The Wilpons didn't lose as much money to Madoff as believed

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If you believe financial experts like Larry King, Mets owner Fred Wilpon and family lost as much as $700 million investing with former friend and current inmate Bernie Madoff.  That, however, may be a slight exaggeration:

A partnership connected to the baseball team — which had widely been rumored to have lost money investing with Bernard Madoff — actually gained a net $48 million from its dealings with the convicted swindler, according to a bankruptcy-court filing.

The filing, by the court-appointed trustee handling claims for Madoff victims, is the first documentation of how deeply invested Mets principal owner Fred Wilpon was with Mr. Madoff, a longtime friend.

The filing showed that the Mets Limited Partnership, which is connected with Sterling Equities Inc., owner of the Mets, deposited about $523 million into two accounts with Mr. Madoff — and withdrew about $571 million.

Now that doesn’t necessarily mean that the Wilpons made money.  Yes, it’s a net increase in the money in play, but (a) the Wilpons may have had his money with Madoff for many, many years; and (b) they may have believed, via Madoff’s fraud, that they were up way, way above that.  So in financial terms the Wilpons could have suffered a huge loss in terms of forgone, legitimate gains, and they may have been making financial decisions based on a radically different position than the one in which they actually found themselves to be once the fraud was discovered.  That’s not a $700 million loss, but it’s certainly not great either.

Sadly for Mets fans, however, the team’s competitive position remains just as dire as previously believed.

Jeff Samardzija to undergo MRI on right shoulder

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Update (12:58 AM ET): Per Henry Schulman of the San Francisco Chronicle, Samardzija has been diagnosed with a strained pectoral muscle. He’ll be shut down for a week. That’s good news for the Giants, considering the alternatives.


Giants starter Jeff Samardzija will undergo an MRI on his ailing right shoulder, according to NBC Sports Bay Area. The right-hander struggled in a minor league game on Wednesday, surrendering a pair of home runs and hitting a batter. Overall this spring, Samardzija has given up 15 runs (13 earned) on 17 hits (six homers) and seven walks with seven strikeouts in 11 innings.

This may mean Samardzija won’t be ready for the start of the regular season. Derek Holland would likely replace Samardzija in the rotation. Holland had been competing for the No. 5 spot in the Giants’ rotation.

Samardzija led the National League in losses last season with 15, also posting a 4.42 ERA with a 205/32 K/BB ratio in a league-high 207 2/3 innings. Since becoming a starter, Samardzija has been able to avoid injury, making 32 or 33 starts in each of the last five seasons.