UPDATE: Magazine-Related Debts Help Push Lenny Dykstra to Bankruptcy
Former baseball star files for Chapter 11 in California.
Managing oneâ€™s finances can be tough as nails in this crazy economy.
No one knows this better, now, than former baseball slugger-turned-car wash millionaire-turned-magazine publisher Lenny Dykstra [pictured]. The former New York Mets and Philadelphia Phillies outfielderâ€”nicknamed â€śNailsâ€ťâ€”filed for Chapter 11 protection in California this week.
In his petition, Dykstra claimed $50,000 in assets and between $10 million and $50 million in liabilities.
Some of Dykstraâ€™s financial woes stem from the failed launch of the Playerâ€™s Club, a monthly magazine for professional athletes he published as part of a partnership with Doubledown Mediaâ€”a publisher of magazines aimed at the Wall Street eliteâ€”which went out of business earlier this year. Before the title launched, Dykstra sued Doubledown claiming breach of contract. Doubledown filed a counterclaim alleging Dykstra owed the publisher more than a half million dollars.
Creel Printing also was listed as a creditor in Dykstraâ€™s bankruptcy filing.
On top of his magazine-related troubles, foreclosure papers were issued in March on Dykstraâ€™s $18.5 million mansion and his private jet was reportedly impounded after he failed to pay thousands of dollars in renovations.
I only hope Dykstra isnâ€™t forced to auction off his 1986 World Series ring with the Mets.
UDATE: Dykstra told CNBC Thursday that despite the Chapter 11 filing, heâ€™s getting ready to relaunch the Playerâ€™s Club. Dykstra also said the filing is about â€śreorganization, not bankruptcy. Iâ€™m not bankrupt.â€ť
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