find a direct payday loan lender get cash advance credit card best credit cards after filing bankruptcy virtual credit card terminal uk payday loans uk same day interest free bad credit cards typical m&s credit card limit visa gift card canada phone number virgin prepaid credit card australia chase credit card minimum payment lawsuit reputable direct cash advance lenders reloadable prepaid visa cards how to get credit card quickly does applying for credit cards affect your credit how can i get credit card with no credit wells fargo credit card fraud alert prepaid visa card canada fees secured credit card with no application fee canadian tire credit card interest rate corporate credit card policy example does applying for too many credit cards hurt your credit virgin credit card ppi phone number visa cards numbers start with best credit cards no credit disney credit card offers 200 visa cards for bad credit no deposit hdfc credit card customer care number for bangalore 0 interest rate credit card transfer preloaded credit cards australia pay new york and company credit card online credit card visa number + security code hdfc bank credit card register and pay login apply for credit cards with bad credit history activate visa credit card phone number best new credit card bonus offers is nab credit card travel insurance good hsbc credit cards visa platinum visa credit card numbers and security codes free maurices credit card contact number anz visa card exchange rate using uk visa debit cards in usa bad credit credit cards instant approval visa natwest transfer credit card balance credit card processing rates explained can you apply for best buy credit card in store square credit card app kindle fire ford motor company credit card application chase online visa card how to transfer money from hdfc master credit card to bank account citibank credit card reviews india what;s the best credit card to get to build credit best credit card to get free flights free visa credit card details 2013 unsecured bad credit loan nz reporting credit card fraud uk how do tesco credit card points work axis bank credit card reward points claim best buy household bank credit card transfer balance credit cards for bad credit bad credit credit card approval fast best small business credit card reader instant cash advance payday loans hbc credit card application form gift visa card uk bank of america credit card payment processing hrsaccount best buy credit card login hyatt credit card offer review how do i sign up for a walmart credit card best first credit card for young adults with no credit what is the best first credit card to have get a credit card instantly with bad credit credit card protection on purchases via paypal payday loans no credit check no upfront fees no guarantor disney rewards credit card application credit card after bankruptcy discharge australia request credit limit increase capital one best credit card for first time users with no credit how to get credit card with bad credit australia firestone auto care credit card login credit card minimum payment law 2011 capital one low interest rate credit cards first credit card for no credit history hdfc credit card application form for change of mobile number as seen on tv credit card protector barclays credit card machine rolls best cashback credit cards 2013 canada best rewards credit cards with no annual fee can you get a chase credit card with bad credit which credit card has the best rewards system go compare credit card amazon credit card reviews 2012 chase freedom visa credit card application capital one balance transfer to bank account lord and taylor credit card contact us how do i sign up for itunes without a credit card barclaycard credit card deals for existing customers southwest airlines premier credit card benefits credit card reward points hdfc best united credit card miles college student mastercard credit cards will opening new credit cards hurt your credit score starwood preferred guest? credit card review can credit card companies garnish your wages in florida hdfc credit card apply online in hyderabad first cash advance hours bank of america virtual credit card debit capital one platinum card rewards does target credit card report to credit bureaus virgin credit cards now mbna 30 000 spg point american express credit card create virtual visa card online 0 interest free credit card on purchases miles and more credit card uk review mastercard careers london military bad credit car loans free credit card authorization form template canada how to use stolen credit card numbers online credit card validator javascript icici credit card bill payment status pay axis bank credit card bill online usaa world mastercard? credit card review what is the best credit card to have with no credit credit card number format in india business credit cards best rewards programs new credit card offers bad credit best bank of america cash back credit card us bank credit card processing charges credit card debt relief act is it better to pay off credit card debt or save for retirement best credit card bad credit unsecured visa card number generator credit card fraud insurance companies which credit card should i get singapore citibank credit card apply kolkata 0 interest credit cards uk credit card information not valid psn credit card approval process malaysia hdfc virtual credit card charges best credit card reader for ipad mini citibank credit card online banking visa card uk customer services chase credit card services pay online walmart credit card a how to accept credit card payments what is the cash advance fee for wells fargo credit card bank of america credit card payment zip code can you get a discover card with bad credit ps3 credit card information hacked best travel rewards points credit card canada best credit card canada for rewards titanium visa prepaid credit card tips on how to get rid of credit card debt legal requirements for storing credit card information get credit card for bad credit rating cpp credit card protection review check my credit card score free quick cash loans for unemployed uk wells fargo student credit card cash advance fee credit card with bad credit canada how do i check the status of my best buy credit card application bad credit credit cards no deposit canada liquid advance payday loans review yatra offers hdfc credit cards best cash advance places online calculate credit card balance transfer calculator hdfc platinum credit card reward points redemption which credit card should i get to build credit iphone credit card processing for mobile payments online direct payday loan lenders no credit check td canada trust student visa application hdfc bank credit card online payment gateway window best payday online loan companies cash loans online south africa hsbc best buy credit card login best credit cards for bad credit rating how to calculate credit card apr formula best free prepaid credit card first usa credit card rewards quick payday loans no credit check uk icici credit card statement online view best credit card company in india halifax credit card minimum payment calculator get real credit card numbers security codes chase credit card promotions 2013 sear credit card offers how to get a best buy credit card with no credit paypal credit card payment php instant online cash advance south africa cash back credit cards no annual fee india best fixed rate credit card deals student credit cards bad credit no cosigner lowes joint credit card application list of credit card companies best credit card rates ireland new online payday loan lenders free cash back credit cards india very bad credit credit cards how to get a us credit card with a us address barclays platinum card travel insurance chase credit cards application status government loans to consolidate credit card debt student visa credit card canada pay advance army american airlines credit card login page no credit check payday loans online uk how to get a nandos black card ebay apply for alaska airlines credit card canada cash advance online no credit check apply for arco gas credit card rewards cards australia how to get hdfc credit card statement commonwealth bank credit cards frequent flyer discover student more card no credit history does applying for credit cards hurt best secured credit card to build credit fast 2013 visa credit card application no credit fnb online loan application visa signature credit card wiki average credit card interest rates australia call gap credit card services low limit credit cards for bad credit australia late on best buy credit card payment easy credit cards canada list of credit card processing companies canada barclays credit card application status india credit card reward tricks discover credit card reviews 2013 how long to wait between applying for credit cards chase credit card settlement 2011 natwest credit card online services co uk amazon uk credit card application how does chase apply credit card payments best buy credit cards online bill pay capital one credit card first statement bankwest balance transfer credit card offers chase credit card 15 months no interest best secured credit cards to rebuild credit 2011 unsecured bad credit personal loans instant decision low interest rate credit card transfers macy credit card review how to check my icici credit card status barclay credit card payment billdesk credit card approval with bad credit in canada 0 interest credit cards purchases tesco credit card 0 balance transfer cibc visa credit card services contact best value credit cards 2012 uk best credit card to have in singapore anz visa card protection visa credit card issuers in canada old navy visa credit card application air miles credit card canada no annual fee online prepaid credit card japan how to negotiate with credit card companies to reduce debt hsbc uk credit card number southwest credit card free flight after first purchase hdfc credit cards payment gateway city bank credit card login singapore jetstar credit card international transaction fees low income credit cards canada low rate credit card offers canada how do you get a credit card with no credit history credit cards with rewards for gas how to get a high limit credit card with no credit chase united credit card foreign transaction fee track sbi credit card application status capital one canada credit card sign in best airmiles credit card canada 2012 does costco accept credit cards alaska usa credit card disney visa rewards card reviews buy prepaid credit card paypal guaranteed bad credit loan uk citi gold credit card uk hbc mastercard points how long does it take to get credit card in the mail paypal accept credit cards on website axis bank credit cards details no fee american express air miles credit card best buy reward credit card makemytrip hdfc credit card offer bad credit no credit loans chevron credit card credit builder credit card reader for small business uk how to apply for credit card in icici nhs black card reviews credit card protection plans complaints courtyard marriott credit card authorization form where to file credit card company complaints low interest rate credit card balance transfer lloyds tsb credit card services address gold cardigan monsoon 0 interest balance transfer credit cards malaysia search bhs co uk credit card does applying for new credit cards hurt your credit score business credit cards with cashback easy credit cards to get approved for bmo credit card air miles best rewards credit card 2013 travel apple credit card reader square navy federal credit union jobs history of growth and development of credit card in india rbs credit cards online payment best business credit card offer 2013 largest credit card issuers in us credit card reward schemes compared cash advance loans no credit check australia standard chartered credit card malaysia contact number does american express gold card build credit can you get business credit card bad credit payday loans online no credit check australia mastercard securecode uk heartland credit card processing reviews business credit cards no credit history pay amazon visa card online santander credit card travelling abroad barclays platinum card benefits best portable credit card scanner credit card application form format compare canadian credit cards travel apply for a credit card with bad credit history in south africa city bank credit card bill payment from other bank hdfc bank credit card helpline no kolkata chase credit card secure login cibc prepaid credit cards canada best canada credit card rewards how much money do credit card companies make per transaction credit card debt help government citibank online apply credit cards bad credit car loans no credit check nordstrom credit card visa signature hsbc credit cards application philippines credit score needed for discover student credit card best credit cards travel rewards canada citibank reward credit card review rewards credit card with no annual fee credit card processing apple credit card interest rate chart long term personal loans online activate new usaa credit card can a credit card company garnish a joint bank account standard chartered credit card online application status credit card settlement process diagram usaa credit card cash advance rate no credit check loans online instant approval australia national city bank credit card offers rewards credit card with no foreign transaction fee ed sheeran nandos black card how to accept credit cards online small business firestone credit card 5 discount credit card processing companies in india citi vs discover student credit cards can you pay walmart credit card with gift card get credit cards no credit check instant credit card temporary number online payday loan guaranteed approval comments amazon credit card review new list of payday lenders best buy business credit card icici credit card with no annual fee in india aqua cashback credit card review where is the credit card number located on an american express credit card poor credit credit cards no deposit instant approval credit card credit limit singapore 0 credit card transfer to current account cheapest wireless credit card machine american express small business credit card processing student credit cards visa mastercard best credit card offer for travel compare low interest rate credit cards accept credit cards on iphone uk best buy credit card protection plan apply online credit card citibank chase mastercard credit card logon icici bank platinum credit card limit credit cards application form canada credit cards compare 0 credit card transfer balance american aadvantage credit card canada credit card for students in india best credit card processing rates canada small business accepting credit cards business credit card with low interest rate cash back rewards credit cards apply for first credit card with no credit history texas business free credit card terminal credit card fraud online orders barclay credit card online registration clark howard best travel rewards credit cards easy approval credit cards unsecured 0 credit cards transfer fee aadvantage credit card offer 2012 us credit card number sample natwest credit card protection refund fee free credit cards nz pnc credit card services login credit card merchant services ireland sallie mae pay loans standard chartered singapore credit card interest rate hsbc credit card rewards heartland credit card processing contact credit card application online for bad credit secured credit card to build credit new york and company rewards credit card login can i transfer credit card balance to someone else westpac credit card insurance contact number free working visa credit card number 2013 make bank of america credit card payment online j.p. morgan chase prepaid credit cards bank of canada credit card debt best credit cards 2011 no foreign transaction fee walmart gift visa card rbc visa cards rewards chase credit card virtual account numbers what is cash advance rate on credit cards nandos black card timeout british airways credit card avios points how to pay barclays credit card payment ge money bank credit card contact information list of online payday lenders guaranteed approval credit cards bad credit top 10 credit card issuers 2012 visa credit card processing charges student credit card uk apply for credit card online payday advance direct lenders no credit check new business credit cards instant approval online loans in south africa shell gas credit cards with cashback canara bank credit card apply online in india best credit card rates canada aspire credit card customer service number unsecured bad credit credit card offers store credit cards on iphone app cash advance usa payday loan store credit cards with instant approval where do i mail my capital one credit card payment canada trust visa gold the best credit card to use in america bank of america cash reward credit cards halifax credit card travelling abroad best business mastercard credit cards mbna credit card offers uk bad credit car finance warrington low interest payday loans no credit check payday advance online chase visa rewards card benefits number activate cibc credit card gas station credit cards for fair credit best buy credit card 6 months no interest create credit card calculator excel westpac credit card rates australia credit card consolidation loan payment calculator anz credit card transfer balance best mortgage loans with bad credit virgin black credit card criteria marks and spencer credit card charges abroad business credit cards visa black sears credit card customer services phone number citibank petro canada credit card best credit card interest rates 2011 national cash advance stockport no fee prepaid visa debit cards pay dillards credit card payment online search best buy credit card pay off credit card debt with 401k loan how to cancel a credit card without hurting your credit score how do credit card companies attract new customers fake credit cards that work online 2013 online payday lenders credit card payments what happens to my credit score if i cancel a credit card secured credit card low interest aventura credit card cibc 0 balance transfer credit union credit cards credit cards for bad credit online application car finance bad credit uk best store credit cards after bankruptcy accepting credit cards over the phone with paypal virgin air miles credit card uk how to apply credit card maybank illegal online payday loan companies credit cards after bankruptcy discharge 2013 credit card fraud uk punishment unsecured visa credit cards rebuild credit when will my capital one credit limit increase payday lenders uk only capital 1 credit card customer service telephone number pay off credit card debt or save money credit card protection act 2009 capital one secured credit card forum uk credit cards 0 interest abroad public bank manchester united credit card first premier credit card login page capital one credit card activation phone number best credit card comparison site apple bank credit card application is there any way to get a credit card under 18 fast online cash loans no credit check hdfc credit card fraud online transaction
Home Maury Brown With Settlement, Don’t Look for the Mets to be Sold Anytime Soon

Like Shoot to Thrill - An AC/DC Tribute on Facebook!

An authentic tribute of AC/DC that covers the best of the Bon Scott era and the best of Brian Johnson's material

Who's Online?

We have 746 guests online

Atom RSS

With Settlement, Don’t Look for the Mets to be Sold Anytime Soon PDF Print E-mail
User Rating: / 6
PoorBest 
Written by Maury Brown   
Monday, 19 March 2012 14:01

Mets

 UPDATED: Addresses "net loser" and "net winner" aspects which may allow Sterling to avoid paying any money to the Madoff victims

$162 million. Likely less.

That’s the amount that could ultimately be collected in a settlement today between the owners of the New York Mets and the trustee for the liquidator of Ponzi scheme titan Bernie Madoff’s law firm. Irving Picard, the trustee for the Madoff victims had argued that Sterling Equities, the owner of the Mets that includes Fred and Jeff Wilpon, as well as Saul Katz, had made “factious profits” by willfully ignoring that Madoff was involved in activities around the largest Ponzi scheme in US history.

The settlement reached deals with $162 million that were withdrawn by the Sterling parties during the six-year period prior to Bernard L. Madoff Investment Securities LLC liquidation.

US District Judge Jed Rakoff had ruled on March 5 that Sterling must pay at least $83 million. The jury trial could have seen total payment to the Madoff victims hit $303 million. The settlement today, which ends the continuous legal battle, stems any more red ink from flowing as it relates to the Madoff situation, and allows the club the ability to have some closer sense of cost certainty.

According to a statement by the Madoff Recovery Initiative:

The essential terms of the agreement, which are subject to certain approvals, are that the Sterling parties have agreed to pay a sum to the BLMIS Customer Fund equal to 100 percent of the fictitious profits of approximately $162 million that were withdrawn by the Sterling parties during the six-year period prior to the BLMIS liquidation proceeding -- the District Court had previously ruled that the Sterling parties were liable for fictitious profits spanning only the two-year period prior to the liquidation proceeding -- and that the SIPA Trustee has elected to dismiss the amended complaint that alleged that the Sterling parties were willfully blind to the fraud conducted by Bernard L. Madoff.

The Sterling parties’ customer claims – which total approximately $178 million – will be allowed in full and will be entitled to recovery on the same basis as other BLMIS customers. The Sterling parties’ allowed claims are now assigned to the SIPA Trustee and any pro rata distributions will be used to reduce the Sterling parties’ settlement obligation.

That ruling prior was an $83 million summary judgment, that is rolled into the now $178 million settlement.

However, is $178 million what will ultimately be paid by the owners of the Mets, and are the Wilpons and Saul Katz now free from worry that they might lose the club? The answer is, they could wind up paying less, and regardless, unless some major calamity unforeseen hits them, they should now be able to address other debt concerns such as paying construction bond payments and getting the club righted.

The Mets released a series statements after the settlement:

Statement from Robert F. Wise Jr. from Davis Polk

“The settlement that was announced in court this morning brings to an end the litigation and affirms that Mr. Wilpon and Mr. Katz and their partners acted at all times in the utmost good faith—that they were not willfully blind. The trustee has expressly said in the settlement that after reviewing all of the evidence, he has decided to drop the willful blindness claims. The settlement amount is based on the withdrawal of profits during the six-year period before the Madoff bankruptcy and is on the same basis as all of the other settlements that the trustee has concluded with other good faith victims of the Madoff fraud. The Sterling Partners’ claims against the bankruptcy estate will be honored in full and they will be treated the same way that the claims of all the other Madoff victims have been treated. Until the end of the fourth year, all of the payments on the $162 million will come from the recoveries against the Madoff estate. Mr. Wilpon, Mr. Katz, their families, and their partners are pleased to have this litigation over with and behind them. They look forward to moving ahead.”

Statement from Saul Katz

“We’re pretty pleased to have this behind us. As we’ve said all along, the fact is we have done everything in good faith. The settlement itself bears that out—that we’ve acted in good faith. I want to thank all my friends who backed us during this period of time, and our lawyers from Davis Polk who were incredibly supportive and critically helpful during this incredibly difficult time, and now we’re moving forward, which is the most important thing. We can now refocus our lives on taking care of our families, our business, and our community involvement. So I thank you very much.”

Statement from Fred Wilpon

“I am very pleased for ourselves and our families to get the litigation behind us. I want to thank everybody, because this really was a team effort. Our partners were fantastic— our families were behind us and our friends. Mario Cuomo did a great job—he never gave up. As we’ve said from the very beginning when this lawsuit started, we are not willfully blind, we never were, we acted in good faith, and we’re very pleased that this settlement bears that out. That’s very important to us. Now I guess I can smile—maybe I can take a day off, but I can’t wait to get back to our businesses which I love. The first order of business and the first priority will be getting down to Florida tomorrow, getting to the spring training camp, and trying to bring the New York Mets back to the prominence that our fans deserve and the City of New York deserves.”

What will be interesting is seeing if the total amount of $162 million will need to be paid. Jon Heyman said via Twitter, “Wilpon/Katz hope to recover 70 percent of $178 million on loser funds (or $125 million). If they do, they’d only be out $37 million.”

Heyman is likely referring to the claims that Sterling made to, oddly enough, Irving Picard. The ownership of the Mets claimed that they were “net losers” not “net winners” as Picard had claimed. Now, with the $162 million settlement at hand, if Picard is able to garner enough money through his collecting on “net winners” through Madoff investments, the Mets could collect as much as $178 million through their claims. If Picard is unable to collect the entire $162 million, Sterling has guaranteed to pay as much as $29 million.

For fans asking what this all means for the organization in terms of forcing the sale of the club, the answer is no. While other factors could impact the club in meeting debt, for now Sterling is simply wounded from the legal case, but not dead. As they have always contended, Sterling plans on holding onto the Mets for some time, and with today’s settlement, that will likely be the case.

A key question will be how Sandy Alderson moves forward. The Mets GM has been slashing payroll to record levels. Today’s settlement may mean that moves to address the hemorrhaging of red ink tied to the Madoff case dwindles. It is not over, but at least a jury trial that could have hit the Mets with $300 in additional losses is off the table, and Irving Picard becomes a historical footnote rather than a continuing presence for the Amazin’s front office. Sterling is here, Mets fans. Get used to it.


Maury BrownMaury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey. He writes for Baseball Prospectus and is a contributor to Forbes SportsMoney blog.. He is available as a freelance writer. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network (select his name in the dropdown provided).

Follow Maury Brown on Twitter Twitter

Follow The Biz of Baseball on TwitterTwitter

FacebookFollow the Business of Sports Network on Facebook

 
 
Banner

Poll

Should MLB Force Jeffery Loria to Sell the Marlins?