Wednesday, 1 October 2014
Last updated 3 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."
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...