Hearst Newspaper Editor David McCumber
Wont Let You Read This In The Greenwich Time .....
Randall Lane Sued For $100 Million Over A Hit Piece He Did On Mets Star Lenny Dkystra And CNBC's Jim Cramer
...Lane in fact, says he saw stock certificates issued to Peel, which his single source Richard O’Connor, who worked as a consult for AVT, says he got from a staffer of the publicly traded company. What Lane left out of his report is that O’Connor has a major ax to grind against Illingworth and AVT. He was fired by AVT for not delivering on his fund raising and marketing commitments and then was sued by the company for libel and false claims in Orange County Superior Court. AVT won a judgment against O’Connor for $37,569.82 , which according to Illingworth, O’Connor has yet to pay. O’Connor could not be reached for comment at press time.
Lane told the New York Post when they reported AVT issued a cease and desist order against Lane, that he stands by the book "in its entirety’ (source). We’re sure he does, except let’s not forget the hard-on Lane has for Dkystra who pulled a million dollar financial newsletter business from his company, Doubledown Media, in early 2008......
....the author of a coming book called Nailed: The Improbable Rise & Fall of Lenny Dykstra, says, “Cramer and TheStreet.com clearly played a significant role in building Lenny Dykstra’s credibility in the world of finance beginning in 2005. However, they were not alone. Randall’s comments seem to neglect his and Doubledown’s role completely. In March and April 2008, Doubledown heavily promoted Lenny and his financial attributes to various media outlets to create a buzz around two new products: The Players Club magazine and The Dykstra Report. There was a heavy marketing machine around the idea of Lenny Dykstra, financial genius that really elevated his visibility on Main Street. Doubledown’s wasn’t just another voice in the chorus – it was one of the loudest voices.” ....
It Was Easy For Randall Lane To Push Around Hearst Newspaper Editor David McCumber, But He Got A Couple Of Tigers By The Tail When He Went After Dkystra And Cramer
PLEASE SEE:
Was Dykstra Cramer’s Worst Pick of All?
When Jim Cramer deemed Lenny Dykstra, the former baseball centerfielder with the New York Mets, an investing authority, did he make his worst call yet?
That’s the suggestion by Randall Lane, who claims in his new book, “The Zeroes: My Misadventures in the Decade Wall Street Went Insane,” that in taking Mr. Dykstra under his wing, the stock-picking, booyah bellowing former hedge fund manager and current host of “Mad Money” unwittingly ensnared himself in a scandal.
According to Mr. Randall, Mr. Dykstra allegedly agreed to take $250,000 worth of stock in exchange for recommending that stock to subscribers of a newsletter the former Major League All-Star wrote for Mr. Cramer’s TheStreet.com.
Writing about it in The Daily Beast, Mr. Randall says:
Jim Cramer single-handedly created the concept of Dykstra-as-financial genius. Known mostly for his willingness to crash his body into walls or his cars into trees (nickname: “Nails”), the former New York Met and Philadelphia Phillie became an investment columnist for TheStreet.com in 2005, after sending Cramer an unsolicited email. For the next four years, Dykstra made stock picks, focusing on “deep-in-the-money calls”—a way to buy leveraged options—for tens of thousands of followers on Cramer’s website.
“Not only is he sophisticated, he is one of the great ones in this business,” Mr. Randall quotes Mr. Cramer as having said of Mr. Dykstra in 2008. Mr. Randall notes how the former baseball star was one of only “four or five” people Jim Cramer would listen to for stocks advice.
Mr. Randall continues:
Cramer, I am sure, had no knowledge of Dykstra’s “pay to plug” scheme—an arrangement that could well lead to a Securities & Exchange Commission investigation. He was just a dupe. But his relentless endorsements and promotion of the ballplayer’s stock-picking over the years must now surely rank as his most ill-conceived.
(Hat tip to The New York Post)
Go to Article from The Daily Beast »
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