Showing posts with label Trustee Irving Picard. Show all posts
Showing posts with label Trustee Irving Picard. Show all posts

Friday, January 27, 2012

Mets Owners ask Judge to dismiss Madoff Trustee's Case


The New York Mets’ owners asked a judge to dismiss $386 million in remaining claims brought by the trustee liquidating Bernard Madoff’s firm, saying their “early faith” in Madoff was well-founded because of his reputation.

U.S. District Judge Jed Rakoff threw out most of trustee Irving Picard’s $1 billion in claims against the team owners. The judge said Picard must prove they were willfully blind to the convicted Ponzi schemer’s crimes if he wants to recoup money they withdrew from their Madoff accounts, the Mets owners noted. Since Picard hasn’t proved that, he has no case against them, they argued.

“Defendants trusted their broker, Bernard L. Madoff, and never suspected him of any fraud, let alone a Ponzi scheme,” team owners Fred Wilpon and Saul Katz said in a court filing yesterday. Picard can’t show they believed there was “a high probability” that Madoff was running a Ponzi scheme or that they took “deliberate action” to avoid seeing what was going on, they said.

The Mets owners, after losing money in the Ponzi scheme and an income stream from Madoff, have said they are trying to sell stakes in the Major League Baseball team. Picard’s claims remain a threat to their finances.

Monday, October 24, 2011

Mets Owners Say, "Judge Shouldn't Approve Irving Picard's Appeal"


U.S. District Judge Jed Rakoff shouldn't approve the liquidator of Bernard Madoff's firm to appeal a ruling that cut a $1 billion case against the New York Mets owners by two-thirds, the team owners said.

Trustee Irving Picard assailed Judge Rakoff's ruling earlier this month, saying it “arbitrarily” allowed Fred Wilpon and Saul Katz to keep fictitious profits from the Ponzi scheme. Mr. Picard asked the judge to make a final ruling so he could appeal, or to allow an appeal before trial. The Major League Baseball team's owners urged Judge Rakoff to reject the request in a court filing.

“There is no hardship or injustice that would result from waiting another six months to raise any and all appealable issues at one time,” Messrs. Wilpon and Katz said in the Oct. 21 filing in U.S. District Court in Manhattan.

A spokeswoman for Mr. Picard didn't immediately respond to an e-mail seeking comment on the filing.

Judge Rakoff last month set a March 19 trial date for Mr. Picard's remaining case against the Mets owners after dismissing nine of 11 counts. He said Mr. Picard could try to take back two years of money withdrawn from the Ponzi scheme, or about $386 million.

Saturday, October 15, 2011

Owners of the Mets are seeking to avoid a jury trial


The owners of the Mets are seeking to avoid a jury trial in the case filed against them by the trustee for the victims of Bernard L. Madoff’s fraud. The owners could be forced to pay hundreds of millions of dollars in the case.

In papers filed Friday in Federal District Court in Manhattan, lawyers for the team’s owners said that the trustee, Irving H. Picard, “is not entitled to a jury trial” because the two remaining claims arise out of the bankruptcy code. Generally, bankruptcy courts are not authorized to conduct jury trials.

They are saying, in essence, that a case that started in Federal Bankruptcy Court but is now being heard in United States District Court should be tried under bankruptcy rules by Judge Jed S. Rakoff. Picard responded with a request for a jury trial. “Despite the defendants’ trepidation to submit to a jury’s judgment, the trustee’s constitutional right remains,” his filing said. “Nothing here impedes that.”

Wednesday, October 12, 2011

Irving Picard Won't Go Away, Appeals US District Court Judges Ruling..


Douche bag 
The liquidator of Bernard Madoff’s firm assailed a judge’s ruling in a $1 billion lawsuit against the New York Mets owners, saying it “arbitrarily” gave some of the con man’s investors fictitious profits that “all customers were previously denied” by a higher court ruling.

Trustee Irving Picard made the statements in a filing in U.S. District Court in Manhattan. Picard also asked U.S. District Judge Jed Rakoff to clear the way for an appeal of his ruling.

Rakoff last month cut Picard’s suit against the baseball team’s owners by two-thirds, saying he could try to reclaim only two years of withdrawals from the Ponzi scheme. The ruling, which would allow Fred Wilpon and Saul Katz to keep purported profits resulting from Madoff’s “machinations,” was “in direct contravention” of an appeals court ruling that ruled out account statements as a basis for compensating Madoff investors for losses, Picard said in his Oct. 7 filing.

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.

Tuesday, August 16, 2011

Irving Picard wins appeals court ruling, Wilpon still on the bubble for $1 Billion


The Trustee Irving Picard, liquidating Bernard L. Madoff’s former firm won an appeals court ruling that affirmed his method of determining which investors can recover money lost in the Ponzi scheme.

The federal appeals court in New York said today that trustee Irving Picard can calculate losses by subtracting the amount withdrawn from an investor’s account from the total placed with Madoff, the so-called net investment method.

A group of Madoff victims urged the court to require Picard to use their final account statements, reflecting fictitious profits on money Madoff never invested, to determine losses. Today’s ruling limits the number of victims who can claim money from the fund Picard oversees and reduces the amount of many eligible claims.

“Mr. Picard’s selection of the net investment method was more consistent with the statutory definition of ‘net equity’ than any other method advocated by the parties or perceived by this court,” Chief U.S. Circuit Judge Dennis Jacobs wrote in the opinion.

Picard has sued investors, banks and others he claims profited from Madoff or should have known of his fraud, seeking a total of about $100 billion. He has raised more than $8.6 billion, or almost half the $17.3 billion in principal he calculates investors lost in the fraud, including a $1 billion settlement with hedge-fund firm Tremont Group Holdings Inc., which was announced July 28.

Money From Accounts

Madoff investors who removed more from their accounts than they invested, including the owners of the New York Mets baseball team, stand to lose from today’s ruling. Picard has claimed $300 million in fictitious profits from a group of defendants tied to Mets owners Fred Wilpon and Saul Katz. He is also seeking $700 million in principal from Wilpon and Katz, claiming they should have known Madoff was running a fraud.

The Mets owners are seeking to have Picard’s suit dismissed.

Karen Wagner, a lawyer for Wilpon and Katz, didn’t immediately return calls seeking comment on the ruling.

Picard’s loss calculation method also reduces the amount of payouts to Madoff investors by the Securities Investor Protection Corp., which reimburses defrauded investors up to $500,000 per account. Picard represents SIPC.

Sunday, March 20, 2011

Statement: Wilpons/Katz Fight Back in Court


Here's the press release issued on behalf of Fred and Jeff Wilpon and Saul Katz on the day they answer the $1 billion lawsuit against them with a filling in U.S. Bankruptcy Court.

FOR IMMEDIATE RELEASE

STERLING PARTNERS REJECT MADOFF TRUSTEE’S LAWSUIT AS WORK OF FICTION

GREAT NECK, N.Y., March 20, 2011 – In court papers filed today, Fred Wilpon, Saul B. Katz and their Sterling Equities partners (the “Sterling Partners”) began the process of defending themselves in court against the false allegations made by the Trustee overseeing the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS). In the motion filed today, the Sterling Partners provide clear evidence that the Trustee’s amended complaint:

Saturday, March 19, 2011

Trustee Breakdown of One Billion Dollar Lawsuit


1 Billion
Madoff trustee Irving Picard is suing the Mets owners for $1 billion — including $300 million in alleged profits and $700 million they allegedly invested with Madoff and withdrew.

Picard is demanding:
$195M from Jeff Wilpon, Mets co-owner, COO
$168M from Mets CEO Fred Wilpon
$154M from Mets board member David Katz
$120M from Mets President Saul Katz
$434M in total from Wilpon family members
$357M in total from Katz family members

Read more: NY Post

Friday, March 18, 2011

Trustee: Mets Owner Fred Wilpon Got Interest-Free Loan From Madoff Ponzi Scheme


From NBC.com

The trustee recovering money for investors in Bernard Madoff's Ponzi scheme has filed new court papers that he says show the cozy relationship between Madoff and the owners of the New York Mets.

Trustee Irving Picard filed the papers in U.S. Bankruptcy Court in Manhattan on Friday.

He says Madoff made an interest- and cost-free bridge loan to the Mets' owners to aid the purchase of the broadcast rights for the Mets from Cablevision.

The papers said the transaction was documented by a single-letter agreement that falsely described the loan as an "investment" by Madoff's wife in the company.

In a statement, Mets owners Fred Wilpon and Saul Katz called the court papers "the latest chapter in the work of fiction created by the trustee."

Update from the Mets:


Statement From Fred Wilpon, Co-Founder And Chairman, And Saul B. Katz, Co-Founder And President Of Sterling Equities, In Response To The Trustee’s Amended Complaint:

“The amended complaint is the latest chapter in the work of fiction created by the Trustee. We will pursue a vigorous legal defense that will set the record straight and vindicate us.”
Related Posts Plugin for WordPress, Blogger...