Aug 17, 2011, 8:25 AM EDT
A federal appeals court yesterday gave some bad news to Mets owners Fred Wilpon and Saul Katz: the bankruptcy trustee’s calculation of how much Madoff money they have to return was upheld — and Wilpon and Katz’s much lower calculation denied — meaning that they have to fork over $300 million.
To be clear: this is a separate issue from the “Wilpon and Katz should have known it was a scam” claims that the trustee has been advancing and for which he is seeking some $700 million. That will be taken up Friday in another hearing and, based on some previous indications from the judge, the trustee has an uphill climb in establishing that Wilpon and Katz should be on the hook for that.
But even though this is much smaller in dollars and does not touch on any culpability on the part of the Mets’ owners, it ain’t exactly good news for them either. At least, assuming they don’t have a spare $300 million laying around.
- Cliff Lee placed on DL with recurrence of flexor pronator strain 13
- Winners and losers at the trade deadline 17
- 2014 Trade Deadline Tracker 48
- ACES GALORE: The Rays trade David Price to the Tigers 134
- Red Sox trade John Lackey to Cardinals for Allen Craig and Joe Kelly 88
- The Lester trade is a win-win 112
- Jon Lester, Jonny Gomes heading to Oakland for Yoenis Cespedes 165
- The State of the Trade Deadline: Yesterday was pretty sleepy. Will general managers wake up today? 40
- “Caucasians” t-shirts are hot sellers on Canadian Indian reservations (199)
- Jon Lester, Jonny Gomes heading to Oakland for Yoenis Cespedes (165)
- ACES GALORE: The Rays trade David Price to the Tigers (135)
- Rangers’ retirement gifts for Derek Jeter: Yankees cowboy boots, signed George W. Bush photo (126)
- The Lester trade is a win-win (112)