Monday, August 22, 2011

The NY Times Barrage of Bias

To the editor, New York Times

In the feature story “It Started When Israel Fired Back. NYT, Sunday, August 21, 2011” http://www.nytimes.com/2011/08/21/world/middleeast/21gaza.html it appears that the New York Times did not distinguish the moral differences between Palestinian terror and Israeli measures to defend its citizens and I wondered why this is? I particularly wondered why a sole photograph, one with an emotive image of a Palestinian child’s funeral, was pulished under the caption “Casulties on Both Sides as Israel and Gaza Trade Fire”, given you knew Israel was also burying its dead as a result of the terror attack which by the way was the cause of Israel “firing” back. In the text of the article it said “Israel blamed The Popular Resistance Committees for Thursday’s attack and killed its top commanders in an airstrike later that day, igniting cross-border exchanges after months of relative quiet under an informal cease-fire with Hamas.” It was not even mentioned who it was that “ignited” the violence. In fact according to the NY Times it did not seem to be those who carried out Thursday’s terror attack, but rather Israel for responding. Moreover the term “cross-border exchanges” implies, once again, some sort of moral equivalence between Palestinian rocket attacks on Israeli civilian targets and Israeli responses. I believe you should correct this view and at the very least be far more careful about reporting who and why did what. In this case the blame is so misplaced to make the story Alice in Wonderland-like. It would be nice to see a follow up illuminating the facts more clearly and accurately.

Monday, August 15, 2011

A Three Pronged Plan to help Warren Buffett and his friends who feel they have been coddled long enough by a billionaire-friendly Congress and it's time for or our government to get serious about shared sacrifice

My reaction to Warren Buffet writing in the New York Times Opinion Page yesterday NY Times "Stop Coddling the Super-Rich", August 14, 2011 http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html
was as follows.

The question which must be asked of Warren Buffettis this: if as you say, you and your super-rich friends who make and have so much money also feel coddled long enough by a billionaire-friendly Congress, and believe it’s time to get serious about shared sacrifice, what prevents you and them from sending a check to the U S Treasury which will true up your 17.4 percent Federal income tax rate to the 33 percent to 41 percent and average 36 percent of the other 20 people in your own company office, and what is preventing you and your super-mega-rich friends from not waiting any longer for Congress to raise your taxes and you sending them a check today or maybe tomorrow?

By the way when Mr. Buffet pledged to give all his personal wealth and his super-mega-rich friends pledged to give half of theirs to foundations and other charities, it must have occurred to him that he is denying the US Treasury collecting inheritance taxes that he advocates, and in death continue the super-mega-rich get extraordinary tax breaks while putting yet more pressure to pay taxes on those very people he cites as averaging tax payments of 36 percent, and on the very needy poor and middle class who as he also correctly points out fight for us in Afghanistan, while most Americans struggle to make ends meet.

Background
1-Warren reminds me of a serial killer that sends a letter to the newspaper saying, "Please don't make me kill again."

2- If Warren wants to really pay more, then there is every reason for us to help him and enable him to feel less guilty.

3-Let's call his bluff!


Three Pronged Plan
First, maybe President Obama can tell him it is not illegal to pay more than the minimum income tax due.

Second, let's propose a special 10% tax on unrealized gains over $100 million.

Third, how about him giving his secretary a $1 million bonus? She will be happy to pay the taxes he feels guilty not paying.

Please send a copy this to Warren Buffett, his super-mega rich firiends he knows so well and who agreed to give half their net worth to charities and foundations and to President Obama and your Senators and your Congressman or woman and cc thed whole entire Congress


Friday, July 29, 2011

Overlooked Or Ignored: A Proposal To Reduce Our Nation's $14 Trillion Plus National Debt Immediately

A Proposal To Reduce Our Nation’s $14 Trillion Plus National Debt Immediately

This proposal is predicated on the following:

I feel extremely lucky to be an American. I bet my fellow Americans all feel the same way, despite not uttering the words. I’m glad I don’t live in China or Russia or Afghanistan or Iraq or anywhere in Africa. I haven’t heard anyone lately saying “I want to get Bulgarian citizenship and give up my US citizenship.”

I remember as a youngster attending parades and celebrating “I am an American day.” (Whatever became of it?) I have a hunch if we had such a day today most of us would be a no-show. President Bush and now President Obama tell us we are at war. When I was a kid in the 1940s, not only did we know who the enemy was that we were fighting and why, but we made all kinds of sacrifices. Today no one has asked us to make any sacrifices, we don’t make any and we go about living our lives as we always do in peace time.

In 1958, I was inducted into the Army and was very fortunate it was peacetime. But I had to give two years of my life to the service of my country. You either enlisted or you were drafted into service. Like it or not, it was something you had to do for your country. And most of us,  maybe all of us, didn’t like it. But you know what?  As trite as it may sound in the decades that followed our discharge, all of us who served in the armed forces have always had a feeling that we did something for our country.

Since President Nixon did away with the draft, no American has been required to do anything for his country. In my opinion it’s led most of us, and certainly our youth, to have no feeling of patriotism and no feeling of being glad to be an American or desirous of celebrating an “I am an American day.”  I happen to think it long overdue that we set up a federal program requiring a period of some kind of service to country upon completion of schooling and before entering the workaday world. The service could “do good” and instill a feeling of “I did something for my country.”

Today there is little admiration and respect for our political leaders. In fact the bickering that has been going on about doing something about the deficit and the debt seems more about which political party will win a battle then about fixing the nation’s financials.  It will certainly be interesting to see if the severe partisan politics will lead an impressive group of frustrated Democrats, Republicans and independents, called Americans Elect http://www.americanselect.org/ to bring about some real change.

Since as I said previously I haven’t heard anyone lately saying “I want to get Bulgarian citizenship and give up my US citizenship” I think it would be wonderful if some people who can  afford  it should say “I want to do something for my country, especially now in its time of serious economic need.”

The Proposal

Some 14 million American taxpayers apparently pay some 70% of the more than a $1.2 trillion of federal individual income taxes and 10% of those taxpayers actually account for some 40% of individuals’ federal taxes or close to $500 billion. And the average tax rate paid is actually about 20%.

Now I have asked myself if I were earning $2.5 trillion (20%X = $500 billion so X = $2.5 trillion) annually and I lived in China or Russia or Afghanistan or Iraq or an African country or in Bulgaria would I be willing to pay a year’s earnings to immediately become an American citizen?

I think you know my answer and you get the idea.

Ala Bill and Melinda Gates and Warren Buffett asking the nation’s billionaires to pledge to give at least half their net worth to charity, in their lifetimes or at death, how about all who earn seven  figures or more or have nine  figures or more of net worth changing the face of the US debt? They might contribute one year’s earnings or some major fraction of their earnings and the rest of the top 1% of tax payers and the top 10% might join in with a lesser yet substantial payment.

How about viewing such a payment as the “I am glad I am an American” payment, made to save my country from going down the economic drain pipe? By reducing the national debt by the several trillions we contribute we will certainly benefit because with the country’s finances in better shape we ourselves will stand to benefit as well. Ask yourself the question: can I afford not to give up one year’s earnings for my country? Nathan Hale said “I regret that I have but one life to give my country.”  In that context what is the big deal about giving up a year’s earnings for my country?

Is not now the time to come to the aid of our country which is a country that has allowed us to earn as much as we do and have as much as we have?

Monday, June 6, 2011

THE BATTLE FOR BROOKLYN: 90 Minute Documentary Film

Go see the film THE BATTLE FOR BROOKLYN "http://www.cinemavillage.com/chc/cv/show_movie.asp?movieid=2169” . It is powerful and it does star my son Daniel. Wish he was just an actor and the film a fictional story. But this is unfortunately a real story of 7+ years, the misuse of Eminent Domain which brought great pain and misery to so very many. It is a story of how neither the NYC City Council nor NY State Legislature, the governing bodies of the people ever voted and all the promises made by Major Bloomberg, Governor Pataki, Bruce Ratner of Forest City or Senator Schumer saying things in support of the Atlantic Yards project will ever happen or be kept and how a neighborhood was demolished when nobody in it wanted or needed a basketball team or office buildings or luxury housing that will now not be built for years if ever. The area is one big parking lot today and there will only be a basketball arena and it won’t even be the one Frank Gehry designed. It is the story of how the powerful and politicians ran roughshod, hell bent on taking homes and businesses away from their owners in a really nice neighborhood and got away with it in court after court calling it blighted which it certainly is, today, after Bruce Ratner has made it such by demolishing it and it lays in ruins and rubble and parking lots where no one is even interested in parking or can park.

Tickets for June 17, 18, 19, go on sale for THE BATTLE FOR BROOKLYN -this week I'd guess at:
http://www.cinemavillage.com/chc/cv/show_movie.asp?movieid=2169

We will be going on Sat eve June 17 if you can make it; but by all means try and see it when and where it is convenient for you.

Monday, April 11, 2011

ANOTHER LOOK AT CREDITRISKMONITOR.COM

CreditRiskMonitor.com (CRMZ) has been overlooked and ignored. 30% of the Fortune 500 are among the company's world wide subscribers! It is rapidly growing, profitable, has material free cash flow and has explosive growth potential beyond what it has already experienced.

CRMZ has 7.9 million shares outstanding. The shares do not trade every day and average daily trading volume in last six months averaged only 700 shares. In the fullness of time the company and its stock is not going to attract less attention, it is going to attract more attention. So larger trading volume and greater liquidity will come about in time.
Stories abound in the press today about the funding valuations of companies by venture capitalists. Thus it seems appropriate to take note of CreditRiskMonitor.com which at the present price of $6.00 per share, given its 7.9 million outstanding shares, has a total current market value of $47.4 million.

CreditRiskMonitor.com is a digitized database company.
The overall focus of the Company's totally digital services is on facilitating the extension of commercial trade credit from one business to another via its internet website accessed through annual subscription licenses. CRMZ provides licensed subscribers paying an annual low fee of $4,000 or $8,000, depending on domestic or worldwide coverage, and additional "passes" at $800 or $1,500 per pass provides public and proprietary information, designed to save time for corporate credit professionals.

CRMZ may be considered in competition with Dun & Bradstreet but encourages clients to take CRMZ's service in addition to DNB which most do because of CRMZs considerable added value. The Company publishes comprehensive commercial credit reports covering public companies worldwide, including detailed financial statements, ratio analysis and trend reports, peer analyses, Altman Z" default scores, tm scores, credit limit recommendations, company background information, plus Moody's Investors Service ("Moody's") and Standard & Poor's ("S&P") ratings and much more. The service also includes trade payment data and public filings (i.e., suits, liens, judgments and bankruptcy information) on millions of U.S. companies. In addition, the service provides continuous filtered news monitoring that keeps subscribers up to date on events affecting the creditworthiness of companies, including FRISK® score reports, credit limit alerts, financial statement updates, SEC filings, Moody's and S&P rating changes, credit-relevant news stories and press releases. The company is also building its database on private companies which augers well for expanding its trade credit data services in the years ahead.

CRMZ is rapidly growing publicly traded company which unlike the typical VC funded companies needs no cash. Moreover, like many VC financed companies CRMZ is also growing revenues rapidly, yet unlike VC backed companies CRMZ also has rapidly growing net profits as well, and for some years now. Like VC funded companies however, CRMZ also has explosive growth potential beyond what it has already experienced.

Please take a peek at a sample of its reports, this one on CRMZ itself, and note the detailed CRMZ financials of its past 5 year extraordinary record at http://crmz.com/Report/Snapshot.asp?BusinessId=2274

CreditRiskMonitor’shas 7.9 million shares outstanding, free cash flow in 2010 was approximately $2.5 million helped in part because it does not pay taxes as a result of a tax loss carry forward. It reports earnings on an after tax basis however. The company has been profitable and cash flow positive for over 5 yrs and has over $6.8 million of cash and equivalents and no debt whatever. Its shareholder equity in 2009 was $3.4 million and in 2010 about $4.1 million for average equity of about $3.75 million. The goodwill on the balance sheet for both years was nearly $2 million which means average tangible shareholders’ equity for 2010/2009 was about $1.75 million. Free cash flow generated in 2010 of $2.5 million divided by average shareholders’ equity of $3.75 million works out to 68% and an astonishing 143% return on average tangible shareholders equity. These wonderful numbers are even more impressive since CRMZ has no debt, and presently receives a very low return on the $6.8 million of cash/cash equivalents. The company's cash we would note dwarfs shareholders equity; cash on hand at Dec 31, 2010 equaled 162% of total equity. The year-end cash position also amounted to 73% of 2010 net sales.

However, there is much, much more to the rationale for investment in CRMZ than the numbers, the growth, the profitability and the financial strength.

• We are in a world-wide debt and credit crisis. In the U S total credit market debt as a percentage of GDP now stands at 355% -- down from 375% a few years ago -- but compares with 260% at the peak in the Depression nineteen thirties. One should therefore want to have some investments involved with the very important service of providing credit information and possess the characteristics of contra-cyclicality and recurring subscription revenue streams, critical variables for today’s challenging economic times.

• The company is an internet B2B company that came through the recent contraction with increasing revenue, and profitability.

• Dun & Bradstreet owns the major market share -- perhaps with a penetration of 80% -- of the credit reporting business. It has almost a $billion in debt, negative net worth of $646 million, and yet (given strong cash flow) pays dividends of $70 million and annually repurchases stock. So they do have financial and operating profit restraints on their ability to lower their prices. It would be akin to shooting themselves in the foot for them to reduce their prices down to CRMZ's service price level from the high they charge the likes of Fortune 500 companies and others.

• Given the above CRMZ makes no effort to displace D&B but does clearly entice customers to reduce their level of usage of DNB services on which it bases its charges and instead use CRMZ which not only has a flat annual fee for "all you can eat" and as often as you choose to "eat" but has a charge which in many cases might be a very small fraction of what the customer pays D&B.

Extraordinary returns in public companies are made by being early investors in small companies with great business characteristics. CRMZ has gained a good foothold in the credit information business and there are many reasons and avenues for its financials to continue to grow. For example only about 30% of the Fortune 500 are among the company’s world wide subscribers. Thus CRMZ appears to us as an excellent long term investment, and a particularly valuable one when compared to other data base companies and to VC backed internet startup and established companies so in vogue these days such as Facebook, Twitter, and others that seem to be exciting so many folks.
_____________________
Overlooked Or Ignored By Otherwise Intelligent Investors® is a registered trademark of Santa Monica Partners, L.P.
Santa Monica Partners owns CRMZ shares

Friday, March 11, 2011

CreditriskMonitor.com vs. a Venture Capital Company

Stories abound in the press today about the funding valuations of companies by venture capitalists. Thus it seems appropriate to take note of CreditRiskMonitor’s (CRMZ) which at the present bid of $3.50 given its about 8 million shares has a total market value of about $28 million. Note too that the company is an internet B2B company that came through the recent contraction with increasing revenue, and profitability, because it has some contra-cyclicality and recurring revenue streams.

CreditRiskMonitor.com is a digitized database company. The overall focus of the Company's totally digital services is on facilitating the extension of trade credit from one business to another at http://www.crmz.com/ accessed through annual subscription licenses. CRMZ provides licensed subscribers paying an annual low fee of $4,000 or $8,000, depending on domestic or worldwide coverage, and additional "passes" at $800 or $1,500 per provides public and proprietary information, designed to save time for corporate credit professionals.

CRMZ may be considered in competition with Dun & Bradstreet but encourages clients to take CRMZ's service in addition to DNB, which most do because of CRMZs considerable added value. The Company publishes comprehensive commercial credit reports covering public companies worldwide, including detailed financial statements, ratio analysis and trend reports, peer analyses, Altman Z" default scores, FRISKtm scores, credit limit recommendations, company background information, plus Moody's Investors Service ("Moody's") and Standard & Poor's ("S&P") ratings. The service also includes trade payment data and public filings (i.e., suits, liens, judgments and bankruptcy information) on millions of U.S. companies. In addition, the service provides continuous filtered news monitoring that keeps subscribers up to date on events affecting the creditworthiness of companies, including FRISKtm score reports, credit limit alerts, financial statement updates, SEC filings, Moody's and S&P rating changes, credit-relevant news stories and press releases.

CRMZ is rapidly growing publicly traded company which unlike VC funded companies needs no cash. Moreover, CRMZ is also growing revenues rapidly yet unlike VC backed companies has growing net profits as well and for some years now. Like VC funded companies CRMZ also has explosive growth potential beyond what it has already experienced.

CreditRiskMonitor’s free cash flow in 2010 is approximately $1.8 million helped in part because it does not pay taxes as a result of a tax loss carry forward. The company has been profitable and cash flow positive for over 5 yrs and has approximately $6.85 million of cash/cash equivalents and no debt. Its shareholder equity in 2009 was $3.4 million and in 2010 about $4.1 million for average equity invested of about $3.7 million. The goodwill on the balance sheet for both years is nearly $2 million which means average tangible shareholders equity for 2010/2009 is about $1.7 million. Free cash generated in 2010 of $1.8 million divided by average shareholders’ equity of $3.4 million works out to about 50% and slightly over 100% return on average tangible shareholders equity. These wonderful numbers are even more impressive since CRMZ has no debt, and presently receives a very low return on the $6.85 million of cash/cash equivalents. The company's cash dwarfs shareholders equity.

CRMZ appears a good long term investment for the very patient investor; particularly when compared to VC backed internet startup companies so in vogue these days such as Facebook, Twitter, and the many others that seem to be exciting so many major investment houses and their big clientele and so many plain folk.

Sunday, February 20, 2011

An Idea: WisdomTree Investments

DESCRIPTION

 
WisdomTree Investments (WSDT). This Company's stock is by and large ignored as an investment given its present trading status in the Pink Sheets. However, it presents a significant growth opportunity as the only available pure play, and is fast becoming a major factor, in a new growth industry. The industry it operates in is ETF sponsorship and management

WisdomTree was basically jump started when CEO Jonathan Steinberg who had the idea sought some financial help about five years. Some may recall he originally ran an investment media firm called Individual Investor Group in the late 1980s and early 1990s. He may actually be best known as the son of  Saul Steinberg, who once tried to take over the Chemical Bank, or  as the husband of CNBC's Maria Bartiromo. He approached famed hedge fund manager Michael Steinhardt, now WSDTs Chairman, who saw merit in his idea and invested.

Five years' ago WSDT had no ETF assets. In 2008 it had $3.2 billion (that's billion with a "b"). In 2009 its ETF assets under management (AUM) were nearly $6.5 billion and last year the AUM grew to $9.9 billion. Last night(http://www.wisdomtree.com/about/ir-home.asp) the company had $10.1 billion in ETF assets, $446 million of  YTD ETF inflows and had  another $751 million in mutual fund assets. Nearly $11 billion all told.

WisdomTree is now the eighth largest ETF manager in the world and about the fastest growing of the bunch ahead of it. The industry reached AUM of over a $trillion at the end of last year, nearly double the funds managed just two years earlier in 2008 and more than triple AUM five years earlier. Clearly it is a rapidly growing business.

There are many reasons to believe ETFs will eventually overtake the $11.8 trillion in mutual fund AUM. I believe WisdomTree will keep growing, and rapidly, as it slices and dices new niche ETF Funds in the range of many hundreds of millions to several billions of assets while the big three which focus on huge broad market ETFs, and in the fullness of time is likely to become "acquisition food" for one of the top issuers at a meaningful % of AUM price. Meanwhile there is no reason not to expect that WisdomTree will not increase its market share from the present 1% at least to several percentage points of the rapidly ETF market.

WisdomTree has demonstrated an ability to grow assets under management rapidly. It has a high year-over-year growth potential by virtue of a) rapid industry growth and b) potential to increase its market share of that growth.  The company is highly focused on continuing its a AUM growth . The company expects to be GAAP profitable very soon. It is cash flow positive. Its revenues which currently amount to .57% of a AUM are growing. Its balance sheet is rather pristine. Cash equivalent is three quarters of its $29 million in total assets. It has no debt. It has a net worth just over 17 million and a substantial negative and $142 million retained earnings deficit, meaning a material tax loss carry forward. The company recently turned cash flow positive.

But the name of the game to enhance shareholder value is the rapid buildup of AUM. WisdomTree management is highly focused on accomplishing this. The end game will be its value as an acquisition very possibly by one of the top three or four or another strategic acquirer seeking to enter the ETF business. An acquirer will most likely be one that is a marketing machine such as an existing ETF manager interested in getting into the ETF niche fund markets or a strategic money management company merely desiring entry into the ETF business. There are many such that excel at offering mutual funds but have no ETF business. One reason it will be an attractive acquisition is that most managements in the investment management business are well aware of the difficulty of entering the ETF business, not only because they recognize how well-established the leaders are, but because there definitely is a first mover advantage to any ETF becoming the leading fund accruing assets and liquidity in any particular category. Number two might do okay but numbers three and four etc. are normally only also ran's. Number one stays number one and grows too.

One might chose to apply a high P/E Ratio to a rapidly growing company, such as for example 20 to even 30 x 2012 eps, which on my estimate of about 30c would suggest a stock price of $6 - $9. However, I would much prefer to estimate WSDT value based on AUM. Last year at BlackRock acquired iShares from Barclays and early in the game in 2006 IVZ bought PowerShares. The latter paid 7% of AUM. Applying this to today's AUM the valuation is about the current market valuation of $700 million. I believe all the focus of Chairman Steinhardt who is the largest shareholder, with somewhere in excess of 40% of the shares, and the operating management team is solely focused on as rapidly and as big as possible to build AUM. Heavy marketing expenses and employee stock compensation has meant no GAPP profits to date. We will see such in due course but the real value of the WSDT enterprise will come eventually from the sale of the company. The buyer will be able to let most all of the management go and unleash its own marketing machine to selling the ETF funds.

I believe savvy Mr. Steinhardt suffers no fools and will eventually push for a sale at the appropriate time. He has too large a position to just sell his shares. Growing AUM as big and as fast as possible is the name of his game. That is all that's all that counts here. And those AUM will be valued on the basis of a lofty percentage. I believe WSDT is of growing importance to Mr. Steinhardt and despite his substantial wealth WSDT, now worth north of $300 million to his NW, can easily become his key asset. When he believes growing AUM at WSDT will become a sticky wicket he will encourage the sale of the company of AUM of triple or even much more than those of today, and that a price valuation potentially of a hefty AUM % premium of as much as 7% is in the cards.

There is a great likelihood of WSDT increasing its market share in what is very clearly a rapidly growing industry and that WSDT could double and triple and more its assets in a reasonable number of years even without increasing its market share. Bear in mind India for example is not yet included in the MSCI World Index. It will be in time as India is an economy that all globally thinking investment  advisors will recommend holding a position in. Such an ETF could easily have many tens of billions in it and indeed $100 billion in it would not be farfetched or out of the question. WSDT has the leading India ETF, the Wisdom Tree India Earnings Fund (EPI). The fund has what is considered a long track record (three years) and is the largest India Fund ETF on the planet today. Yet at the moment it is small with only about$1.4 billion in assets this day.  As the first mover it is the leading candidate to become quite large in time. Probably quite so.

Soon enough WSDT will become registered with the SEC and listed on an exchange is will leave category of basis Pink Sheet's investor neglect and emerge from the shadows of the marketplace  to a degree of notoriety which by itself  is a normal and usual catalyst for value Other facts are WSDT is the only pure ETF pay in the extremely rapidly growing ETF business, it is likely to increase market share, it is financially sound, it will soon be reporting GAAP positive earnings, its AUM the key driver of value is growing very fast and the principal shareholder is a proven, successful, no nonsense money maker of historic proportion.


 
CATALYST

1-Soon enough WSDT will become registered with the SEC and listed on an exchange and leave the category of basic Pink Sheet's investor neglect and emerge from the shadows of the marketplace  to a degree of notoriety which by itself  is a normal and usual catalyst for value.

Other value creating catalysts include:

2-WSDT is the only pure ETF play

3-WSDT is in the extremely rapidly growing ETF business and will be thus lend itself to explorers seking such a discovery, 

4-WSDT is likely to increase market share

5-WSDT  is finanically sound

6- WSDT will soon be reporting GAAP positive earnings

7-WSDT's AUM, the key driver of value are growing very fas, fasr=ter than the industry

8-WSDT's principal shareholder MIchael Steinhardt is a proven, successful, no nonsense money maker of historic proportion.

Thursday, February 10, 2011

Letter to Fred Wilpon, Owner of the New York Mets

Dear Fred:

Please sell the Mets baseball team franchise.

Here is why.

New York deserves a team that makes the rivalry with the Yankees mean something. New York deserves a first rate National League team to always be the favorite to meet the Yanks in the World Series.

What we have is a team ownership it that for whatever reasons unfortunately has proven itself incapable producing such a team. Management has proven unable or unwilling to buy the best players or of home growing them either; the two things our cross town rivals do and do very well. What you have given us in recent years and what we again have to look forward to having this upcoming season is a fourth rate, fourth place team.

How you could allow Philadelphia, a city that we who hail from the greatest city on earth know to be a suburb of Podunk eat our lunch and create a powerhouse baseball team that shows us its back and beats our rear ends is unbelievable.

You obviously can’t put your legal and financial troubles behind you. They have caused you to let us fans and New York City down by delivering to us the fourth rate Mets product you have. Moreover, you have tried to palm it off (unlike the Yankee management which btw embarrasses us to death) with the gesture of a brand new, inferior stadium, named, or rather we should say, bought, and fittingly so, by a near failure of a bank.

Please put us all out of our agony and sell the Mets Fred. Do the right thing please and we will give you our everlasting eternal thanks.

Incidentally, we were a N Y Giants baseball fan from birth 75 years ago until they moved west. Once they did and the Mets were born we became Mets fans. We have always viewed the Mets as successors to the “Jints.” Apparently, as we have learned, once you built Citifield, you view the Mets as successors to your love, the Brooklyn Dodgers and not the Giants. The Dodgers were our sworn enemy and were perennial also ran’s as you know. They weren’t called “The Bums” for “nuttin.” Now that you have successfully turned the Mets into “Dem Bums”, sell the team and let someone make them into the Giants ,who can take on the Yankees and beat the Phillies ass. Bring joy back to the “Mudville” you made Queens. Please!

Like you Fred I share having been Blue, that is a Michigan “Go Blue” (MBA 58) and as you were a fellow Deans Day Presenter (1987).

Warmly,

Larry