22
2011
Trial Date Set For Irving Picard’s Suit Against Mets Owners
An article by Former Writers
A March trial date has been set for a jury to hear a $1 billion claim against the Mets by a trustee recovering money for cheated investors of Wall Street swindler Bernard Madoff. A U.S. District Court judge set the March 5 trial date at a Friday hearing.
The judge heard arguments from both sides on a request by lawyers for Mets owner Fred Wilpon and other executives to toss out the lawsuit brought by trustee Irving Picard. The lawyers denied Picard’s claim the executives should’ve known $300 million they collected from Madoff represented phony profits. The judge says he’ll rule next month.
The judge may also be urging a settlement of the $1 Billion Dollar claim.
Picard and the Wilpons have been in mediation with former Gov. Mario Cuomo, who attended the hearing Friday and said the hearing might help both sides decide whether to settle or go to trial. “This was a very helpful exercise,” Cuomo said outside the courtroom.
I feel like the courts are just playing games indoors with these people. Meanwhile families and kids and a whole bunch of us are getting turned off on baseball. Some of us – able to remember past the year 2000 – long for the ‘good old days’ of sports.
Nowadays, the venue has changed and that broke the rule book and the bank book for a whole lot of teams. Maybe during those long rain delays, teams should run some of the old films of the good old days so we can show our kids what a ball game should be like.
I keep thinking of Mario Cuomo, who before he went to Law School played a bit of baseball, but got hurt. Now, he’s become a very important voice in this trial and has been at this for months. No one has more credibility in the worlds of politics and sports, but of course he can’t speak until the whole mess is finished and I can’t wait to see how it turns out.
So it all drags on and leaves a lot of us in limbo.
About the Author: Former Writers
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I think it’s unlikely the Wilpons will accept a settlement that eviscerates their dominant hold on the Mets. Fred Wilpon has said over the past few years that he wants the Mets to be a family treasure and that ties him both financially and emotionally to controlling the team.
Mario Cuomo, is a court-appointed mediator. I think his political background will persuade him to seek a compromise deal which is not what Fred Wilpon wants. The judge, Jed Rakoff, seems to have favored the Wilpon’s position up until now. His lines of questioning have not been encouraging to Picard.
If the current ownership is completely absolved of wrongdoing, it probably means there will be more financial clout to the Mets near term operations. It might also change the direction of the Wilpons testy relationship with the new minority owner, David Einhorn. Hmmm. Let’s see what happens.
What Fred wants and reality are two separate things. Fred has no choice but to agree to a settlement. The risk of trial outcome is too high to continue on this voyage to destiny with the iceberg.
Tell it to the judge who seems to support the Wilpons. Judge Rakoff can end the trial and make his decision if he wants to do so. Don’t misunderstand me — I’m not about to throw bouquets at the Wilpons, but trustee Irving Picard looks like a high class ambulance chaser. The cure may be worse than the disease.
Well then by your thinking, they can just stick to their guns and take the risk of losing the whole enchilada. Let Fred tough it out. But then I don’t want to see tears when the big bill is presented to him in court.
I am waiting for Mario’s answers to the situation. I don’t know anyone more suited to the issue and the law. Personally I’ll bet he’s really thrown himself into this case – which came to him at a perfect time – his son is running NY State and he is working for Major League Baseball – nice work if you can get it.
JUST SELL, AND GO AWAY!!!!
With a trial date set, the Wilpons must now seriously consider a settlement. The risk of going to trial with a billion dollar potential bill hanging over their heads is too much to risk. They will settle within a few weeks. I predict they will cough up between $350M and $400M to walk away. After the settlement, they will sell the team 100% to restore liquidity to their accounts. The days of the Wilpon hold on the Mets are drawing to a close, finally! HIP HIP Hooray!