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The Wilpons aren’t gonna be out all that much money

Mar 19, 2012, 11:33 AM EST

Fred Wilpon, Jeff Wilpon

We’ve heard scary numbers regarding the potential liability of the Mets owners in the Madoff mess. The trustee, Irving Picard, was using the B-word at times last year. Recently it was thought that their exposure could be $300 million or more.  A couple of weeks ago they were ordered to pay $83 million as part of the case. And today, of course, they settled for $162 million.

But in reality, it’s a lot less than that leaving their pockets.

For starters, this is because that $162 million settlement actually includes the $83 million that they had already been ordered to pay.  But the biggest thing working in their favor here is that the $162 million is to be paid out of money the Mets owners may recover in a settlement by virtue of them being victims of Madoff themselves. And they may very well recover a significant amount, as others, closer to Madoff, have put billions into a fund for that purpose.

Heyman reports that Wilpon and Katz may be out a mere $37 million net by the time this is all done. And that even then it will be payable over four years. Which is the price of a good starting second baseman.

Theoretically. I mean, it’s not like the Mets have one of those.

  1. sdelmonte - Mar 19, 2012 at 11:51 AM

    I just read a wire service story on this, and there is a quote from Picard’s lawyer (sadly, his counselor is not named Troi), who said that the Wilpons and the trustee are “in a sense now partners.” Speaking strictly from a non-baseball PoV, this whole saga is rather fascinating. Depressing, because at its heart remains the worst Ponzi scheme of our time and the rather contemptible Bernie Madoff. But interesting to watch a chess game where everyone is at once trying to see some kind of financial justice done and trying to hold on to all the money.

    It’s not nearly as much fun as baseball, but it still makes for good theater.

    • xmatt0926x - Mar 19, 2012 at 12:30 PM

      Speaking of counselor Troi, I saw a recent pic of her and she hasn’t aged well. Yikes… Just thought i’d add that.

      • Old Gator - Mar 19, 2012 at 12:59 PM

        I don’t need her aged. I’ll just take her as she was.

      • ptfu - Mar 19, 2012 at 1:20 PM

        Maybe she’s been spending too much time on Rikers Island.

  2. rcali - Mar 19, 2012 at 11:55 AM

    Rich get away with stealing from the poor again!

    • mrhojorisin - Mar 19, 2012 at 12:21 PM

      Poor people weren’t investing with Madoff.

      • sdelmonte - Mar 19, 2012 at 12:29 PM

        No, but a lot of Jewish non-profits, like the college I attended, did. I wouldn’t call it poor, but its endowments took a huge blow.

      • foreverchipper10 - Mar 20, 2012 at 2:46 PM

        Maybe it’s just me….but endowments taking a huge blow made me giggle.

  3. Francisco (FC) - Mar 19, 2012 at 12:27 PM

    “Heyman reports that Wilpon and Katz may be out a mere $37 million net by the time this is all done. And that even then it will be payable over four years. Which is the price of a good starting second baseman.

    Theoretically. I mean, it’s not like the Mets have one of those”

    At the moment the Phillies don’t have one of those either. :(

    • Old Gator - Mar 19, 2012 at 1:01 PM

      “Which is the price of a good starting second baseman.”

      Ooooooo, Craig, that’s cold.

    • bigharold - Mar 19, 2012 at 3:19 PM

      “Wilpon and Katz may be out a mere $37 million…”

      A mere bag of shells.

      Rationalize it you want, a second baseman, a luxury yacht whatever, ..37mil is 37 mil.

  4. Baseball Beer Burritos In That Order - Mar 19, 2012 at 12:32 PM

    I am actually jealous of Dodgers fans right now because at least their sh*theel owner is getting the boot. These guys are an embarrassment to the game, and the longer Selig sticks around the more I’m convinced he is going to run everything I love about the game into the ground. F***!

  5. chiadam - Mar 19, 2012 at 2:59 PM

    Who the **** is Troi? Is this a Star Trek thing? Someone let the nerds out of the basement!

    • Old Gator - Mar 19, 2012 at 3:11 PM

      Arrrr, another tube illiterate.

      Yes, it’s a pair of Star Trek things.

    • bigharold - Mar 19, 2012 at 3:22 PM

      “Who the **** is Troi? Is this a Star Trek thing?”

      Clearly you are not fluent in geek.

    • cur68 - Mar 19, 2012 at 9:19 PM

      I pity you. Just, pity you.

  6. mrznyc - Mar 20, 2012 at 7:56 AM

    For a brief moment I thought (hoped) we might finally be rid of these clowns. If Bud should force anyone out of the ownership club it should be the Wilpons.

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