Wednesday, 1 April 2015
Last updated 7 hours ago
Sep 29 2011 | 11:43am ET
The owners of the New York Mets will have to return no more than $386 million to the trustee in the Bernard Madoff case—and probably much less than that.
In an order issued yesterday, U.S. District Judge Jed Rakoff wrote that Irving Picard could recover only $83.3 million in fictitious profits earned by Fred Wilpon, Saul Katz and their Sterling Partners in the two years prior to Madoff's arrest and about $300 million in principal they withdrew over that period. While that's still a lot of money for the cash-strapped team, it's a welcome far cry from the amount Picard has sought, which was in excess of $1 billion.
Rakoff on Tuesday dismissed nine of Picard's 11 claims against the Mets owners. In that ruling, he also indicated that it would be very, very difficult for Picard to get the $300 million in principal back.
The judge said the receiver would have to prove that the Mets owners knew Madoff was running a fraud to get his hands on that money. Picard has alleged that they did, but Rakoff has called his evidence "less than overwhelming."
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…