Madoff Decision Is Significant Setback For Owners Of Mets
In a column in the New York Times this morning by Richard Sandomir and Ken Belson, all the current news about the Wilpon, Katz suit is brought up to date. For those who are really interested in the business part of the Mets Operation, this article is very informative. The New York Times doesn’t waste space and they’ve taken up a big chunk of the Sports Section for this.
On Tuesday…a federal appeals court in Manhattan appeared to settle a sizable chunk of the suit. Under its ruling, the team’s owners, Fred Wilpon and Saul Katz, could have to turn over at least $300 million to the trustee. It is a major financial setback for the owners who, faced with an unprofitable baseball operation, have already been forced to sell a portion of the team just to stop the bleeding of money.
The United States Court of Appeals for the Second Circuit, in a unanimous ruling by the three-judge panel, said the trustee’s central formula for deciding how to recoup and redistribute the money that had moved through Madoff’s vast Ponzi scheme was appropriate. The trustee, Irving H. Picard, had decided that investors who had taken more money out of their accounts with Madoff than they had put in had to return their “net winnings.”
If and when we come to the end of all of this posturing and pouting, there will be plenty of accolades to go around – maybe even one for Mario. The Wilpons and Katz families are hanging on to their last penny over this knowing full well that after all this time the cat is out of the bag, but still running around the room.
So read the rest of this if you want to be really informed – we all know Richard Sandomir and Ken Benson – so you see that the Times has hauled out the Big Guys for this never-ending situation. I for one can’t wait for the trial to be over and Richard and Ken turned loose again.
I’m sure Sandy Alderson and Terry Collins can’t wait for the final days of the trial either.- they’ve sure had to be careful with everything they say and do. In the meantime, Terry has managed to keep a team together and speak with each player every day. No wonder the guys love him – he’s really shown that he cares about them. And Sandy, poor Sandy who is meant for a much better introduction to his Mets position is walking a tightrope as well.
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