Lenny Dykstra Files for Bankruptcy. Evidently He is Not a Financial Genius After All.
Former baseball star Len Dykstra had been carving a little post-sporting niche for himself as a kind of unlikely financial guru, even writing an investment strategy column for TheStreet.com. Then a funny thing happened on Lenny’s way to becoming the new Warren Buffet: he went bankrupt.
Officially bankrupt, as in Chapter 11. A petition filed Tuesday claimed Dykstra has less than $50,000 in assets and between $10 and $50 million in liabilities. Nope, I don’t think any of those shady debt consolidation outfits that advertise on the radio are going to be able to help Lenny. If this were Japan he would probably just fall on his sword. But it’s America, so he’ll get Chapter 11 protection, then make a bunch more money by writing a book about his ordeal.
Unfortunately, once the bankruptcy matter is hashed out, Lenny will still have 20 other lawsuits to deal with, all brought against him by business associates. What was that about him being a guru?
Understand that the 20 or so lawsuits are the reason he is in bankruptcy and will be part of the bankruptcy settlement. If you do it right…those go away too.
July 9th, 2009 at 11:41 am