Mets On Hook For Less Than $400M

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."


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The healthcare sector went on a tear beginning in 2011, thanks in large part to the passage of the Affordable Care Act and its impending implementat