Showing posts with label bernie madoff. Show all posts
Showing posts with label bernie madoff. Show all posts

Thursday, July 07, 2011

Mets owners challenge Madoff trustee lawsuit

According to the AP New Wire, New York Mets executives say a lawsuit claiming they had early word about a 25-year fraud carried out by jailed financier Bernard Madoff is ''a fiction.''

Lawyers for Mets team president Saul Katz and others said in a court filing Thursday that the Mets owners were betrayed by a friend and realized a loss of more than a half billion dollars when the fraud was revealed in December 2008.

The court papers noted that Mets owner Fred Wilpon referred to Madoff's confession as ''like a dagger in the heart.''

The papers were filed in response to a lawsuit brought by court-appointed trustee Irving Picard, who has filed more than 1,000 lawsuits seeking to recover billions of dollars lost by investors in Madoff's fraud.

Friday, March 18, 2011

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


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.”

Saturday, February 05, 2011

Bloomberg News: "With Madoff, the Mets owners were simply in too deep"

I am just reading more about this sad, but true story about the Wilpons partnership with Madoff..

Here is a great article from Bloomberg News by 

Bayou Accord Case Model for Any Deal With Madoff Trustee. 

It also

"With Madoff, the Mets owners were simply in too deep -- having substantially supported their businesses with Madoff money -- to do anything but ignore the gathering clouds,” according to Picard’s complaint. “Sterling performed no diligence on Madoff in response to any of the various red flags to which it was exposed.”
"The trustee’s lawsuit is an outrageous ‘strong arm’ effort to try to force a settlement by threatening to ruin our reputations and businesses which we have built for over 50 years,” Fred Wilpon and Saul Katz said yesterday in a statement.
They called the allegations in the complaint “abusive, unfair and untrue.”
"The Sterling partners had more than $500 million in their Madoff accounts at the time of his failure, their lawyers said in a statement yesterday. Wilpon and Katz said that none of the Sterling partners ever suspected Madoff was running a fraud."
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Thursday, February 03, 2011

Settlement talks between Mets & Bernard Madoff trustee end

Bernard Madoff's mugshot
A lawyer for the trustee trying to recover money for the victims of the Bernard Madoff Ponzi scheme says negotiations have ended to settle a lawsuit filed against the New York Mets owners and their affiliated companies.

David J. Sheehan, a lawyer for trustee Irving H. Picard, sent a letter to Judge Burton R. Lifland of U.S.

Bankruptcy Court in Manhattan today asking that he unseal the lawsuit filed Dec. 7 against Fred Wilpon, Jeff Wilpon, Saul Katz and dozens of entities and people connected to the Mets and Sterling Equities.

Karen E. Wagner, a lawyer for the Mets owners, said in a letter to Lifland later today that her clients no longer opposed unsealing the suit.

A Feb. 9 hearing had been scheduled on a motion to unseal the suit filed by The New York Times and WNBC.

Sheehan wrote the defendants "have affirmatively taken action to try this case in the press and the court of public opinion."

"Defendants cannot cry confidentiality to this court while publicly attacking the complaint and continuing to frustrate the public's right to know the contents of the same complaint they disparage," he wrote.
Wagner, in her letter, wrote that settlement discussions ended after two unidentified lawyers violated court orders and disclosed confidential information to the Times, which reported the suit sought to recover $300 million in what Picard called fictitious profits.

"As a result, one-sided and misleading information was publicly disseminated both about the complaint and the defendants," Wagner wrote, adding that the complaint contained "unfounded conclusions."
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Wednesday, February 02, 2011

I'm Fed Up with Talk of the Wilpons

Boy, I can't wait for this season to get started.

This offseason has been filled with a negative feel, whether it be the fact that the Mets have no money to spend, the signing of "mediocre" free agents, Oliver Perez and Luis Castillo's presence on the team, and now the hoopla surrounding the Wilpons' money scheme.

I have tried to overlook the negative and focus on the positive. Sandy Alderson and Terry Collins seem to have a plan moving forward. The team agreed to contracts with Pagan, Pelfrey and Dickey. I like the moves that roll the dice a little such as the signings of Chris Young and Chris Capuano. There's just two weeks until pitchers and catchers report to Port St. Lucie.

I don't mind enduring the reports of the Wilpon scandal for two more weeks. But once the first player arrives at the Tradition Field complex, I hope the focus turns to the upcoming season rather than off the field problems.

Unfortunately, the last few seasons have been a mish-mosh of poor play on the field coupled with ugly off the field incidents.

From the collapse of 2007 to the Beltran surgery fiasco to K-Rod's actions to Charlie Samuels' betting and now back to the Madoff scandal, it has overshadowed what the Mets are trying to do. The team is trying to put a championship caliber ball club on the field for the loyal fans that support the team.

Naturally, this is much easier said than done and has taken longer than most fans would have hoped for. But a fast start to this season could quell much of the negative attention surrounding the team. And that starts when pitchers and catchers report.

The leadership is there, the talent is there, but now the results must be there.

Everyone seems to be looking ahead to next year when the team will have $60 million coming off the books. The expectations are that Alderson will bring in a few big time free agents to change the atmosphere.

But until this team is out of contention (and that sure as heck isn't in spring training), we loyal fans should rally behind our team, regardless of their off field issues.

It's amazing how quickly fans forget about problematic issues when their team performs well, and hopefully that winds up being the case for the 2011 Mets.

Originally featured at Mets Merized Online.
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