Mets Owner To Fight Madoff Trustee’s Methodology

Dec 22 2009 | 1:41pm 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

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

CAIS: How Technology is Disrupting the Alternative Investment Industry

Nov 7 2017 | 5:35pm ET

If there’s one thing that alternative investment professionals can agree on, it...