News: Mets LP may be Sued for $50 Million

According to this report from Erik Larson for Bloomberg, Mets LP, an entity tied to the Mets and its owner Sterling Equities Inc., might be sued for withdrawing $47.8 million more from Bernard Madoff’s firm than it deposited.

in the last few weeks, i have had a few different people speak with me and e-mail me about this idea of ‘clawbacks,’ and, basically, as i understand it, there are three groups: one) people who invested and made big withdrawals, taking big ‘profits,’ two) people who invested and made some withdrawals, maybe ending up as net winners or losers, but more or less ‘breaking even,’ and, lastly, three) people who invested and lost all of their money… because these aren’t real profits, because it was a scam, the people who made significant withdrawals and were able to pocket money are being sued to pay back the people who lost everything, while, in most cases, the middle group, i.e., the people who essentially broke even, will likely be left alone… the goal is to divy up all money sent to madoff so everyone comes out even, so to speak…

…the question continues to be, which group are people connected to the Mets in…

That said, Larson notes, “Sterling Equities, led by Mets principal owner Fred Wilpon, hasn’t been sued.”

Meanwhile, the Mets continue to issue the following response, “As has been stated previously, this has no effect on the operations of the Mets.”

Additionally, in an informative report for the Wall Street Journal, MLB Commissioner Bug Selig is quoted as saying:

“I have enormous respect for Fred Wilpon and his family, and I have no evidence that the Mets have been negatively impacted at all… Fred has said it over and over again that they haven’t been, and I have no concerns about the Wilpons’ financial stability.”

For more, check out Bruce Golding’s report in the New York Post.