More good news for Fred Wilpon as Richard Sandomir of the NY Times relays Judge Rakoff’s ruling on Irving Picard’s appeal…
Sandomir adds that Rakoff says trustee “has entirely failed to demonstrate the kind of extraordinary circumstances that would warrant” a pre-trial appeal, and that trial record in case against Mets owners “will inform the very issues the trustee seeks to raise on interlocutory appeal”.
Tuesday’s ruling by Jed S. Rakoff of the U.S. District Court in Manhattan now makes it appear very likely that the case will move to a jury trial that is set to start on March 19.
To win his case, Picard will have to establish at trial that Wilpon and Katz had “willfully blinded” themselves to evidence that Madoff might have been engaged in fraud, a higher legal standard to meet than the one he wanted to pursue in order to prevail against the Mets owners.
It ain’t happening… There is no smoking gun…
Picard’s lawsuit keeps dwindling away as he continues to suffer one legal setback after another.
Update: Howard Megdal pointed me toward a timeline error I had in my original post regarding the Einhorn deal collapse and when it occurred, so I deleted that line.
Also, this from Rich Couthino who validates what I was saying about the potential outcome: