...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.
Posted: April 16, 2012 at 06:06 PM | 30 comment(s)
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