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
National

Mutant worms stay sober, even on alcohol

U.S. researchers have developed "mutant worms" that do not get drunk by alcohol, a breakthrough that could lead to new treatment for people trying to quit drinking

Local

K-9 nose helps capture $150K in cocaine at…

A furry, four-legged security agent helped authorities stop an illegal cocaine shipment from sneaking past JFK customs.

National

Minnesota man asked to leave Southwest flight after…

A man and his two sons were asked to leave a Southwest Airlines flight after the man sent a tweet complaining about being treated rudely by a gate agent.

National

Man sues hospital after surprise penis amputation

An Alabama man who went in to a hospital last month for a circumcision awoke after surgery to find his penis had been amputated, his lawyer said on Thursday.

Movies

Review: Brett Ratner's big 'Hercules' movie is small…

The latest "Hercules," starring Dwayne Johnson as the half-god beefcake of Greek myth, strips its hero and tale of most of its fantastical elements.

Arts

Scientists recreate world's smallest Monet copy

Scientists have reproduced a famous Impressionist painting using nano-printing, to create what has been described as the world's smallest work of art. Reworked at the…

Television

Jerry Seinfeld is ambidextrous, and other Reddit AMA…

See some of the weirder highlights of Jerry Seinfeld's recent Reddit AMA.

Going Out

Grab a pedestrian and start dancing at What…

As a New Yorker, I’ve mastered the art of focusing my gaze straight ahead. Though it occasionally piques my interest, the absurdities that play out…

NFL

2014 NFL Fantasy Football Top 100 overall player…

2014 NFL Fantasy Football Top 100 overall player rankings

U.S. Soccer

NYCFC announce signing of Frank Lampard

The tease of a big signing Thursday by new MLS side NYCFC ended up being one rumored for weeks. England midfielder Frank Lampard agreed to…

NBA

NBA great LeBron James sends 800 cupcake apologies…

By Kim PalmerCLEVELAND (Reuters) - NBA star LeBron James, whose recent return to the Cleveland Cavaliers in his home state of Ohio sparked a frenzy…

NFL

Jerry Reese confident with Giants, skipping countdown clocks…

Last year, Giants GM Jerry Reese installed a countdown clock in the locker room to inspire Big Blue to play in their own stadium for Super Bowl XLVIII.

Tech

Forget Wi-Fi: Li-Fi could be the future

Li-Fi technology – developed by Mexican company Sisoft – is wireless internet connectivity using specialized LED light.

Tech

Weather app Climendo might be the most accurate…

The wait for a truly accurate weather forecast could finally be over thanks to a nifty new app called Climendo.

Tech

Napkin Table puts focus off the phone and…

Michael Jan, a design student at Tunghai University in Taiwan, has invented a serviette-picnic blanket hybrid called the Napkin Table.

Style

Essie's new Color Boutique

Essie launches high-tech kiosks at major airports and malls across the country.