Acne Biz King McCourted For $25M Loan In 2009

More news of the recent and rather bizarre operation of the Dodgers continues to bleed out of a Los Angeles courtroom this week as Frank and Jamie McCourt wrangle over a divorce settlement.

Frank McCourt courted Acne Biz King For $25M loan

(A World Series ring will do that)

Bill Shaikin and E. Scott Reckard of the LOS ANGELES TIMES report today that in a deposition for the couple’s legal divorce proceeding, Frank McCourt revealed that last year he solicited $25 million in cash from the founder of a company “best known for marketing the Proactiv acne treatment.

McCourt said that in exchange for the money from Guthy-Renker founder Bill Guthy, McCourt offered the acne treatment marketing titan “a Championship Ring (when we win World Series).

As part of the deal, if McCourt was unable to pay Guthy back the $25 million in five years, the loan would convert into a small ownership stake in the team (2.77%). The ownership stake would be based on a $900 million valuation of the team at the time of conversion - which McCourt admitted was a “very high” estimate.

McCourt said that Guthy turned down the offer, saying that Guthy said he preferred “less risky investments.

When he bought the team with no money down in 2004, McCourt did a similar deal with three other investors. One has since been repaid and the other two loans have not yet matured.

The Times reports Jason Moskowitz, a Palos Verdes entrepreneur and chief executive of SkyBridge Private Air, was one of those three investors.

On May 18, Jon Weinbach of AOL FANHOUSE revealed another of the three investors:

FanHouse has also learned that the Dodgers’ ownership includes two limited partners who provided loans to help the McCourts finalize their purchase of the club in 2004, according to people familiar with the matter. One of the limited partners is Franklin Weigold, a long-time executive with Analog Devices, Inc., a Norwood, Mass.-based maker of electronic equipment. Weigold lives part of the year in Los Angeles and was also part of the McCourts’ failed bid to purchase the Boston Red Sox in 2001.

So why did McCourt go to Guthy to obtain $25 million in cash in 2009 in the first place?

The Times reports the move was in response to the shaky financial state of the Dodgers: Read more…

Jamie McCourt Considered Run For Presidency?

The haggle for ownership of the Dodgers between Frank and Jamie McCourt began today during their divorce proceeding in a Los Angeles courtroom.

Frank McCourt Tommy Lasorda Jamie McCourt

(Funny, had her pegged for Secretary of Grate)

At issue is a document signed by the couple in 2004 that Frank claims gave him full ownership control of the Dodgers and Jamie ownership of the couple’s homes. Meanwhile Jamie claims that she never signed anything that would allow Frank to cut her out of an ownership interest in the team.

The next week a judge will hear arguments from both sides on the subject as Frank’s lawyers claim Jamie knew what she was signing while Jamie’s attorneys claim Frank actually switched out a page in the document to screw her out of the team.

Much more interesting though are some of the bizarro details of the lifestyle and largesse enjoyed by the couple -at the direct expense of Dodger fans. Read more…

McCourts’ Divorce Deciphered For Dodgers Fans

While the McCourt divorce may seem mind-numbingly complicated as it pertains to the future of the Dodgers, it really isn’t. To understand why, you must go back to how the McCourts were somehow allowed to *buy* the team in the first place.

Frank McCourt Tommy Lasorda Jamie McCourt

In 2004, the Dodgers were sold to the McCourts. Excerpt from the press release:

McCourt said he invested in excess of $200 million cash into the $430 million purchase, the most ever paid for a Major League franchise.

Where did Frank McCourt get the $200 million “cash“? From a Bank of America loan.

The rest of the purchase price came from a loan from Fox, which owned the very team McCourt was buying.

Those loans were largely collateralized by future club revenue, parking lots owned by McCourt and - most importantly  - the good faith and credit of Major League Baseball.

In other words, McCourt bought the Dodgers without a dime of his own money. (Not that he had any in his checking account anyway.)

So why would MLB foster such an insane arrangement?

Because it wanted to keep the payroll of the team in MLB’s second-largest market artificially low. With the Dodgers’ payroll currently hovering at around $85 million, less than half of what the Yankees pay their players, I’d say Bud Selig and hatchet man Jerry Reinsdorf succeeded rather infamously in that endeavor.

B & J most recently pulled off the same scam in tapping hyper-leveraged Tom Ricketts to take over the Chicago Cubs. Meanwhile Cubs bidder Mark Cuban, swimming in liquidity and ownership experience compared to Ricketts, never received serious consideration.

So what does all that have to do with the McCourt divorce and the Dodgers?


Read more…

Jamie McCourt’s Lawyers: Over $50,000 Per Day

Carla Hall and Victoria Kim of the LOS ANGELES TIMES reported last Friday that L.A. County Superior Court Judge Scott Gordon ordered Dodgers Owner Frank McCourt pay $225,000 a month in temporary spousal support to his estranged wife, Jamie, and an additional $412,159 a month in costs associated with the seven residences in her name.

Frank McCourt Tommy Lasorda Jamie McCourt

(Fees don’t account for Lasorda’s porn per diem)

Jamie McCourt had asked for $988,845 a month to “maintain her homes and her lifestyle.

If you thought that was jaw-dropping, then you missed this graf in the same story:

He (Judge Gordon) also ordered that an eighth property — land in Cabo San Lucas, Mexico — be sold and the proceeds split between the two McCourts for their legal fees. Jamie had requested about $9 million in legal fees.

Jamie McCourt filed for divorce on Oct. 27, 2009. Roughly six months ago. Read more…

Jamie McCourt: “High Road” Is Trashing Frank?

T.J. Simers of the L.A. TIMES has some fun doublespeak from Jamie McCourt today, as she strikes out to defend her reputation against charges that she cheated on husband Frank and spent company money on a trip to France with her lover.

Jamie McCourt Jeff Fuller Frank McCourt

(Jamie McCourt: No denial that she cheated with Fuller)

“To read everything that’s been said is devastating, and my kids are pretty upset about it,” she says. “I want my kids to look back and say she took the high road. It’s hard, but that’s what I’m going to try and do.”

But in the previous paragraph, Simers writes,

Some of her advisors, who suggest there are things that maybe Frank would not want revealed, have been pushing her to fight back.

So Frank has skeletons too? Wonder where Simers got the idea to write that? Thank goodness Jamie’s taking the high road! Read more…

Frank McCourt Accuses Jamie Of Affair With Fuller

Finally, we have the big breakthrough in the McCourts divorce case. With Jamie McCourt attempting to get her job as Dodger CEO back after she was fired by club owner and husband Frank, the Dodgers filed legal documents today against Jamie’s claim that are akin to an atom bomb.

Jamie McCourt Jeff Fuller Frank McCourt

(Frank: Jamie McCourt had affair with Jeff Fuller (middle))

The Dodgers attorneys claim that among the reasons Jamie was fired was a secret trip she took with “her bodyguard” to France - when she was supposed to be representing the Dodgers in Israel. She also billed the team for all her expenses in France.

The trip happened in July. The date of separation in the divorce proceeding is July 6.

Next question: Who was the “bodyguard” that accompanied Jamie to France? Read more…

McCourt’s Living Expenses: $500,000 Per Month

TMZ gets its hands on Jamie McCourt’s official divorce filing today, and it’s a doozy.

Frank and Jamie McCourt Divorce

(We all had the same reaction)

First off, Jamie lists the date of separation as July 6, 2009. Here are some of the things Jamie is demanding in the settle with husband Frank:

- travel by private jet
- 5 star hotel accommodations
- travel expenses - Unlimited
- business dinners 5 nights per week
- business lunches 5 days per week
- making Dodger Legends available for events without charge
- access to team doctors for McCourt family members
- access to the owner’s suite for Dodger home games and non-baseball events at the stadium
- Tickets to All-Star games and playoff games — even if the Dodgers aren’t playing
- a pass to all National League games

That’s not even the best part. Read more…

Is a Possible McCourt Love Triangle Heating Up?

More fun with the McCourts’ freakshow divorce today, as TMZ reports on the events following a 911 call Jamie McCourt made to police about Frank.

Frank McCourt Tommy Lasorda Jamie McCourt

(Oh god no. This guy.)

Frank’s version:

Mr. McCourt was living alone at the residence in West Los Angeles and his wife was residing in Malibu. That morning, Mr. McCourt left the house and went jogging. When he returned home to the West Los Angeles residence, he found his wife (Jamie) swimming in the pool and her personal “security assistant” Jeff Fuller, was also at the residence.

Jeff Fuller? The same Fuller who is now romantically involved with Jamie, but only started seeing her after the McCourts’ breakup?

Meanwhile, Jamie’s side has a very, VERY different account of the events. Read more…

Rebound! Jamie McCourt Has New, Secret Lover

TMZ posted photos today it claims are of Jamie McCourt and her new boyfriend, a gent named Jeff Fuller.

Todd Fuller Jamie McCourt's new boyfriend

(Jeff on the left)

We got these pictures of Jamie yesterday, lunching in Malibu with Jeff Fuller — the new guy in her life. Now, in the awkward department, until recently Jeff was the Director of Protocol for the Dodgers.

We’re told Jamie and Fuller began seeing each other after she split with Frank. Fuller was fired from the Dodgers in omid-October.

So Fuller just “recently” left the Dodgers and only started “seeing” Jamie after her split with Frank McCourt? Their timing is uncanny!

Jamie McCourt’s new man, Jeff Fuller

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Read more…

SI: Frank McCourt Fires Wife - The Dodgers CEO

UPDATE: SI is now reporting Jamie McCourt has been officially fired, within the last two days. (LA Times confirms.)

LAT also offers:

Jamie McCourt is believed to be lining up investors for a possible effort to buy out her husband and gain sole control of the team. In addition, she is believed to have started calling prominent baseball figures, with the intention of arranging meetings to discuss the direction of the team.

This is getting good. A week after the news hit that the McCourts were divorcing, SI reports today that “Frank McCourt is seriously considering firing his wife Jamie as CEO.”

Frank Jamie McCourt to divorce Will Jamie get the team?

Frank McCourt is chairman of the club and highest ranking officer of the franchise. Jamie is the second-highest ranking officer.

More: “Both McCourts have expressed an interest in owning the Dodgers separately.” Read more…