Mets Owners Owe $300 Million: Madoff Trustee

[The Straight Story]

Mets Owners Owe $300 Million: Madoff Trustee
Lawyers agreed to make complaint public after settlement talks broke down

A court-appointed trustee wants the owners of the New York Mets to give up $300 million -- money he says is fake profit from Bernard Madoff's epic Ponzi scheme, lawyers say.

The demand is made in a complaint ordered unsealed Friday in federal bankruptcy court in Manhattan.

The complaint by trustee Irving Picard names Fred Wilpon, Jeff Wilpon and others connected to the Mets and Sterling Equities as defendants. Lawyers agreed to make it public after settlement talks broke down.

....


"There are thousands of victims of Bernard Madoff’s massive Ponzi scheme. Saul Katz is not one of them. Neither is Fred Wilpon. And neither are the rest of the Sterling Equities’ partners," Fernando A. Bohorquez, Jr., a Baker & Hostetler partner representing the Trustee, said in a statement.

The complaint alleges Katz and Wilpon families and businesses were deeply linked to Madoff for more than 20 years. The Sterling partners, their family members, trusts and Sterling-related entities held about 300 accounts with Bernard L. Madoff Investment Securities (BLMIS).

http://www.nbcnewyork.com/news/local-beat/Mets-Madoff-Documents-to-Be-Made-Public-Shortly-Sources-115288419.html

[Blue_Tires]

1. This could be the best thing to happen to the Mets

the Wilpons may have to sell...

[DainBramaged]

3. The Mets, paying for talent from god and no championships in 25 years

busy making profits......

[Democrats_win]

2. Interesting aspect of pyramid schemes. This is justice, IMHO.

Of course it will be interesting to see how this goes. Many people were given fake profits to keep the scheme going.

[ProgressiveProfessor]

4. Not all of the clawbacks are