Mets Owner To Fight Madoff Trustee’s Methodology

Dec 22 2009 | 12:41pm ET

An affiliate of the New York Mets has gone to court to fight the way the Bernard Madoff liquidator calculates claims.

Mets LP complains that Irving Picard’s methodology—subtracting withdrawals from Madoff investors’ cash deposits with the Ponzi scheme mastermind’s firm—will leave up to $1 billion left over. Picard’s calculations could also lead him to sue Mets LP for $47.8 million, since the entity withdrew more from its Madoff accounts than it invested.

Picard rejected Mets LP’s claim for more than $800,000.

“As much as $1 billion or more that should be paid to Madoff victims will be retained by the SIPC fund and not paid to anyone,” Mets LP said in its lawsuit, filed yesterday in U.S. Bankruptcy Court in New York.


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Vortic: Making Great American Watches Again

Jul 25 2016 | 6:29pm ET

If you are compelled by stories of entrepreneurial vision & drive, or simply...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...