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Federal Judge ruled moments ago the Mets brass will go to trial on March 19 against Trustees of the Victims of Bernie Madoff with $300 million+ on the line.
Plus, they will owe UP TO $83 million regardless of the trial.
The $83 million is from the profit made from the ponzi scheme 2 years before Madoff was arrested. The Wilpons have insisted they did not know the scheme was going on and it's never been proven they did.
Picard wants $303 million (down from the billion he originally wanted because the courts limited the timeframe to two years instead of six) they invested because he contends they were aware of warning signs that the scheme was happening. So, it comes down to whether he can prove to a court that the Mets investors acted in any malicious way to conspire and turn a profit. Barring a smoking gun somewhere, that seems impossible so the $300M # is almost certain to be denied.
The Mets lawyers tried to get the case thrown out today, they failed.
Plus, they will owe UP TO $83 million regardless of the trial.
The $83 million is from the profit made from the ponzi scheme 2 years before Madoff was arrested. The Wilpons have insisted they did not know the scheme was going on and it's never been proven they did.
Picard wants $303 million (down from the billion he originally wanted because the courts limited the timeframe to two years instead of six) they invested because he contends they were aware of warning signs that the scheme was happening. So, it comes down to whether he can prove to a court that the Mets investors acted in any malicious way to conspire and turn a profit. Barring a smoking gun somewhere, that seems impossible so the $300M # is almost certain to be denied.
The Mets lawyers tried to get the case thrown out today, they failed.
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