In A Lawsuit Straight Out Of Bizarro World, Lenny Dykstra Is Suing Lender For $100 Million
Now this is the kind of savvy business move Jim Cramer can get behind!
Lenny Dykstra, whose business acumen ranks well below what one would consider exemplary, is probably much more accustomed to being named as a defendant in a lawsuit. Nevertheless, the former ballplayer is suing Washington Mutual (now JPMorgan Chase) for their “predatory lending” practices. That even sounds scary.
The gist, via Yahoo!
Specifically, the man once known as Nails is saying defunct bank Washington Mutual was all set to lend him $17.5 million so he could buy Wayne Gretzky’s old place in California. But just before the deal commenced, Washington Mutual suddenly decided to only lend him $12 million. Dykstra says his loan officer then hooked him up with a guy who could make up the difference with a one-year, interest-only loan of $8.5 million that Dykstra couldn’t really afford, but Washington Mutual supposedly said OK to. Dykstra says he let the whole thing go through because he thought Washington Mutual was going to refinance the deal within two months and make it affordable but that didn’t happen and Dykstra was left to sell other assets at a loss in order to make the payments.
Poor bastard. The nerve of these people to lend Dykstra money and expect him to pay it back according to the terms of a contract he signed! It’s crazy!
But I think we all know who the real victims are: millionaire athletes who don’t know how to properly invest their money. Dysktra’s now-defunct magazine, Players Club, was the shit, people.
Dykstra: Banks preyed on me [Yahoo!]
Dykstra’s business: a bed of ‘Nails’ [ESPN]
Remember, Jim Cramer Also Picked Lenny Dykstra [CBS MoneyWatch]
DYKSTRA DROPS THE BALL [New York Post]