generic prednisone price cafergot-availability-2012 toronto drug store pharmacy buy accutane cheap medicine to gain weight buy tadacip in canada fiberglass ladder perth mygra sildenafil tablets xenical 120 mg pl isotretinoin online no prescription voltaren emulgel price canada get xenical revatio purchase singulair tablets 5mg propecia 5mg viagra in apotheken in santos br kaufen antabuse rite aid canada codeine promethazine cialis canada canada pharmacy no script buy clomid online 50mg viagra with a script metaxalone canadian no penis pics xenical 120 mg without prescription cialis canada online brand levitra online fluconazole tablet prescription cialis online australia buying viagra overnight delivery lipitor cost cvs cheapest ed meds diovan 80 mg obat apa asthma celebrex trying to get pregnant valproic acid for sale rosuvastatin fda new "healthy man" coupon where is bora bora pharmacie en ligne du canada cialis best on line viagra generic viagra combo enhanced vegetal vigra 200mg cialis 20 mg estados unidos rhine inc generics where can i get suprax metrondiazonale for cats with ibd erectile dysfunction colchicine buy in canada levaquin sale cheap clomid pills cmp sildenafil 150 mg is generic cymbalta the same as brand viagra walgreens singapore online store drug canadapharmacyvagra800mg pharmacy online thailand augmentin 875 mg tadalafil next day real viagra vs generic viagra nolvadex for sale in south africa little blue pill healthpoint buy tretinoin cream 0.025 cymbalta 60 mg y embarazo viagra victoria bc vegetal viagra the little blue pill healthpoint norsol kaufen buu online generic cialis generic drugs on line form india real cialis online pharmacy allegra for sale cheap mumbai rxmeds hub viagra naturally australia maxman ultimate qsymia e-bay to buy viagra prednisone for sale canada brand cialis 20mg best price amoxicillin for cats online generic viagra online canadian phar... ventolin online rebate viagra generika ohne rezept deutschland online pharmarcy viagra tablets for sale uk lipitor us label cymbalta copay card champix most secure online pharmacy generic cialis free shipping driclor walmart generic avodart online dapoxetine priligy canadian store mail feuerfrauen.de loc:hk best india perscription drugs doxycycline generic vs doryx red viagra c200 is the hills scripted metformin for pcos online isotretinoin 30 mg day pharmacy rx estrogen pills uk synthroid price at walgreens precio viagra mexico discount pharmasupport viagra online purchase buy doxycycline and azithromycin slut load will insurance pay for daily cialis 247 overnightpharmacy com oracea acne inconveniant du viagra european drugs online norvasc tabs brand viagra online canadian pharmacy pastillas abortivas en estados unidos viagra commercial cialis from canadian pharmacy online peomethazine without prescription canadian and health care mall fluoxetine 20 mg no prescription aurochem viagra hyaluronic acid thailand buy viagra in new zealand order cipro online supreme suppliers how to buy acyclovir online best price cialis 5 mg buy levitra online canada buy where can i buy viagra online in canada cholestoplex valtrex 500 mg 10 tablet fiyat cymbalta buy generic online doxycycline diovan us sales overseas pharmacy no prescription levitra by phone cialis 50 mg cheap viagra tablets for sale cheap rogaine store valtrex 1000 mg nexium us buy flagyl use paypal tamoxifen bodybuilding river pharmacy of canada buy prozac from canada viagra generic for women voltaren retard 100 mg for sale ed drugstore mygra sildenafil 100 buy suboxone 8mg online india lasix cipla viagra products healthy man advertised on the radio free samples of viagra backache and spotting after clomiphene metformin best price no prescription cobra venom buyers in pakistan viagra 130mg generic zithromax 1000 mg dosage xenical buying it in the uk cheapest cialis soft trusted man meds voltaren online pharmacy 5mg daily cialis mexican drug store doxycycline hyclate price walgreens lexapro price in usa buy alli canada viagra soft tab australia cialis daily price zithromax from india cialis en ligne allemagne cialis costco pain meds without scripts dicicloverina mirapex without a prescription brand viagra toronto drug stor co-diovan cost cialis tablete u bih sildenafil pharmacy in cyprus proscar without a prescription xenical cost abilify 2mg generic rxshop247 pill identifier pictures cialis no prescription pay with check viagra 50mg canada online pharmacy hong kong buy augmentin 625mg non prescribed zovirax tablets isotretinoin buy online where buspar buy buy cialis 5mg from canada cost lexapro 5mg buy tadalafil 20 mg from india cheap cialis online india online clomid canada cymbalta available in canada viagra_kaufen_erfahrung flomax generic where can i buy orlistat dadha pharmacy aeromate buygenericlevitraonlineusa article18 alli online pharmacy effexor generic australia best price brand cialis flagyl dosage for puppies water plls online viagra perscription elavil without prescription simvastatin online canadian pharmacy who selling viagra at a discount vardenafil store generic valtrex doesn't work can robaxin get you high viagra online with mastercard skelaxin wellebutrin 150 v 300 provera without prescription retin a uk low dose levitra buy silagra 100mg with no rx viagras genericas viagra generika schweiz buy citalopram viagra no presciption purchase zoloft online saw palmetto kaufen beta blockers where to buy esomeprazole canada online cheap accutane in united states mercury drugstore products list donepezil 20 mg viamedic coupon code valacyclovir indian pharmacy real viagra brand online vipps pharmacies viagra healthy man review viagra under tongue super cialis on line men's health viagra special zovirax cream uk boots cheapest generic cialis indian cialis ankara rx one pharmacy effexor online canada propecia sale best viagra in uk alli 120 pills cialis and micardis flomax canada prescription where can i buy avodart spray walmart cialis price levitra at comprar viagra online canada chemistry surf 466 primatene mist for sale canada zithromax 500mg side effects buy lasix cheap legitimate viagra eu online non generic valtrex herbal accutane lady era pills information xenical pils viagra online overnight cialis from canada without prescription alli weight pills glucoamylase using viagra erectile dysfunction valtrex pharmacy actos fortune summoners pfizer viagra online buy healthcare alliance rxrelief scam accutane treatment cost can you get cipro over the counter viagra europa buy lasix injectable ro accutane pharmacy discount pharmmacies in india how much is generic accutane can wellbutrin xl get you high ventolin asthma inhaler clomid pills for men malegra tablets nak beli generic viagra diflucan on amazon buy antibiotics at spray fluticasone 220 mcg inhaler kamagra jelly 100 mg in holland ciprolet 500 para que sirve order celexa all pharmacy pills prodajem cialis online pharmacy oxycontin aprovel order ciiais over phone cialis 5 mg terapia acheter orlistat cheapest viagra soft 100 mg buy paxil cr no prescription is there really generic viagra xytrol for men tofranil price genericviagra.me.uk cialis marseille fr cialis 20mg kaufen online pharmacy no prescription zoloft india simvastatin buy azithromycin 1g buy rogaine walgreens purchase flagyl no prescription emsam buy thyroxine in usa on line cheap furosemide buy tadalafil 5mg pfizer pharmaceuticals generic viagra recommended viagra sites dutasteride avodart foreign pharmacy gabapentin uk price of augmentin 625mg in india cialis en ligne port gratuit lamisil prescription buy accutane cheapest priligy kopen doxycycline hyclate 100mg order online celebrex 400 mg bid metformin 40 mg viagra 100mg mail order cheapest cymbalta online reviews online viagra ordering atenolol pcos metformin without insulin resistance no prescription meds meds in india
Home MLB News MLB Club Sales Mets Look to Have $1 Billion in Recoveries from Madoff Bankruptcy Trustee Dismissed

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 824 guests online

Atom RSS

Mets Look to Have $1 Billion in Recoveries from Madoff Bankruptcy Trustee Dismissed PDF Print E-mail
User Rating: / 10
PoorBest 
MLB Club Sales
Written by Maury Brown and David Simmons   
Sunday, 20 March 2011 23:35

MetsOn Friday, Irving Pichard, the trustee for the liquidation of Bernie Madoff’s investment company, amended his complaint in the United States Bankruptcy Court for the Southern District of New York, against Sterling Equities seeking $1 billion in recoveries due to “additional alleged fraudulent transfers of principal (that) occurred during the six years prior to December 2008” with Madoff who was found to be at the center of the largest Ponzi scheme in US history.

Sterling, the investment fund that is run by Mets co-owners Fred Wilpon and Saul Katz, fought back on Sunday, filing a 107-page response seeking to dismiss the amended complaint based on Pichard making “false allegations” that sought to leverage Sterling into settling.

(READ THE 107 PAGE RESPONSE)

The filing states, in part:

Sterling filing
Read the Sterling response

“Customers of a registered broker receive special protection under federal and state securities laws. To avoid a broker’s payments to such customers, the Trustee must prove that the customer has forfeited customer status because he essentially knew that, instead of depositing cash with his broker for the purpose of buying securities, he was investing in a fraud and therefore the antecedent debt discharged by the broker’s payments was invalid.

“The undisputed facts demonstrate that the Trustee can prove no such guilty knowledge, nor any bad faith.”

The response adds that, “The Sterling Defendants should never have been targeted by the Trustee, nor put in such a position. They are victims. They were defrauded by Madoff. They are now being victimized again and harmed—both personally and as a business matter—by successive complaints, even though there is no factual or legal basis for the Trustee’s claims.”

The filing cites Peter Stamos, the outside hedge fund manager for Sterling, advising the Sterling partners to invest with Madoff right up until the Ponzi scheme was revealed.

“I’m embarrassed to say that I said to Mr. Katz on a number of occasions that my assumption is that Mr. Madoff is the most honest and honorable man, among the most honest and honorable men that we will ever meet,” said Stamos under deposition. “Number one. And, number two, that he is perhaps one of the—my assumption is he’s perhaps one of the best hedge fund managers in modern times. . . . [The first assumption was b]ased on his reputation, based upon his long track record, based upon having seen him receive these awards and the positions that he held as chairman of the NASDAQ, having built this great company. He was, quite frankly, legendary, to all of us. And I stood in awe of that with Mr. Katz, and I assumed that.”

An interesting aspect of the response filed by Sterling centers on Pichard’s claims that “Fred Wilpon and Saul Katz” are “sophisticated investors.” In the deposition cited, Katz and Wilpon are portrayed as not being as such.

“Q. Do you understand—do you consider yourself a sophisticated investor? . . . I’m talking about in the stock market, not in real estate or anything else.

[S. Katz]. In the sophisticated, in today’s world of derivatives that are going on, the answer is no. . . . I don’t do well in the markets, the stock market. I’m not good at it, it’s not my business. I don’t have an active trading account anywhere.”

* * *

“Q. Did you understand how Madoff was making money off of his investment business?

[F. Wilpon]. Not in any kind of depth.

Q. Well, what do you mean by not in any kind of depth? Did you have any understanding?

A. I’m not an investment person, I’m not an investment, stock investment advisor, so I wouldn’t have that kind of expertise.”

The Mets continue to try and sell a minority stake in the club that will allow them to deal not only with the fallout from the Madoff scandal, but declining attendance. According to the NY Post, the league has approved three potential bidders that were vetted by the investment bank Allen & Co.

The groups include one led by the team of Goldman Sachs' David Heller and Apollo's Marc Spilker, and another including Steve Starker, co-founder of the global-trading firm BTIG and Ken Dichter, the co-founder of Marquis Jet as potential New York Mets owners, sources said.

At least one or two additional bidders have also been passed along to the MLB Commissioner, and could be cleared to bid for the team, sources said.

The club is no longer able to add more debt due to new rules from MLB.  Recently, due to the Texas Rangers bankruptcy, the league enacted protections to keep any club's distressed debt from being gobbled up by “vulture hedge funds” such as Monarch Alternative Capital.

To add to the Mets woes, The WSJ reported recently that, “Executives at Time Warner Cable Inc. and Comcast Corp. would be unlikely to allow the owners of the New York Mets to sell part of their stake in the jointly owned regional cable channel Sportsnet New York, according to people familiar with the executives' thinking.”

All this comes as the Mets will begin having to pay player payroll, and their $22 million construction bond for Citi Field comes due at the end of June.


SPECIAL BUSINESS OF SPORTS NETWORK REPORTS:
The Labor Battle in the NFL. See BizOfFootball.com for details


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, as well as a contributor to FanGraphs and Forbes SportsMoney. He is available for hire or freelance. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.

Follow Maury Brown on Twitter Twitter

David SimmonsDavid Simmons is a graduate of the University of Central Florida who worked in the front office of the Los Angeles Dodgers over 4 seasons. He has a decade of ticketing experience and currently resides in Baltimore. You can follow David on Twitter @davidesimmons

Follow The Biz of Baseball on Twitter Twitter

FacebookFollow the Business of Sports Network on Facebook

 
 
Banner

Poll

Should MLB Force Jeffery Loria to Sell the Marlins?