Showing posts with label Breaking News. Show all posts
Showing posts with label Breaking News. Show all posts

Tuesday, September 27, 2011

Breaking News: Federal Judge throws out part of a $1 Billion Lawsuit against owners of the New York Mets


According to Reuters,  a Manhattan federal judge on Tuesday threw out part of a $1 billion lawsuit against owners of the New York Mets baseball team by the trustee seeking money for victims of Bernard Madoff's Ponzi scheme.

U.S. District Judge Jed Rakoff dismissed all but two claims by the trustee Irving Picard against the Mets owners, including Fred Wilpon, Saul Katz and others at Sterling Equities.

One of the claims alleges actual fraud. The other would require the defendants' claims against the bankruptcy estate of Madoff's firm to be subordinated to those of others.

A spokeswoman for Picard said the trustee had no comment pending a "thorough evaluation" of the opinion. Lawyers for the Mets owners were not available for comment.

Mario Cuomo, the former New York governor mediating the dispute, also had no immediate comment.

Thursday, September 01, 2011

Breaking News: David Einhorn is out as minority owner of the team


According to the Daily news, Potential savior of the New York Mets David Einhorn is out as a minority investor in the team.

According to reports , a source familiar with the negotiations for Einhorn to invest $200 million and gain a 33% stake in the Mets, the owner of Greenlight Capital "overplayed his hand" with owners Fred and Jeff Wilpon and Saul Katz and will not invest in the team.

"After months of negotiation, the parties were unable to reach agreement, and Mets Ownership has decided to explore other options," the team said in a statment.

It is unclear if the Mets' owners will seek another investor. Wilpon and Katz are embroiled in a $1 billion lawsuit filed against them by the trustee for the Bernie Madoff Ponzi scheme case, and have faced cash shortfalls in the wake of the litigation.

According to the statement, they "have provided additional capital to cover all 2011 losses and is moving forward with the necessary resources to continue to operate the franchise. Ownership will explore other strategic transactions and is under no financial pressure to do a deal on any particular schedule."

Friday, August 05, 2011

Breaking News: Ike Davis will NOT be back this season


According to Adam Rubin of ESPN NY,  Ike Davis will avoid baseball activities and running for the next four weeks and will be reevaluated Sept. 1, Sandy Alderson said. The GM added that the organization does not plan for Davis to return in 2011.

The question has been whether Davis eventually will need microfracture surgery to address cartilage damage in his left ankle. Alderson said they hoped to avoid surgery, but doctors believe it would not impact 2012 even if he required it in four weeks.

Davis originally injured the ankle in a collision with David Wright in Denver on May 10. He had attempted to run this week in Phoenix.

Also, Alderson said he still hoped Johan Santana would appear in the majors by the end of the season.

Sunday, July 10, 2011

Ike Davis Running on flat ground.....


Ike Davis ran on flat ground yesterday – apparently there was a communication breakdown between Davis, the training staff and the front office – without incident at his home in Arizona.

Running on his own was considered a major hurdle as Davis attempts to rehabilitate the bone bruise in his ankle and avoid season-ending microfracture surgery.

Davis will spend a few more days at home before traveling to New York after the All-Star Break. General manager Sandy Alderson hopes he can resume baseball activity soon after.

“It’s a question of how he’s feeling, and whether he can tolerate running,” Alderson said. “But based on what we’ve seen the last few days, we’re encouraged. Anything can happen, but we’re encouraged.”
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