Monday, March 19, 2012

Mets Owners and Madoff Trustee Allies Now


No way to know but I see the invisible hand of mediator Mario Cuomo, baseball fan, onetime prospect.  - GWC
by Ken Belson
"The settlement between the owners of the Mets and the trustee representing the victims of the fraud orchestrated by Bernard L. Madoff ends a rancorous legal fight between two parties that were willing to dig in their heels and openly point fingers.
But in a twist, the former adversaries are now on the same side. That is because the settlement calls for Fred Wilpon and Saul Katz, the Mets’ owners, to receive $178 million from the trustee for money they lost in some of their Madoff accounts. That money will be used to pay back the trustee to cover the $162 million in fictitious profits that Wilpon and Katz received in other accounts."

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