June 16, 201115 yr Fred Wilpon is getting his bailout with, pending league approval, the sale of roughly 33% of the New York Mets to hedge fund manager David Einhorn for $200 million. This is essentially a three-year loan. At the end of the period, there are two options: 1) Wilpon can buy back half of Einhorn's stake for $200 million, giving Einhorn 16% of the team as essentially loan interest. 2) Einhorn can up his stake to 60% and take control of the Mets for $1. Essentially, if Wilpon's taken to the cleaners in the Madoff lawsuit, he's screwed.
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