The Bernie Madoff ponzi scheme may not be over, but the fight between the bankruptcy trustee Irving Picard and the owners of the New York Mets baseball team appears to be over. Fred Wilpon and Saul Katz have agreed to pay a sum of about $162 million to settle the suit from the trustee seeking money to reimburse the Madoff victims. The move may also remove a large degree of uncertainty over the future of the New York Mets.
With a trial just about to start, a pact was reached in a District Court in New York.
Irving Picard, the Madoff trustee, alleged that Wilpon and Katz had turned a blind eye in the fraud that was taking place at the Madoff fund when they took their funds out. This was of course denied, but now a settlement has been reached. The Mets owners may have secured a better financial standing for the Mets as well because they are reportedly not going to have to pay funds immediately. The payments are said to be over a 5-year period.
JON C. OGG