http://www.elitetrader.com/vb/showthread.php?s=&threadid=173029 Not quite, but he's not the super trader he's made out to be. Was he possibly just lucky ? After all, he made most of his money early-on in options, yet he never ever even mentions options anymore.
Got this off CNBC....The BK Judge should go ahead and Liquidate the bastard...He is always being the victim. "PARANOID"! Now Lenny Dykstra Takes On Insurance Industry Published: Monday, 24 Aug 2009 | 2:12 PM ET Text Size By: Jane Wells Correspondent The Lenny Dykstra bankruptcy saga is like a reality TV show, which is exactly what he says he's working on ("Tough as Nails"? "Nailed"? "Biting Nails"? "Hang Nails"?). There will be no lack of drama. Dykstra filed for bankruptcy in July to avoid foreclosure on the mansion he bought from Wayne Gretzky in 2007 for $17.5 million. He claimed he was the victim of mortgage fraud by Washington Mutual. Now he claims the insurance industry is doing him wrong as well. "Everybody hates their insurance companies," he tells me. "I don't want this to happen to other people." Dykstra this time says he's the victim of Fireman's Fund, which insured not only the $17.5 million mansion, but another multimillion dollar home Dykstra owns nearby inside Sherwood Country Club. The second home is vacant due to mold. Fireman's Fund has set aside hundreds of thousands of dollars to fix that problem, but there's a dispute over whom the checks are made out to--it's a joint account, but Dykstra is estranged from his wife. As a result, the money sits idle and repairs have not been made to the house. Now Dykstra says the main house, the one he bought from Gretzky, is riddled with water damage which Dykstra estimates will cost $10 million to repair. The palatial estate is pockmarked with torn up flooring, holes in walls, missing toilets, as inspectors have tried to determine the extent of the problem. Here is video we shot of this. It's much different than the video we shot inside the same house in July. Dykstra says the insurance company is balking at his claims, even as he says the tear-up was done with the help of Fireman's Fund experts. The insurance company couldn't disagree more. "Fireman's Fund Insurance Company has been working very hard with the Dykstras and their attorneys to do everything that we can to resolve their claims," a spokeswoman tells me. "The removal of fixtures at the house that Mr. Dykstra references was not done at our request or even with our knowledge." And then there's this. Dykstra is demanding the insurance company make good on its policy to put him up in a temporary residence because he says the house is now unlivable. "I don't mean to be crude," he says, "but where do they expect me to (go to the bathroom)?" He claims he has been "living in his car," though last night he says he stayed in the lobby of a Westwood hotel. Fireman's Fund says it's already providing a temporary residence for the Dykstras, and Mrs. Dykstra is living there. Lenny Dykstra wants his own place, but since they have a joint account, they're only being provided with a joint temporary residence. All of this doesn't bode well for Dykstra's appearance before a bankruptcy judge next week, which could determine whether his bankruptcy stays in Chapter 11, or moves to Chapter 7 liquidation. The judge ruled earlier that the baseball legend and investor must appear in court with proof that both of his homes have been listed for sale, a situation made difficult by the fact that both are a mess. The judge is also insisting that Dykstra provide proof of insurance for the homes. Fireman's Fund cancelled the insurance when it expired this summer, but Dykstra claims that was done illegally, as he never received notification ahead of time. The insurance company told me it has no comment on whether it is currently covering either home. "This is a complex and challenging situation," a spokeswoman says, "which we are actively trying to resolve in a timely and mutually satisfactory manner."
Simple question: What VALUE are the Dykstra's providing to society today ? Is it worth all of this....NONSENSE ? All of these legal expenses ? All of this publicity ?
A bankruptcy judge today ordered that former baseball player Lenny Dykstra lose control of his Chapter 11 bankruptcy, and that management of his financial affairs be handed over to a court appointed trustee. Judge Geraldine Mund said an outside trustee is in "the interest of creditors and Mr. Dykstra, even if he doesn't think so." Judge Mund told Dykstra last month that in order for him to stay at the helm of his reorganization, he had to come to court today with proof that both of his multi-million dollar homes were insured and were listed for sale. She also wanted him to submit a business plan showing how he would generate enough income to manage a Chapter 11 reorganization. Dykstra's assistant testified that one of the two homes was insured, though the bill had yet to be paid. When asked where the money would come from to pay it, she said she didn't know. The other home, the larger mansion Dykstra bought from Wayne Gretzky for $17.5 million, is not insured as Dykstra and Fireman's Fund are in the midst of a dispute. Dykstra took the stand to say both homes are listed for sale, though he only produced listing documents for one house, and the document was deemed inadequate because it did not include the signature of his estranged wife. Dykstra also told the judge he has a $12 million offer for the Gretzky home from someone "who runs a hedge fund." That amount would cover the first mortgage from Washington Mutual (now Chase). With no documents to support the claim, and with other liens on the house, the judge called the offer "speculative". As for his business plan, Dykstra testified that Louis Vuitton has promised to commit $10 million to take a 49 percent stake in the relaunch of his Players Club Magazine, with plans to expand it in Europe. The Players Club is a publication meant to help professional athletes manage their finances. "We give them hope," he testified, acknowledging the irony of his own situation. The judge declared as hearsay the evidence Dykstra produced to support the Vuitton offer -- an e-mail signed "Bernard", a Bernard Juhen, whom Dykstra referred to as "Mr. Vuitton." The e-mail promised a potential meeting with Dykstra if he sent more information, but it did not commit to giving him $10 million. The judge asked when the $10 million would be paid. "When the magazine prints," was his response. In ruling to appoint a trustee, the judge said the business plan was speculative and that she didn't "have the proof I need to let you go forward as a debtor in possession under these circumstances." Dykstra was clearly disappointed, though for the moment he's avoided having the Chapter 11 converted to a Chapter 7 liquidation. Dykstra pleaded with the judge for one last opportunity to prove he can manage his own affairs, but Judge Mund told him the appointment of a trustee would be "the best thing that could happen to you."
Nails you are living the dream!! http://www.youtube.com/watch?v=Q47bpOCTcaY http://nailsinvestments.com/news/