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.

Scott Feldman underwent season-ending knee surgery

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The Reds announced on Tuesday that starter Scott Feldman underwent season-ending arthroscopic surgery on his right knee. The right-hander was placed on the disabled list with knee inflammation on Friday.

Feldman, 34, made 21 starts this season, posting a 4.77 ERA with a 93/35 K/BB ratio in 111 1/3 innings. He’s a free agent after the season but may have to settle for a minor league deal going into 2018 given his age and recent injury woes.

MLB to implement code of conduct for fans next year

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Following an embarrassing scene at Fenway Park earlier this year in which Orioles outfielder Adam Jones was taunted with racial slurs and had peanuts thrown at him, Major League Baseball will implement a universal code of conduct for fans at major league ballparks starting next season, ESPN’s Scott Lauber reports.

MLB spokesman Michael Teevan said, “We are working with the clubs on security and fan conduct initiatives at all of our ballparks. We will be issuing a league-wide fan code of conduct for the 2018 season.”

As Lauber notes, every team has its own code of conduct but some are more thorough than others. The Red Sox added “hate speech” to their code of conduct after the Jones incident and Major League Baseball, unsurprisingly, wants to make sure fans at every ballpark are clear on what behaviors will and will not be tolerated.

Since the Jones incident, Major League Baseball has been encouraging teams to be more inclusive, though Kennedy clarified that “there’s not been any directive or mandate.”