Monday, March 19, 2012

It's a deal!

Big news in the world of NYC baseball today (and, no, I'm not talking about the return of Andy Pettite to the Yankees).

The Wilpons, owners of New York's greatest baseball team in history, the Mets, (I kid, I kid) saved  their ownership of the team today.

Long story short: the Wilpons had been investors with Bernie Madoff. When the scam was exposed, the trustee who was charged with recovering the stolen loot, Irving Picard, sued the Wilpons. Why? Because instead of losing money, Picard charged that the Wilpons had in fact known about the Ponzi scheme and had received money over and above their original "investment" (also known as fictitious profits). Picard sued the Wilpons for as much as $300 million which would have forced the family to sell or relinquish the team.

Now they won't have too.

The Wilpons settled the suit for $162 million which is still A LOT of dough but they will be able to pay it over time. Both sides are apparently happy with the deal and a sad chapter in this awful saga is now over.

And I'm sure Wilpons will continue doing such a great job running their team (ha ha ha). 

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