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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?


To: Cactus Jack who wrote (30192)10/26/2003 4:15:30 PM
From: stockman_scott  Respond to of 89467
 
Brash Managers Need to Have Brash Pitchers

______________________________

By GEORGE VECSEY
THE NEW YORK TIMES
Published: October 26, 2003
nytimes.com

Ever since most of America discovered Josh Beckett — that is to say, when Sammy Sosa bristled during the National League Championship Series — almost every mention of Beckett has included the adjective "brash."

Brashness often pays off in sports. And it paid off gloriously last night as Beckett pitched a superb five-hit shutout and the improbable Florida Marlins beat the Yankees, 2-0, to win the World Series in six games.

The visitors then celebrated on the mound in Yankee Stadium, a sight that had not been seen in the postseason for 22 years. The Yankees have not won a World Series in three seasons, but who is counting?

Two figures dominated the World Series. One was the bongo-banging septuagenarian Jack McKeon — Zorba the Manager — who has been known to sit in with the band long after midnight.

It was McKeon who chose Beckett to pitch last night, no doubt blowing cigar smoke in his face and saying something like, "Let's get it over with, kid, so we can party right away."

And when a Champagne-drenched McKeon came out for his interviews, he chortled, but in a nice way: "You believe me now? Anything can happen."

The other dominant figure was Beckett, who lost Game 3 on Tuesday, but who gave up only two runs. He was clearly McKeon's best pitcher as this thrilling autumn evolved.

Last night Beckett, on only three days of rest, outlasted the gallant Andy Pettitte. Throwing fastballs in the high 90's, Beckett struck out nine and ruled the Yankees right to the end.

"This guy is special, I told you that," McKeon crowed, but pleasantly. "He's very tough. I knew he had the confidence to do the job tonight."

There had been a potential for second-guessing McKeon for going with his ace a day early. However, this was a decision of two adult parties. Beckett wanted the ball, and McKeon had no problem handing it to him.

"He's a fun guy to play for, man," Beckett said last night. "He expects a lot out of you. He's a good guy who likes to have fun."

They are an odd couple of age and youth. Beckett, the swaggering righty from Texas, shows little deference to his elders, or his peers, either. He buzzed Sosa in the league series, when the Marlins were down by three games to one, and when Sammy took exception to the heat, Beckett said he thought Sammy was over-reacting.

Then after throwing a two-hitter against the Cubs, and showing them to be vulnerable, Beckett said he fully expected to be pitching relief in Chicago in the seventh game, which indeed he was.

There is a school of thought that says McKeon should have saved Beckett to be fully rested today and played mix-and-match — as he has often done in the postseason — last night. But McKeon played down the four-day rest that has been the norm for almost every pitcher in baseball this generation.

"That stuff is in the past, this is the future," McKeon said. "I would not take him out in the ninth after 99 pitches."

Beckett concurred, to a point, saying: "In my case, it was O.K., but through the whole year you can't do it. You get stiff arms in a five-man rotation."

Beckett signed out of high school in Spring, Tex., and made the majors in his second year as a professional. Limited by injury, he has only a 17-17 record in parts of three seasons. Last night he shut down the Yankees in their own park and helped win a World Series at age 23.

Even if the Marlins had lost last night, McKeon was not likely to morph into Grady Little, the manager of the Boston Red Sox, who has become a legendary figure in the Greater New England Pantheon of Gloom and Doom because he stuck with Pedro Martínez, a fragile pitcher known for his full four days of rest and his pitch counts.

Little challenged that accurate profile of Martínez, and will pay the price, perhaps in unemployment, certainly in historical repute.

If it had gone badly last night, McKeon would not have had a problem with hauling the kid off the mound. He was never shy about moving people around when he was a general manager known as Trader Jack.

McKeon was rescued from the dreaded R-word last summer when the Marlins' leadership, under Jeffrey Loria, recognized that McKeon was too young at heart to hang around on his porch. A few months later, the Marlins were in the World Series, and McKeon was on the top step pounding his chest and yelling at umpires, the best possible exercise for elderly managers.

With Donald Rumsfeld having a bad season, McKeon might very well become the nation's No. 1 pinup among senior citizens. People sense his zest for life. He does not come off as some Hefnerian old goat, but rather a man who talks about his wife and grandchildren, attends morning Mass, likes to have a good time — music, cigars, cocktails, theater, opera and lots of baseball hypotheses in the sultry and smoky night air.

McKeon has given us a refresher course in loving life and loving his business.

Josh Beckett is a bit of a throwback, too. They both wanted to play ball. Plus, as Zorba might have said, there is no second-guessing a manager who plays the bongos.



To: Cactus Jack who wrote (30192)11/16/2003 11:46:15 PM
From: stockman_scott  Read Replies (1) | Respond to of 89467
 
Legal fees for Enron 'shocking' in stature

chron.com

Bankruptcy costs expected to hit $1 billion
By ERIC BERGER
The Houston Chronicle
Nov. 14, 2003, 1:26PM

By Enron's own reckoning, the legal and accounting costs of its bankruptcy will exceed $1 billion in 2006.

Typically, legal fees in a bankruptcy drop off dramatically after a company gains approval for a plan of reorganization -- a road map for its exit from bankruptcy -- which Enron expects to do early next year.

But the company's budget through 2006 estimates more than $300 million will be spent after Enron confirms its plan. That's more than any company has ever spent confirming a Chapter 11 bankruptcy plan.

"It's shocking," said Lynn Lopucki, a law professor at the University of California at Los Angeles law school who studies bankruptcy professional fees.

The largest amount of professional fees on record is the Luxembourg-based case of Saudi Arabian Bank of Credit and Commerce International, with $200 million in fees, although WorldCom may meet or exceed this total.

Sometime this summer, Enron surpassed $500 million in legal and accounting fees billed by more than three dozen law firms and a handful of accounting and consulting firms since the company filed for bankruptcy Dec. 2, 2001.

According to Enron's budget estimates, it will spend $156 million in the second half of 2003 on professional fees. It projects professional fees of $229 million in 2004, $112 million in 2005 and $68 million in 2006.

The budget estimate is located in one of 18 appendices and more than 1,000 pages of amended documents Enron submitted to its bankruptcy court Thursday in support of its plan of reorganization. This is the third version of the plan and disclosure statement prepared by Enron.

The modifications to the disclosure statement, which provides financial information and legal framework supporting the plan, came in advance of a hearing next Tuesday when Enron will ask Judge Arthur Gonzalez to approve the massive document, a key step toward confirming the plan.

Creditors have urged Enron to move quickly in developing a compromise plan of reorganization in large part because of a legal fee burn rate that exceeds $25 million a month.

A lawyer for some creditors of Enron Corp.'s Enron North America unit that have closely followed professional fees said the future fee estimates are disturbing.

"Obviously, that's of concern to our constituency," Judith Ross, of Thompson & Knight, said. "The whole point of a compromise was to move quickly."

Enron's legal expenses are notable both in gross and as a percentage of assets. Based upon estimates of about $12 billion in cash and stock to distribute among creditors, and an estimated cost of $700 million in legal fees before confirming its plan, Enron should expend about 6 percent of its assets for plan approval.

By contrast, Kmart, with assets of about $11 billion and legal fees of about $138 million, spent just over 1 percent of its assets to confirm a plan. That's a more typical expenditure in a large bankruptcy, Lopucki said.

Enron, its bankruptcy lawyers and some bankruptcy professors have defended the company's expenditures by noting it is easily the most complex bankruptcy ever.

The money in coming years will be spent to wind down outstanding issues and on litigation, Enron spokeswoman Karen Denne said. Legal battles include settling billions of dollars in claims and the dozens of lawsuits filed by Enron against former partners, including banks and other energy companies, seeking the return of millions and, in some cases, billions of dollars.

Enron also had to pay for an independent investigation into the causes of its downfall, which will add $100 million to its legal billings.

Aside from the new budget estimates, most of the more than 13,000 changes to the amended plan and disclosure statement were relatively minor edits.

Among the more substantial changes were clarifications of what Enron has called its litigation trusts. The company spelled out which classes of creditors would receive proceeds from its various lawsuits, an addition creditors welcomed.

Enron also proposed a compromise on "guaranty claims," or, most commonly, energy contracts between Enron North America and a third party. As part of the contract, were Enron North America to default on the agreement, Enron Corp. insured the transaction.

The company and creditors of Enron North America are battling over the fate of these guaranty claims. Enron prefers not to pay most of them, while the Enron North America creditors want full value. One Enron North America creditor suggested the compromise was a step toward resolution of the issue, but did not give enough.

Whether the amended disclosure statement has resolved enough of the opposition to the document -- there have been several dozen objections filed -- may not become clear until the hearing Tuesday.

Even the hearing, given all the opposition, could be pushed back. Enron officials have expressed a desire to move forward with it, but at this point, without a further resolution of issues, the hearing would likely last many hours.