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Old 03-19-12, 09:36 PM
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Bender Bending Rodriguez, Esq.
 
Join Date: Aug 2004
Posts: 31,073
Michael McCann: Madoff-related settlement offers benefits for New York Mets' owners

Some soul searching and risk aversion likely contributed to the owners of the New York Mets, Fred Wilpon and Saul Katz, agreeing to pay $162 million to victims of convicted felon Bernard Madoff. In exchange, all Madoff-related claims against Wilpon and Katz will be dropped and a trial that had been scheduled for today will never occur. The settlement also provides that Wilpon and Katz will not have to begin payments for three years, that they can draw from the $178 million in claims they have against Madoff's estate and that the two Mets owners will only be personally liable for a fraction of the $162 million (reportedly about $29 million).

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