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Wilpon, Katz’ potential liability reduced in Madoff case

Sep 28, 2011, 5:00 PM EDT

Fred Wilpon, Jeff Wilpon

Yesterday the judge in the Bernie Madoff case dismissed all but two counts against Fred Wilpon and Saul Katz, owners of the Mets. Staying in play was the fraud charge which, theoretically, could have had Wilpon and Katz on the hook for $1 billion. This morning, however, the judge issued a second ruling, capping the potential damages at $386 million.

This certainly changes the game for Wilpon, Katz and the Mets, who just had their worst case scenario — and their ceiling in any kind of settlement — dramatically reduced.

Reached for comment during today’s game, Terry Collins suggested that Wilpon and Katz just pull out of the case now and declare victory.  Wilpon later had to explain to Collins that that only works for batting titles.

  1. hep3 - Sep 28, 2011 at 5:14 PM

    Pretty snarkey, Shyster; but I like it.

  2. PanchoHerreraFanClub - Sep 28, 2011 at 6:44 PM

    God love the Wilpons and Katz,I just can’t. These billionaires won’t let go of the $368 million that a con funneled from widows and orphans into their pockets.

    • paperlions - Sep 28, 2011 at 7:32 PM

      I don’t think the Wilpon’s have any of their own money….they have control of assets and other people’s money…but I think that is about it….they certainly don’t have $368M to send over in a truck.

  3. chrisny3 - Sep 28, 2011 at 9:12 PM

    This is admittedly premature, because Picard wants to appeal the ruling, but I’m going to say it now anyway — I told ya so!

    Way back in the winter, I said Picard would lose on the “should have known” part. He essentially has, though there’s still a ways to go. “Should have known” has now been thrown out and replaced by a much tougher standard to prove. The amount he can claw back has been cut down significantly. To add insult to injury, Rakoff has cleared the way for the Wilpons to get reimbursed for their losses. Picard has been declawed.

    It’s a preliminary victory for the Mets owners, and it’s been amusing seeing some of Picard’s lapdogs in the media try to position it as something else.

    Craig, I remember you telling me last winter when I said I hoped Wilpon-Katz would fight this in court that the Mets owners were stupid for not settling back then. It’s a good thing you don’t practice law anymore — unless you always represented the prosecution/plaintiffs. Because with advice like that, defendants would be in bad shape.

  4. chrisny3 - Sep 28, 2011 at 9:25 PM

    As for your cheap shot at Reyes, Craig, all I can say is what he did is not unusual and many are unjustly criticizing him.

    Boggs sat out 4 games at the end of the ’86 season to protect his BA lead. He said he had a sore hammy but then didn’t miss a single game that postseason, Moreover, he could have always DHed.

    Bernie Williams, after going 2 for 2, removed himself from the last game of the ’98 season to protect his BA lead over Vaughn.

    There appears to be a double standard here and worse, with some fans calling Reyes juvenile names as if he killed their puppy. I have a plea to any fan who thinks Reyes is a douchebag and POS. Please please write your team’s GM and tell him exactly what you think, threatening to boycott games if your team signs him. Maybe that will reduce market demand, making him more easily resignable by the Mets. I would like nothing more than for Reyes to remain a Met for life. Thank you!

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