Mets, Madoff case going to trial

Mets principal owner Fred Wilpon.

The hits keep on coming for the Mets. And not the ones on the field.

U.S. District Court Judge Jed S. Rakoff ruled Monday in favor of Bernie Madoff trustee Irving Picard in the first step of what could lead to a damaging trial for Mets ownership.

The lawyers for Mets owner Fred Wilpon had filed a motion for the case to be dismissed. Rakoff ruled against them, meaning the Mets will pay up to $83 million to the trustee now and a jury trial will get underway March 19. If the jury rules in favor of Picard, the Mets could lose another $303 million.

Picard, who is in charge of reclaiming money from those who benefited from the Madoff Ponzi scheme on behalf of those who were defrauded, argued he was entitled to the $83 million in profits Wilpon made in the two years prior to Madoff’s arrest. With today’s ruling, the judge agreed.

The bigger trouble comes when the jury trial begins in two weeks. The Wilpons stand to lose $303 million in damages if they lose. Picard had originally filed for $1 billion in damages, but Rakoff reduced that to $386 million, including the $83 million the Mets ownership lost today.

For Mets fans looking on the bright side, Rakoff did say in his written judgment today that “[the] Court remains skeptical that the Trustee can ultimately rebut the defendants’ showing of good faith.”

The Mets took a $40 million bank loan in December due to their financial issues. Wilpon spoke at spring training camp last week, however, and said the team was close to agreeing to seven minority stakes in the club, each worth $20 million. The team is looking to raise about $200 million to pay off the loan and remain financially solvent.



News
Entertainment
Sports
Lifestyle
Local

Girl, 10, dies after being pulled from water…

A 10-year-old girl died after being pulled from the waters off Coney Island Beach in Brooklyn on Tuesday night, police said.

News

NY judge throws out lawsuit by Empire State…

A New York state judge has thrown out a lawsuit in which longtime investors in the Empire State Building claimed they were shortchanged out of hundreds of millions of dollars…

Local

Mysterious white flags appear over Brooklyn Bridge

Two white flags mysteriously appeared over the towers of the Brooklyn Bridge yesterday in place of the American flags that are a traditional fixture.

National

Judge sets January start for murder trial of…

By Elizabeth BarberBOSTON (Reuters) - Former New England Patriots player Aaron Hernandez will be tried in January for the murder of semi-professional football player Odin…

Arts

Don't miss 'Charles James: Beyond Fashion' at the…

Have you been meaning to see "Charles James: Beyond Fashion"? There are only two weeks left to get to the Met and catch this amazing American fashion designer's collection.

Television

Zac Posen talks 'Project Runway' and what it…

We talked to Zac Posen, judge and designer extraordinaire, about the new season of "Project Runway" and what keeps him coming back after three seasons.

Television

'Face Off' contestant David 'DOC' O'Connell sounds off…

David "DOC" O'Connell tells us about getting cast on Season 7 of Syfy's "Face Off," premiering tonight at 9.

Arts

PHOTO: Wildlife photographer Marc Mol captures amazing aerial…

This aerial image was taken by photographer Marc Mol who spotted the animals during an air safari in Zambia.

NFL

David Tyree hiring has gay rights advocates angry

Former Giants Super Bowl hero David Tyree will re-join the franchise as its new director of player development.

NFL

Ben McAdoo's new offense has Giants excited to…

Even Tom Coughlin feels he has a lot to learn about offensive coordinator Ben McAdoo’s new offense, which makes the veteran coach very excited.

MLB

MLB Power Rankings: A's, Angels, Dodgers, Brewers lead…

MLB Power Rankings: A's, Angels, Dodgers, Brewers lead pack

NFL

2014 NFL season betting odds: Which team will…

2014 NFL season betting odds: Which team will win Super Bowl?

Tech

Learn Braille with these gloves

U.S. scientists have designed high-tech gloves to help users understand Braille in a matter of minutes.

Home

5 New Ikea products that will change your…

We round-up the latest must-have products.

Food

Recipe: Wolfgang Puck's Buttermilk French Toast

We recently spent some time chatting with restauranteur/celebrity chef Wolfgang Puck at his Wolfgang Puck American Grille in the Borgata in Atlantic City. Puck wanted…

Style

Go retro with your sneakers

The best of wacky new sneakers.