Comments on: Mets Could Face Up To $1 Billion Lawsuit

By: METS62FAN

METS62FAN — Mon, 07 Feb 2011 13:04:05 +0000

Mask, I fully understand your conclusion of Picard issue holding the team hostage; I must point out IMO if Picard had not brought suit the current status would most likely remain the same s Alderson was interviewed with a mindset of fulfilling a financial contraction model prior to December’s lawsuit.
Mask, I strongly believe that even if Sterling felt as financially secure as they did the day prior to Madoff revelations, the Minaya path of escalaring payroll was due to have the spigot reduced based upon the lack of “meaningful” results. Fred would never be comfortable residing @ the very top of the Leafue’s payroll list.

By: METS62FAN

METS62FAN — Mon, 07 Feb 2011 12:53:08 +0000

T, here’s my circumstance, my cousin, (4yrs older)grew up in the other half of a Bay Ridge 2-family & despite ALL basic similarities during development, same Grammer & HS, same Church, etc.he grew up a NYY fan & I a Dodger fan, like everyone else in the family/neighborhood.

We’re much,much older now & in many ways, esp baseball much of our relationship has changed little, in as much as he lets no moment pass to ctrriticize NYM & proclaim the greatness of pinstripes. Baseball is not our only diversion, he;s still a flaming Liberal “Charity through Taxes” afficianado, Me, I’m a simple stand on your own, Traditionalist. Since retirement he’s dabbled in LI Real Estate as an agent, I attempted to use that in my analogy to thwart his latest barb aimed @ Wilpon veracity;
If everyone will excuse the CAPSLOCK, I’d like to get other opinions on my thought process…
IT’S ABSOLUTELY ASTOUNDING HOW EASILY U GLOSS OVER THE FACT THAT “BIG GOV’T CONTROL WAS COMPLICITE IN VIRTUALLY GIVING MADOFF 18 GOLD STARS FOR COMPLIANCE, IF THE SEC SAYS HE;S GOLD WHO IS FRED TO FLAUNT THAT RULING & SPIT INTO THE EYE OF RETURNS HIS FUTURE ABSOLUTEKL RELIED UPON! GOV’T GAVE MADOFF, A VERITABLE GOLD SEAL PROTECTION ORDER AGAINST ALL WARNINGS BEING GIVEN TO FRED BY THOSE WHO SEEMINGLY JUST QWANT TO REPLACE BERNIE AS HIS MAIN MONEY GUY WITHOUT DELIVERING = RETURNS. WHO DOES THAT? OK U WERE IN REAL ESTATE, ASSUME U’RE SHOWING 2 IDENTICAL HOMES IN THE SAME ESTABLISHED DEVELOPMENT, HOUSE A IS A COMPETITOR’S LISTING @ 500,000, HOUSE B IS YOUR LISTING @ 700,000, YOU SUSPECT HOUSE A MAY HAVE STRUCTURAL ISSUES NOT EVIDENT BY A CURSORY WALKTHROUGH, YOUR CLIENT OBVIOUSLY ASKS WHY THE DIFF IN PRICE & SHOWS CONSIDERABLY MORE INTEREST IN HOUSE A, U STRONGLY RECOMMEND HE FIRST GET THE HOUSE INSPECTED BY A LICENSED INSPECTOR, HE DOES & IT PASSES WITH NO APPARENT ISSUES NEEDING TO BE ADDRESSED. YOU’RE DUMBFOUNDED, U SUGGEST A RENOWNED INSPECTOR PERFORM A SECOND RUNTHROUGH @ YOUR EXPENSE, HE ACQUIESCES, IT PASSES YOUR GUY’S STRENUOUS EXAM.
WHICH HOUSE DOES HE BUY?
IF U WERE CLIENT, WHICH DO U BUY?
BE HONEST!
OK, NOW TAKE THIS TO THE 18th DEGREE, DON’T U BECOME SUSPICOUS THAT THERE’S UNDO INFLUENCE BEING BROUGHT BY YOUR COMPETITOR OPON ALL THESE INSPECTORS? OR AT THE VERY LEAST, THERE’S A SERIOUS FLAW TO THE INSPCTION PROCESS?

KEY QUESTION, CLIENT HAS EXCELLENT EXPERIENCE DEALING WITH THE SELLER’S AGENT & RECOMMENDS HIM TO ALL OF HIS FRIENDS.

HOUSE TURNS INTO MONEYPIT STRUCTURAL FAULTS CAUSE UBSTANTIAL WALL & CEILING DAMAGE, WHO’S TO BLAME?
IN ADDITUION, AS IN THE MOVIE,”POLTERGEIST” ALL OF HIS FRIENDS DEVELOP STURUCYURAL HOME ISSUES, IS YOUR CLIENT COMPLICIT IN THEIR LOSSES PURELY BY HIS WILLINGNESS TO SHARE HIS GOOD FORTUNE WITH HIS FRIENDS..A MITVAH?

PICARD SEEMS TO BELIEVE SO!

By: super72

super72 — Sun, 06 Feb 2011 17:39:22 +0000

I agree with tommy2 I think we will do better then projected, this is the same line up mostly with a better 1st baseman then projected at the start of last year and a better 2nd (hopefully) that people where projecting to dominate the NL east and now they are basement dwellers? I highly doubt that the Phills will be a tough one to deal with but I see the Mets contending for the wild card IF ( and its a big if) the pitching can stay on track and the Mets stay relatively healthy I think Sandy has done a good job building up alittle depth in AAA incase there are injuries on the MLB level. NOt studs mind you but guys we know can play the game.. I think it could be a very fun year to watch. But they have to start out good or the thoughts of the last three years will creep back into everyones heads very very quickly.

By: theonlymaskman

theonlymaskman — Sun, 06 Feb 2011 17:18:33 +0000

2012, Thanks for the quote from the Post. It is quite a detailed outline of the highly leveraged situation the Wilpons find themselves in regarding their holdings in the Mets, Citifield, and SNY. It is extremey meaningful to their ability to settle and also marketing the team for new owners. It says nothing about the state of their real estate holdings. So in that regard, it is not a full picture, but nevertheless, still quite enlightening.

By: METS62FAN

METS62FAN — Sun, 06 Feb 2011 17:11:27 +0000

’12 this didn’t have a reply option; but I became so concerned for your sefewty that I had to respomnd with this caution…
___________________________________________________________________________________________
mets2012 says:
February 4, 2011 at 3:13 pm
Metsie,

I lead a very successful and happy life in the Northwest.
I feel good because Wipons, who I think is crooks, are getting what they deserve.
Wilpons are built on the phony money of Madoff .
They bought the Mets with them and operated the Mets with them.
They forced their employees to invest on Madoff.
Did they help the employees who lost all their savings?
No.
I love the Mets but hate wilpons.
Does that allowed in your world?
___________________________________________________________________________________________’12, u live in the NORTHWEST? of the US? I would think someobne as dilusional as u would need to be very concerned over the Public perception of Euthanasia in the Northwest US

Consider yourself warned just as Sterling was about Madoff.
BE WARNED! BE CAREFUL!

By: theonlymaskman

theonlymaskman — Sun, 06 Feb 2011 17:08:30 +0000

2012, You could very well be right and that points us to sale of the team in entirety as their best exit strategy from this morass. Finding a minority buyer under these circumstances would be daunting in my opinion.

By: theonlymaskman

theonlymaskman — Sun, 06 Feb 2011 17:03:55 +0000

62, I agree with you that if the financial crisis of 2007/8 had not occurred, the Crooked Ponzi scheme would likely not have been detected and would most likely contiue in operation today. It was the fiancial downturn that triggered massive requests for withdrawal and the Crook saw that the jig was up. His hand was forced and he confessed. Had the economy continue unperturbed to the current day, he would likely not be in prison and still be leading his lifestyle of luxury at the expense of the victims.

By: METS62FAN

METS62FAN — Sun, 06 Feb 2011 17:01:07 +0000

’12 spare us the Robin Hood logic, it doesn’t wash withn the actual facts. Maidoff’s Inverstors were a select group of deep pocketed individuals & charities among whom were Sandy Koufax, Kevin Bacon & his wife, I don’t think either will be appearing in a soup kitchen anytime soon. This is certainly a case of a bunch of heirs & heiresses getting kicked in their Conytry Club guts as many certainly had to quit the CC register & liquidate their EU vacation homes to manage, In fact many of these ‘victims’ petitioned the Court to fire Picard for not honoring the value of their last account sttements, if they had prevailed, Wilpons would have been untouchable as fellow losing victims. I personally agree with the logic of Picard’s dismissal of Account balance values as valueless yet I totally disagree with his self-serving motivations for assuming the verascity of his “Shouldas,Couldas,Wouldas”. There is ABSOLUTELY NO EVIDENCE that Sterling had greaster knowledge than any of those other Madoff clients sitting besides Picard’s table as complainants Were there rumors? certainly! did they lead to 18 separate SEC investigations? Certainly! Was Madoff fiound to be “in compliance” after each one? Certainly. Did Maidoff pay out on the 10% growth claims he proclaimed? Certainly! Prior to the panic calls for payouts caused by the National Financial Crisis how many instances proving fraud had been revealed to anyone? NONE,ZERO,NADA! Sterling is culpable, why? Did Sterling Enterprises, in their personal estimation lose money? Certainly, their accont balance showed they had $500M balance @ risk, supporting their lack of knowledge claims, as any warning would’ve triggered total account reassignment elsewhere as the natural reaction of any prudent investor sensing imminent destruction.

’12, simply, quietly & slowly extract your head from youe behind remembering to leave your ASSets alone unless you can justify each and every one of these contentions aka facts in evidence!

By: theonlymaskman

theonlymaskman — Sun, 06 Feb 2011 16:59:24 +0000

62, My post neither said or implied anything about the Wilpons knowledge or complicity with the Crook. It simply replied to the post by Francis in which he asked whether the Wilpons are entitled to restitution as a victim. I replied that the Trustee’s postion is that they are not since they withdrew more funds than they invested, therefore, they are disqualified as victims. The only outstanding issue is the size of restitution they have to make. I didn’t make any comment relative to their actions to withdraw funds from under the Crook’s control. I stand by my statement that the Mets team is currently held hostage to this situation because of the onwer’s potential liabilities in this matter.

By: METS62FAN

METS62FAN — Sun, 06 Feb 2011 15:33:17 +0000

Francis, my understanding is that your perception is based upon the settlement definitions that applied in EVERY previous such instance, Picard has altered the landscapew by delibeately acknowledging that ALL account statements were fraudulent & as such have no bearing on calculations of losses & gains. For thjis reason the Judge had been petitioned by the victims to replace Picard relatively early in the process. Picard opposed their desires & was subsequently upheld, which. to me, provides him with another suibstantial reason for atempting to “claim” everything possible despite lack of evidence as a way to salve huis ego & prove his ‘clients’ wtrong foe ever doubtig him aka EGO TRIP! in addition to greedy attempt to increase his reimbursements based upon % of reclaimewd asset values.
Picard has more reasons to accuse Sterling than for passing on them.The disregard for logic in his Sterling ‘Shouda known/suspected/acted is inconveniently rebutted by Sterling’s leaving the posted $500M balance in Bernie’s control until the very end. Talk about your INCONVENIENT TRUTHS?
I wonder how Picard ca be entrusted in his capacity when he so blatantly reveals an inability to add 1+1 in arriving @ 2

By: METS62FAN

METS62FAN — Sun, 06 Feb 2011 15:17:50 +0000

Francis, exactly what would cause anyone to suspect their investments were in trouble? Failure of your accont manager to honor your withdrawal requests timely? Sterlings requests were ALL honored as were everyone else’s they knew in their social network, most Madoff ‘special’ investors.
So Francis, Let’s assume Sterling did get so nervous with their apparent success that they decided to “spit directly into the wind” & call for a 19th SEC investigation. Is there any factual evidence supporting the results of theis investigation would differ from it’s predecessors(all supporting Maidoff procedures as “in compliance” Isn’t the successful completion of those SEC reviews proof that Maidoff Investments was as safe as any others(Bear Sterns, Goldman Sachs for example)

Of ALL the potential “should have known better” culprits, the SEC is obviously the biggest failed authority here; but wait, blaming the SEC does not put any potential $$ ibn Picard’s pockets or reimburse any of the other ‘filthy rich’ victims that were numbered among Bernie’s elite investors.(see register of Palm Beech CC) along with numerous unfortunate Charities with large desposits. As evidence shows that Sterling Enterprisses is among the very few with actual proof of Madoff’s honoring his huge ROI claims, sans proof why is it that not one of these ‘victims’ had the responsibility to take apropriate action being assigned by Picard to Sterling. Certainly had Bernie balked at paying a Sterling demand & Sterling refused to report it, then & only then does the burden rest with Fred & Saul.
When did sharing your apparent good fortune with others become an irresponsibility isn’t that the definition of a mitzvah?

By: METS62FAN

METS62FAN — Sun, 06 Feb 2011 14:37:51 +0000

Mask, as I understand it, the Wilpons & many in the social circle down in Palm Beech, were ALL heavily invested in Maidoff Investments, it was considered a perk to be ‘in’ with Bernie. As inconceivable as Bernie’s results seemed, he had been providing unusual ‘growth’ for years & 18 successive SEC audits revealed nothing but a clean ‘bill of health’ despite scurulous rumors spread by his ‘jealous’ competitors, so where & why should Sterling transfer their accounts?
Not mentioned by anyone I’ve read is the simple fact that had not “the collapse” have occurred causing panic withdrawal request en masse. The scheme would still be undetected & facts cyurrently in evidence reveals that Sterling’s 500M? account balance would still be under Maidoff control.

By: METS62FAN

METS62FAN — Sun, 06 Feb 2011 14:10:58 +0000

T, the one simple FASCT that 2 me totally disproves Picard’s logic is this;

BY ALL REPORTS, DESPITE WITHRAWING BET 300-400M FROM THE LAST PUBLICIZED ACCOUNT STATEMENT, WHY WOULD A SKEPYICAL ACCOUNT HOLDER LEAVE MORE THAN A 500M ACCOUNT BALANCE.
Primarily, Picatrd asserts the Wilpons were given professional warnings. Ny whom, financial account managers who were direct Madoff competitors. So, according to Picard’s logic, Fred & Saul should have trusted Madoff’s competitors suspicions more than the results of 18 sepearate SEC investigations
in light of what has transpired, exactly where is it they should have transferred their accounts to? Merrill, Lynch? Paine Webber? Goldman Sachs? AIG? While they were being warned that Bernie couldn’t possibly make good on the returns he was promising. According to the only evidence in hand, account statements, trhat’s exactly what Bernie was supposedly doing, returning a consistant 10% ROI! Besidees, he’d always honored each & every withdrawal timely & without excuse. and “everyone we know” is happy with him as is the SEC who has investigated & passed him 18 times, who else has endured & passed such sctutiny.
Let’s ALL be honest here & reveal who among us would have actually & tryuly bailed out on the best performing portfolio on the Street based upon rumor & inuendo heard from others wanting to manage my money for less returns. Espercially in light of those 18 passed audits from the OFFICIAL REGULATORY AGENCY?
If hindsight is the measuring stuick for beasting the Wilpons, u can’t pick & choose only the obvious negative isues. Why, if they doubted Bernie’s veracity would they take 300M & leave 500M? In addition to their employees pensions they also risked their own & those of their children
(1 Wilpon,3 Katz sons)? WHY?

By: mets2012

mets2012 — Sun, 06 Feb 2011 00:03:05 +0000

Another thing,

An Austrian banker who introduced many clients to Madoff like Wilpons’ve done is in hiding.
Do you know why?
Not because Picard is after her for $$$.
Russian mobs are after her life with their fancy tools.
Where I come from You take care of the people who work for you before anything.

By: mets2012

mets2012 — Sat, 05 Feb 2011 23:46:54 +0000

Metsie,
I always liked Fred Wilpon until I found out about his employees’ pension fund.
They bailed themselves out but let the employees’ pension fund to stay to lose everything.
The employees didn’t have a choice because Wilpons forced Madoff on them and Wilpons were officers of the fund.
I am not talking about legality here.
I am talking about Ethics and morality.
I asked this question the other day.
Let’s say Wilpons introduced Tony Soprano to Madoff to invest and Tony paid back by breaking Ollie’s kneecap, Would Wilpons bailed out without alerting Tony about Madoff?
Wilpon did that to his workers because his workers don’t use baseball bats and guns. They are powerless.
I am glad Picard is working for them.

By: Metsie

Metsie — Sat, 05 Feb 2011 23:14:48 +0000

What I find so funny is that 2012 says because the Wilpons invested in a Ponzi scheme they must be crooks.

And if that were true then all the folks suing the Wilpons are crooks as well because they were just as much invested in a scheme!

All he has is heresay and accusations but not one shred of PROOF that the wilpons were in on the scam!

And I bet neither does the lawyer for the victims because if he had anything to prove it then the Wilpons wouldn’t be talking to him they would be in an orange jumpsuit sitting next to Madoff hoping they don’t get raped in the shower by a yankee fan!

By: mets2012

mets2012 — Sat, 05 Feb 2011 22:29:21 +0000

thanks

By: Mr North Jersey

Mr North Jersey — Sat, 05 Feb 2011 22:03:58 +0000

OK 1st a unnamed source is never a fact.
2nd if your going to make comments attacking people by calling them crooks among other things. Then how can you be mad when others do to you exactly what your doing to someone else?

This is a public blog you can’t expect to make comments and not be called out on them. Now if you feel that someone is overstepping their bounds and making personal attacks on you then I suggest contacting site about said incident. I speak from experience it has worked for me.

By: baby al

baby al — Sat, 05 Feb 2011 21:48:14 +0000

des just explain T W O ponzi schemes.the wilpon mob paid roughly back 13 million to another ponzi scheme.lets forget about everything else how did they end up in T W O ponzi schemes.Greed PLAIN AND SIMPLE.one woman returned over 6 BILLION dollars to picard!the honorable wilpon mob fights to keep their monies by stating the s and e comission didn’t know so why should they!ignorance of the law is no defense in any court of law in this country.my end game,as i guess u know, is bye bye wilpon.sell the team and take your bs spining to another field.ny wants a big time owner with big time ideas.

By: mets2012

mets2012 — Sat, 05 Feb 2011 20:56:59 +0000

NY Post is stating the facts.
I just don’t like the attacks that have been directing at me because I’ve been saying that Wilpons were crooks and they deserved what they are getting now.
Saying garbages like they may be scumbags but they are innocent, where is the smoking gun?
Picard is asking for $$$$ not the yellow jump suits.