Fremont Chapter 11 Bankruptcy Attorney Talks About Lenny Dykstra CH 11 Bankruptcy
Fremont Chapter 11 Bankruptcy Attorney Talks About Lenny Dykstra CH 11 Bankruptcy
For most of the United States, the name Lenny Dykstra is a baseball favorite that played for the Mets and the Phillies. For those who have kept an eye in the market world, the name Lenny Dykstra is a stock picker who markets his system for beating the market by claiming he has made over 100 winning stock picks. The first irony is that both are the same person. Lenny Dykstra has leveraged his brand name into a business to push his system of portoflio management. The second irony is that he just filed for Chapter 11 Bankruptcy.
Before we start shaking our head at a shooting star that flashed out, Mr. Dykstra is hardly a pauper with a hat in hand. He filed bankruptcy to stop a foreclosure on his property appraised at $25 million when he brought it for $17.5 million. Like most bankruptcy's today, Mr. Dykstra is a victim of a real estate scheme that went awry. Lenny needed $17.5 million to buy Wayne Gretzky's (yes, that Wayne Gretzky) estate. He was unable to get all the money in one loan (he could only get a $12 million dollar loan) so he had to take a second loan. Lenny, showing some dubious financial savvy, took an $8 million dollar second loan which resulted in $2.5 million dollars over the buying price. Theoretically, Lenny had more than enough equity to cover.
But that left Lenny with a $200,000.00 a month mortgage payment with his $125,000 income. Lenny tried to refinance and learned that being a baseball star does not open up the credit market to you. So he filed for Chapter 11 bankruptcy. Rumor is that Lenny is worth over $15 million dollars due to his winning market action. If that were true, did he really need to file bankruptcy?
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