Feb. 9 is D-Day for Mets-Maddoff Story

In a post to WFAN.com, the radio station’s legal analyst Steve Kalas asks:

  • Are there numerous suits relating to Wilpon entities that put them and the Mets at risk for a loss of hundreds of millions of dollars (everyone now seems to agree that the $1 billion number bandied about last week is way too high)?
  • Did the Wilpons and Saul Katz have any knowledge of the wrongdoing?
  • Did the Mets borrow against monies they turned out not to have, causing them severe cash flow problems?

According to Kalas, these questions may well be answered in bankruptcy court next Monday, Feb. 9, since the New York Times and WNBC Channel 4 have filed a motion to unseal the court records relating to this case.

Kalas doesn’t understand why the case was sealed in the first place, noting:

“Usually there must be some very good reason, like a trade secret that couldn’t be disclosed or some other confidential business information… A viewing of this and other related lawsuits would shed more light on the problems of the Mets and their owners.”

In other words…

What’s more, this morning in the New York Times, Alison Leigh Cowan reported that Wilpon and Katz had ‘their names and personal fortunes roughed up in a Ponzi scheme two years ago,’ as well, which Kalas said might make settling the current case more difficult.