Comments on: The Madoff trustee cuts off settlement discussions with the Wilpons; wants the case documents made public

By: ursus59

ursus59 — Fri, 04 Feb 2011 18:41:21 +0000

I’m terribly sorry to have offended your delicate sensibilities.

Though if you knew anything at all about Davis Polk, you would know that they actually take spelling quite seriously, particularly when it comes to their name, which you managed to get wrong twice.

If that’s “nothing short of obnoxious”, so be it, but inducing your employees to invest their 401(k)s in a Ponzi Scheme is several orders of magnitude worse, not to mention being actionable.

Which is why the Wilpons won’t own this team for much longer.

By: chrisny3

chrisny3 — Fri, 04 Feb 2011 15:26:48 +0000

Sorry, I didn’t realize this was a spelling forum.

I think I was close enough that everyone knew who I was talking about. Your nitpicking the spelling of the name of a law firm in a forum like this is nothing short of obnoxious.

And, yes, there are dumb clients. But the smart lawyers are able to steer even dumb clients in the right direction.

By: ursus59

ursus59 — Fri, 04 Feb 2011 12:54:27 +0000

chrisny3, it’s Davis Polk & Wardwell, with 2 “w”s.

If you are going to shill, it helps to get their name right.

And yes, they are smart, but that doesn’t rule out the possibility that they have dumb clients.
It happens to all of us.

By: jfk69

jfk69 — Fri, 04 Feb 2011 01:55:10 +0000

Pride and arrogance goeth before the fall.
The Wilpons are not shorted on either.
Strike three and your out!

By: mgflolox

mgflolox — Thu, 03 Feb 2011 23:55:09 +0000

It seems your devotion to this case goes beyond mere fandom. What, did you draft this law firm for your fantasy litigation league?

By: chrisny3

chrisny3 — Thu, 03 Feb 2011 23:10:56 +0000

See my post below … because Wilpon’s lawyers are also saying now “C’mon, bring it on!”

As for legal ground, did you even read the CNBC article Craig linked to? If those lawyers are right, I wouldn’t settle if I were Wilpon.

By: chrisny3

chrisny3 — Thu, 03 Feb 2011 23:08:11 +0000

“Lawyers for the Wilpons filed motion today in court saying they “agree the complaint should be unsealed immediately.”

Above is a tweet from Jim Baumbach of Newsday. Obviously, Wilpon and his lawyers have nothing incriminating to hide.

By: skipperxc

skipperxc — Thu, 03 Feb 2011 23:06:40 +0000

*If* they do, then yes, but when the response to your strongly worded statement is, effectively, “Bring it on!”, it’s tough to see them having said legal ground. For whatever reason the bankruptcy trustee has no lack of confidence here, which would seem to point to a strong case against the Wilpons.

By: chrisny3

chrisny3 — Thu, 03 Feb 2011 22:38:31 +0000

If it’s true they have legal ground on which to fight Picard’s claims, don’t you think they ARE showing it?

By: skipperxc

skipperxc — Thu, 03 Feb 2011 22:32:44 +0000

They might want to start showing it then.

By: chrisny3

chrisny3 — Thu, 03 Feb 2011 22:21:39 +0000

Does Harden work at Davis Polk & Wardell?

I think they know what they are doing.

By: uyf1950

uyf1950 — Thu, 03 Feb 2011 22:16:41 +0000

I wonder if the Wilpons have the same attorney as Clemens. It’s never a good idea to call out a prosecutor regardless of how much money you have. A good adage to follow is keep mouth shut to prevent foot from entering.

By: chrisny3

chrisny3 — Thu, 03 Feb 2011 21:50:45 +0000

correction: “… speaking to the Daily News reporters yesterday and striking back at PICARD.”

By: chrisny3

chrisny3 — Thu, 03 Feb 2011 21:49:18 +0000

As I said in the comment section under the earlier piece you wrote today, I wouldn’t be surprised if talks had already broken off prior to Wilpons’ legal team speaking to the Daily News reporters yesterday and striking back at Madoff.

The folk at David Polk Wardell are no dummies. They knew what they were doing by speaking negatively of Picard to the DN reporters.

A person’s reputation is more important than money. Even if the Wilpons lose on the money front in a court fight, they will still be very rich. Also, while a court fight could cost the Wilpons more than if they settled, it’s also possible it could cost them LESS if a final judgment is smaller than the outrageous amount many are saying Picard is asking for. By going to court, they may have little to lose in relation to those demands, but can uphold their reputations which are being dragged through the mud unfairly now.