Frank McCourt claims cash squeeze

mccourtslogo.jpgFrank McCourt's latest court filing in the case of McCourt v. McCourt makes for interesting reading, judging by the stories from John R. Emshwiller in the Wall Street Journal and Bill Shaikin in the L.A. Times. Frank says, for instance, that he lives off the interest from his checking account and that the account has been down to $167,000 lately. Jamie McCourt is in a much better position in regard to financial liquidity, he says:

His filing said Mr. McCourt wouldn't see any significant income until next year -- possibly as late as March -- when he expected a quarterly payment of as much as $1.25 million from the partnership that owns the Dodgers. He said payments from the partnership were "my only source of personal cash flow" other than checking-account interest. Mr. McCourt said his liquid assets recently fell as low as $167,000, after paying about $700,000 in expenses for his wife, who filed for divorce last month. He said the Dodgers don't pay any of his personal expenses.

By contrast, Ms. McCourt has more than $3.5 million in liquid assets and an additional $1.8 million coming from an investment account, according to Mr. McCourt's filing.

Both stories lead with the thought that, despite team and lawyer denials, the McCourts' divorce fight and cash flow issues hinder the Dodgers' player moves this off-season. More tidbits:

Frank claims his credit rating is being damaged by Jamie being behind in house payments he co-signed on — "currently $230,000 in arrears," Frank says.

Frank's annual income from the team is capped at $5 million under a credit agreement with Bank of America.

He insists he receives the same health insurance and benefits as other team employees and that his only perk is "payment of certain minor expenses relating to [my] automobile."

Jamie McCourt's filings claim Frank's net worth is $835 million.

Meanwhile, across town: The Angels fired announcers Rex Hudler and Steve Physioc.


More by Kevin Roderick:
Ralph Lawler of the Clippers and the age of Aquarius
Riding the Expo Line to USC 'just magical'
Last bastion of free parking? Loyola Marymount to charge students
Matt Kemp, Dodgers and Kings start big weekend the right way
LA Times writers revisit their '92 riots observations
Recent Sports stories on LA Observed:
Ralph Lawler of the Clippers and the age of Aquarius
Matt Kemp, Dodgers and Kings start big weekend the right way
Bill Skowron, ex-Dodger and Angel was 81
One of those special athletes retired Monday
World Peace suspended for seven games, into playoffs

New at LA Observed
Follow us on Twitter

On the Media Page
Go to Media
On the Politics Page
Go to Politics

LA Biz Observed
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner


Advertisement
LA Observed on Twitter and Facebook