posted July 5, 2016 Hahaha Way to go, Bobby Bo! That dude will have a great 4th of July for the next 18 years, too. I was a big Bobby Bo fan back in his days with the Pirates. For those who don't know, the Mets pay Bobby just shy of $1.2M every July 1st through 2035. It's been going on since 2011, and he hasn't played since then. The Mets owed Bonilla $5.9M for the 2000 season (they wanted to trade him away away, but they had to eat some of his contract). His agent worked out a deal where they didn't have to pay until 2011, but attached 8% interest starting in 2000. The contract called for equal payouts every year through 2035. It was a good idea by the Mets that didn't work out so well. They lowered their cap hit and were able to get a few players to make a push to the World Series in 2000 - but lost. They also had what they thought was a rock-solid plan to pay back Bonilla. The Mets owners were involved with Bernie Madoff. At the time, Madoff's investments were making well over the 8% interest - almost double that. So, the thinking was - put the money designated for Bonilla in a Madoff account. By the time you pay each year, you will have made a nice chunk on the interest. Great plan - except for the fact that Madoff accounts weren't making real money lol 2 Quote Link to comment Share on other sites More sharing options...
tony b Posted July 5, 2016 Report Share Posted July 5, 2016 I hope he lives long enough to collect it all. 1 Quote Link to comment Share on other sites More sharing options...
CeramicChef Posted July 6, 2016 Report Share Posted July 6, 2016 I thought that deal done by the "Mutts" was really wacky at the time. Bonilla should kiss his agent (Who is probably getting between 10%-15%) every single year! 1 Quote Link to comment Share on other sites More sharing options...
cschaaf Posted July 6, 2016 Report Share Posted July 6, 2016 13 hours ago, CeramicChef said: I thought that deal done by the "Mutts" was really wacky at the time. Bonilla should kiss his agent (Who is probably getting between 10%-15%) every single year! Yeah, but... if Bobby was smart with his money (or, even better, had someone smart managing his money for him), he may have been better off with the payout up front. I saw an article last year where a bunch of money managers said that Bonilla left some money on the table with that deal - but only if someone smart was managing it. It was a good idea by the Mets that turned went sideways on them. They didn't know that Madoff was a scumbag that was playing with Monopoly money - should they have known? Maybe. But Madoff had a lot of other smart people fooled for a long time. Even then, $1.2M isn't a huge hit on their cap. It would put Bonilla in the lower half of the yearly salaries they are paying out. Heck, Syndergaard is only pulling in $535k, but that will change this off season. By 2035, the rookie minimum might be more than $1.2M Their deal for another former Pirate, Jason Bay, was much worse. 4 years, $66M handicapped them for those 4 years. 1 Quote Link to comment Share on other sites More sharing options...
