It’s War! Settlement Talks Break Down

An article by posted on February 3, 2011

From the NY Post:

Settlement talks between the Mets and the trustee recovering money for Bernie Madoff’s victims reportedly broke down this afternoon amid a dispute over the leaking of information from a sealed lawsuit.

“We are no longer pursuing settlement negotiations,” said David Sheehan, a lawyer for the trustee Irving Picard, who filed a lawsuit against Mets owner Fred Wilpon and his associates.

After Wilpon announced last Friday that up to quarter of the baseball team would be up for sale, details of the lawsuit leaked out.

Lawyers for Wilpon criticized the leaks in court papers and interviews, according to The Wall Street Journal.

Sheehan said the leaks didn’t come from his office.

“Defendants cannot cry confidentiality to this court while publicly attacking the complaint and continuing to frustrate the public’s right to know the contents of the same complaint they disparage,” Sheehan said in a letter sent today to Judge Burton Lifland.

Picard’s lawsuit seeks more than $300 million in what the trustee said were false profits withdrawn by Wilpon, his associates and relatives from the Ponzi scheme.

Wilpon said Friday in a conference call announcing that the owners were seeking to sell a 20 to 25 percent stake that “it is prudent for us to explore our options at this point,” implying that the sale process had just begun.

In reality, the process has been going on for months, sources tell The Post.

Wow, just wow. This getting crazy.

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