Disclaimer: I have as much business writing about financial matters as I do writing about cricket. But we have an update on the financial mess of the New York Mets and the Bernie Madoff lawsuit from Richard Sandomir:
Jury To Decide Mets’ Liability In Madoff Case
A federal judge’s ruling Monday in Manhattan will determine the fate of the Mets’ owners in their protracted legal fight against the trustee for the victims of Bernard L. Madoff.To recap, Fred Wilpon and Saul Katz were included in a lawsuit brought by the trustee of Madoff victims. One of their significant combined assets is the New York Metropolitan Baseball Club, Inc., whose revenues might be used to pay a possible legal settlement of up to $386 million. Or, in legal terms, a three-Zito fine. And on Monday, the news wasn’t good for the Mets.
Breaking: Judge rules #Mets owners going to trial March 19.
— Adam Rubin (@AdamRubinESPN) March 5, 2012
The judge could have let the Mets off the hook, but instead he’ll leave the decision to a jury. The possibility of being held liable hung over the head of the Mets’ owners all offseason, and it was one of the reasons Wilpon gave for cutting costs.
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