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.
Free agent right-hander Tim Lincecum isn’t ready to hang up his cleats just yet. At least, that’s the word from Lincecum’s agent, Rick Thurman, who says the 32-year-old is still “throwing and getting ready for the season” (via Andrew Baggarly of the San Jose Mercury News).
Lincecum may not be ready to enter retirement, but another quote from Thurman suggests that he’ll be picky about where he pitches next. He doesn’t appear open to pitching overseas, and despite not having a contract for 2017 (or even any serious suitors), the right-hander is set on pitching in the big leagues this year. Whether or not he’s willing to take a bullpen role to do so remains to be seen.
While Baggarly predicts some interest in the veteran righty, there’s not much in Lincecum’s recent history to inspire faith in him as a starter, or even a reliever. He picked up a one-year, $2.5 million contract with the Angels following his hip surgery in 2015, and went 2-6 in 2016 with a 9.16 ERA, 5.4 BB/9 and 7.5 SO/9 over 38 1/3 innings. At this point, a minor league contract seems like the surest path back to major league success, though he’s unlikely to find an open spot on the Giants’ or Angels’ rosters anytime soon.
Free agent right-hander Jeff Manship has reportedly signed with the NC Dinos of the Korea Baseball Organization, according to FanRag Sports’ Jon Heyman. The righty was non-tendered by the Indians in December.
Manship, 32, completed his second season with Cleveland in 2016. He delivered a 3.12 ERA, 4.6 BB/9 and 7.5 SO/9 rate over 43 1/3 innings, a slight decline after posting an 0.92 ERA with the club the year before. During eight years in the major leagues, Manship carries a 4.82 career ERA, 3.6 BB/9 and 6.4 SO/9 in multiple stints with the Twins, Rockies, Phillies and Indians.
The right-hander will be joined by fellow MLB transplants Eric Hacker and Xavier Scruggs, each of whom took one-year deals with the Dinos last month. Steve Adams of MLB Trade Rumors notes that each KBO team is allowed up to three foreign players, so Manship will round out the trio when he joins the roster. Any salary terms have yet to be disclosed.