Just WOW, great retirement program if you can get it.....
It’s Bobby Bonilla Day: Mets to make latest $1.2 million payment to former All-Star
Bobby Bonilla has a million reasons to smile this morning.
The ex-Met is scheduled to receive the latest in his seemingly unending stream of $1.2 million payments from the team as part of his 2000 contract buyout with the Wilpons.
July 1 was the agreed-upon payment date between the former All-Star and the Mets when they negotiated a buyout of the $5.9 million remaining on his contract. Rather than pay Bonilla outright, the Mets concocted a 25-year, interest-accruing payment plan, which will give Bonilla, now 52, $1,193,248.20 every July 1 from 2011 through 2035.
That’s how you turn $5.9 million into $29.8 million.
Bonilla’s representatives wanted the Mets to match the U.S. Prime Rate of interest at the time, which was 8.5 percent, but the sides settled on eight percent. Today’s Prime Rate is 3.25 percent.
“Bobby’s a very smart person, and he understands the value of income,” Dennis Gilbert, Bonilla’s former agent, told the Wall Street Journal in 2010.
Bonilla would be the 12th highest paid player on the Mets this season, making more than Jacob deGrom ($582,125) and Matt Harvey ($614,125) combined.
Entire article:
http://www.nydailynews.com/sports/baseball/mets/payday-ex-met-bobby-bonilla-article-1.2277633
Also....The agreement called for deferred payments at an 8 percent annual interest rate. At the time,
Mets ownership did not mind that interest rate because their investments with Bernie Madoff were returning comfortably more than that figure.
Entire article:
http://espn.go.com/blog/new-york/mets/post/_/id/105897/its-bobby-bonillas-payday