Monday, March 19, 2012

Just Another Madoff Monday: Mets Settle Civil Suit

This morning the Mets principal owners, Fred Wilpon and Saul Katz have agreed to pay Madoff fraud victims $162M.

According to Fox Sports, the Mets owners will not owe any money for three years. Hopefully by that time they will have paid their $25M loan to MLB, but it is still doubtful.

Adam Rubin also tweets that the Mets will be on the hook for very little of the $162M because they will "be able to recover money from loser fund, their out-of-pocket expenses should be fraction of actual settlement."

Am I the only one wondering why Fred and his cronies settled if they were also duped by Madoff? Although with this settlement it is doubtful the Wilpon's will have to admit any guilt, why would they agree to a settlement if they were indeed innocent of the allegations being brought forth?

With this agreement in place, Irving Picard, the trustee for the Madoff victims will not pursue any further litigation.

It's just another Madoff Monday...hopefully now this ugly mess will be put behind us, and the victims of this scandal will be able to get their lives back in order, and we can start talking baseball instead of legal issues. Although the Mets owners might have dodged a bullet today, I have a sneaky feeling their troubles aren't yet over.

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