Madoff Mania Update

Although Irving Picard’s lawsuit against the Wilpons remains sealed, at least until a Feb. 9 hearing, we are learning new tidbits of information each day. From reading various articles by the New York Times, New York Post, and New York Daily News, I have learned this:

Photo from New York Times

  • The Mets and Madoff were very close. Madoff’s secretary remembers Fred Wilpon and Saul Katz being a regular presence at the office.
  • The Mets and Fred Wilpon had several accounts, up to 15, under his name with Madoff, not just one.
  • Wilpon often put deffered player contracts like that of Bobby Bonilla into Madoff investments
  • Many sources who have worked under the Wilpons are keeping anonymity in the papers, but aknowledging there was often speculation of how Madoff did it.
  • Irving Picard, the trustee suing the Mets, main case is that the Wilpons “either knew or should have known”
  • Mets lawyers counter arguement, “the securities exchange commision (SEC) did not know so how should Wilpon have.”
  • Mets are in settlement negotiation talks with Picard now, want this to be over with.
  • Many believe however situation plays out, whether settle or get sued, Mets will need to bring in a partner.
  • Some believe in order to get the roughly $200 million they are looking for, they will need to either part with more of the Mets (more than 20-25%) or include SNY in the deal.
  • Mets seeking for sale of 20-25% of team to be completed by June.

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