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Monday, April 16, 2012

Madoff-victim trustee says he lost interest in pursuing the Mets owners because

...they didn’t have money”. Megdal’s latest…

On Friday evening, in a court filing that set forth the terms of the settlement, Picard made it clear why he agreed to such an apparently lenient deal: Wilpon and his partners wouldn’t have had the money to pay him anything.

“Based upon financial information provided by Defendants since the [agreement], and on the advice of my counsel, we have become satisfied that Defendants’ cash flow and lender covenants would not have enabled me to recover more for the BLMIS customer fund in the forseeable future by litigating to the point of judgement,” Picard wrote in an affidavit filed with the settlement terms.

This is a staggering statement, if true, in light of the public attempts by Mets ownership to assert that their problems ended on the day the settlement occurred.

Fred Wilpon and his partners were about to face a trial that would have bankrupted them, and a judgment already found against them—for $83.3 million—was more than they could pay.

That’s a problem for the forseeable future of the New York Mets, whose payroll is already down by more than $50 million from last year.

Repoz Posted: April 16, 2012 at 06:06 PM | 30 comment(s) Login to Bookmark
  Tags: mets

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   1. Mark S. is bored Posted: April 16, 2012 at 06:37 PM (#4108288)
Translation: "They were too poor and stupid for me to prosecute"
   2. Gonna break my Rusty Kuntz and run . . . Arbitol Posted: April 16, 2012 at 07:26 PM (#4108325)
Wait, this can't be right - Megdal promised this settlement was really worth billions to Picard because it made Rakoff's earlier rulings magically disappear. How could Picard fail to mention it?

EDIT: Yeah wait, this:

The trustee took what he could get and got out. In this case, what he got was of considerable value—a six-year lookback standard that affects roughly 250 other cases against net winners and a potential $6 billion more to the Madoff victims, and the end of an appeal by Wilpon and his partners that should clear the way for the victims to receive another $6 billion more quickly.


Explanation, Howard?


   3. The Mohole* of David Wells (* - Piehole) Posted: April 16, 2012 at 07:28 PM (#4108329)
Wait, this can't be right - Megdal promised this settlement was really worth billions to Picard because it made Rakoff's earlier rulings magically disappear.


What is your problem? I can't believe how pig-headed and irritatingly one-note you're being about this case in every discussion. Here's your opportunity to grow up.
   4. Gonna break my Rusty Kuntz and run . . . Arbitol Posted: April 16, 2012 at 07:31 PM (#4108332)
Nah, I think I'll just wait for my answer.
   5. The Mohole* of David Wells (* - Piehole) Posted: April 16, 2012 at 07:33 PM (#4108335)
Nah, I think I'll just wait for my answer.


What a baby. I don't get it. What's in it for you? So far as I can tell, you haven't been right yet in any of these discussions, you're just a combative little troll. Is that fun for you?
   6. Gonna break my Rusty Kuntz and run . . . Arbitol Posted: April 16, 2012 at 07:34 PM (#4108337)
So far as I can tell, you haven't been right yet in any of these discussions


I guess that's because you're an idiot.
   7. The Mohole* of David Wells (* - Piehole) Posted: April 16, 2012 at 07:35 PM (#4108338)
I guess that's because you're an idiot.


That must be why you're so earnestly interested in the truth. I think the truth is you're something like a boring lawyer who's most interested in dick measuring contests (and who probably comes out on the losing end more often than not).
   8. The Mohole* of David Wells (* - Piehole) Posted: April 16, 2012 at 07:35 PM (#4108340)
And let me just add that I can't remember a single discussion where you added anything of note. Do you even post about baseball around here?
   9. Gonna break my Rusty Kuntz and run . . . Arbitol Posted: April 16, 2012 at 07:36 PM (#4108341)

That must be why you're so earnestly interested in the truth. I think the truth is you're something like a boring lawyer who's most interested in dick measuring contests (and who probably comes out on the losing end more often than not).


Took you all the way to post #7 to start thinking about my privates. That a record for you?
   10. The Mohole* of David Wells (* - Piehole) Posted: April 16, 2012 at 07:39 PM (#4108344)
Took you all the way to post #7 to start thinking about my privates. That a record for you?


Again, I don't get it. Do you post about baseball? Or just troll?

Edit: I can think of exactly two things you post about. 1) trolling Howard Megdal, and 2) trolling Sam. Am I missing anything?
   11. Gonna break my Rusty Kuntz and run . . . Arbitol Posted: April 16, 2012 at 07:40 PM (#4108346)

And let me just add that I can't remember a single discussion where you added anything of note. Do you even post about baseball around here?


I guess you'd rather revisit Perez/Koufax and Tatis/Castillo? I asked a simple question; you don't seem to know the answer -- which if you ask me is more evidence that you're a Megdal sock puppet, because he doesn't know the answer either.
   12. The Mohole* of David Wells (* - Piehole) Posted: April 16, 2012 at 07:41 PM (#4108348)
I guess you'd rather revisit Perez/Koufax and Tatis/Castillo? I asked a simple question; you don't seem to know the answer -- which if you ask me is more evidence that you're a Megdal sock puppet, because he doesn't know the answer either.


I don't know Howard at all, and I have no pony in this race. What I don't get from you is why you care so much? And why you troll so hard. You don't seem to me to be interested in furthering the discussion. You just seem to want to prove Howard wrong, as you seem to want to do with Sam. Why? What do you get out of it?
   13. Gonna break my Rusty Kuntz and run . . . Arbitol Posted: April 16, 2012 at 07:45 PM (#4108353)
I don't know Howard at all, and I have no pony in this race. What I don't get from you is why you care so much? And why you troll so hard. You don't seem to me to be interested in furthering the discussion. You just seem to want to prove Howard wrong, as you seem to want to do with Sam. Why? What do you get out of it?


On the off chance that other posters aren't that interested in reading more than 13 posts of you attacking me personally and me responding with ridicule that only seems to make you angrier, I'm going to unilaterally declare this leg of the discussion over.

EDIT:


Edit: I can think of exactly two things you post about. 1) trolling Howard Megdal, and 2) trolling Sam. Am I missing anything?


I don't troll Sam. He's a good poster who, in a single isolated incident, jumped down my throat with a legal argument about which he was simply wrong, which was absolutely clear, certainly by the time the thread ran its course. Megdal needs a little good natured trolling.
   14. JE (Jason Epstein) Posted: April 16, 2012 at 07:46 PM (#4108354)
Edit: I can think of exactly two things you post about. 1) trolling Howard Megdal, and 2) trolling Sam. Am I missing anything?

By the way, where is Sam? Is it just me or has he been away for the past month or so?
   15. The Mohole* of David Wells (* - Piehole) Posted: April 16, 2012 at 07:48 PM (#4108357)
On the off chance that other posters aren't that interested in reading more than 13 posts of you attacking me personally and me responding with ridicule that only seems to make you angrier, I'm going to unilaterally declare this leg of the discussion over.


Very noble indeed. Since you seem only to be interested in trolling, I'm going to put you on permanent ignore. Like I said, I don't have a pony in this race, but you're just straight-up trolling and there's no need for that around here. I've said all I need to say. Good luck to ya. I hope you finally get what your after. I know we'll all be better off.
   16. The Mohole* of David Wells (* - Piehole) Posted: April 16, 2012 at 07:49 PM (#4108360)
Anyway, what does this mean for the Mets. How much of the Mets financial data has been made public through the lawsuit and how likely is it that the Wilpons can keep the Mets? I think that's become the only issue worth discussing around here.
   17. Gonna break my Rusty Kuntz and run . . . Arbitol Posted: April 16, 2012 at 07:51 PM (#4108364)
I'm going to put you on permanent ignore.


Ok, sounds good - eat a big bag of STFU.
   18. Nate Posted: April 16, 2012 at 08:20 PM (#4108394)
EDIT: Nevermind.

   19. Monty Posted: April 16, 2012 at 08:25 PM (#4108403)
This is the worst thread of the year.
   20. The Mohole* of David Wells (* - Piehole) Posted: April 16, 2012 at 08:26 PM (#4108404)
I think the Shoppach thread the other day was worse. But this one is close and I helped make it that way. Sorry.

Edited for clarity.
   21. Lassus Posted: April 16, 2012 at 08:28 PM (#4108409)
I demand Something Other show up.

Actually, both he and Sam have really flown the coop lately. CAN'T FATHOM WHY.
   22. Never Give an Inge (Dave) Posted: April 16, 2012 at 09:41 PM (#4108493)

I just made someone the only person on my "Ignore" list, and it wasn't you, Piehole.
   23. Joe Kehoskie Posted: April 16, 2012 at 09:47 PM (#4108498)
21 — I've been wondering where 'Something Other' went. Per his profile page 1-2 days ago, he hadn't visited the site in about two weeks.
   24. Gonna break my Rusty Kuntz and run . . . Arbitol Posted: April 16, 2012 at 09:48 PM (#4108500)


I just made someone the only person on my "Ignore" list, and it wasn't you, Piehole.


Dijaler!
Dijaler!
Dijaler!
Dijaler!
Dijaler!


21 — I've been wondering where 'Something Other' went. Per his profile page 1-2 days ago, he hadn't visited the site in about two weeks.


Probably on a bender.

   25. Why Bloody Valdespin? Posted: April 16, 2012 at 09:52 PM (#4108504)
AD, are you using something other's absence to try to steal his "Worst Poster" title?
   26. Crispix Attacks 2: Swag Airlines Posted: April 16, 2012 at 10:03 PM (#4108509)
Are you the biggest idiot ever?
   27. Gonna break my Rusty Kuntz and run . . . Arbitol Posted: April 16, 2012 at 10:12 PM (#4108514)
Aw, you guys. Do you know what the hell Megdal is talking about? All I want to know is what the hell Megdal is talking about.
   28. FancyPantsHandle glistening with foreign substance Posted: April 16, 2012 at 10:27 PM (#4108519)
If there ever was a thread that Dan needed to nuke...
   29. Crispix Attacks 2: Swag Airlines Posted: April 16, 2012 at 10:38 PM (#4108528)
The trick to trolling people, when you think you're right and they're wrong, is to constantly lay out the facts in a humorless and repetitive fashion so that you know they're reading it and are being maddened by their knowledge of your rightness. The masters of this are the people who show up in every steroid thread to say "Actually, Sammy Sosa was not technically on that list, he was on the other list. Also, when you mention this guy you need to mention Andy Pettitte as well because they are implicated in the same way. And this guy was being accused in court, but one of the accusers said 2006 and the other one said 2007, and it can't be both, so there is in fact no evidence." Actively being a snide jerk and personally mocking people ensures that you'll never get a response and therefore will eventually be banned because you're babbling away with nobody willing to engage with you.
   30. Gonna break my Rusty Kuntz and run . . . Arbitol Posted: April 17, 2012 at 08:09 AM (#4108678)
I didn't set out to troll - Piehole pushed me into it. I really just think Megdal should explain what the hell he's talking about.

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