Selasa, 20 Maret 2012

No Joy for Mets Fans: Mets owners cut deal to settle case Madoff clawback case

Mets ownerns Fred Wilpon and Sal Katz may be smiling, but Mets fans are crying today. This case was Mets fans opportunity to possibly get rid of the Wilpons if they had to pay a 300 million plus judgment.

No joy in Metsville!

New York Post reports it�s the biggest win for the Mets since 1986 � but a huge letdown for the fans.

The team�s stingy owners will remain at the helm after striking a sweetheart settlement with the lawyer tasked with recouping billions from Bernie Madoff�s Ponzi scheme � and the deal actually casts them as victims of the fraud.

The deal heads off a risky jury trial, where a loss could have cost owners Fred Wilpon and Saul Katz up to $383 million and control of the franchise.

Instead, fans and baseball analysts said it�ll be back to business as usual for the tight-fisted management, criticized for not spending on top players who boost ticket sales � and wins.

With former Gov. Mario Cuomo mediating, the owners and trustee Irving Picard ironed out the settlement on Friday, just three days before jury selection was scheduled to begin for a long, expensive court trial.

Under the deal, Mets owners have agreed to pay back $162 million in phantom profits that they withdrew from their Madoff accounts between 2002 and 2008 � the year the Ponzi pyramid collapsed.

More here

God must not be a Mets fan!

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