Fred Wilpon, Jeff Wilpon

Bankruptcy trustee: Mets owners reaped $300 million in phony Madoff profits


The bluff has been called, the documents have been unsealed and the allegations of just how deeply the Wilpons, Saul Katz and the Mets were in with Bernie Madoff is fairly staggering.  The entire lawsuit can be read here.

Among the allegations: the Wilpons, Katz, their families and their business reaped $300 million in fictitious profits. The team itself had 16 separate Madoff accounts, from which $90 million was withdrawn and used to help fund the team’s “day-to-day operations.”  And then there’s this, with “the Sterling Partners” referring to the Wilpon/Katz business:

“The Sterling partners were simply in too deep—having substantially supported their businesses with Madoff money—to do anything but ignore the gathering clouds,” the suit said. “Despite being on notice and having every resource at their disposal to investigate the litany of legitimate questions surrounding Madoff, the Sterling partners chose to do nothing.”

Not surprisingly, the Wilpons slammed the allegations today, calling them lies and strong-arm tactics and characterizing the trustee’s entire suit as “an abuse of power.”  Their statement:

“The conclusions in the complaint are not supported by the facts. While they may make for good headlines, they are abusive, unfair and untrue. We categorically reject them. We should not be made victims twice over—the first time by Madoff, and again by the Trustee’s actions.”

In other news, non-Mets related allegations suggest that at least one bank — J.P. Morgan — knew that Madoff’s whole operation was a Ponzi scheme.

Yes, they are just allegations.  But many of them — specifically those related to just how much money the Mets and the Wilpons lost to Madoff — are pretty darn specific.  And they can certainly be true even if the ultimate conclusion the trustee makes — that the Wilpons knew or should have known it was all a scam — is shown to be false.

We’ve played some back and forth here about what the Wilpons knew and that’s all fun and worth watching, but this is most  relevant for our purposes for the practical effect it will have on the Wilpons and the baseball team.  Given the thermonuclear nature of the allegations and the sheer amount of money involved, it’s hard to sit here today and say that the Wilpons will simply be able to sell off a quarter of it, cut a check to the trustee and continue on their merry way.  Indeed, such an assumption is now bordering on the naive.

UPDATE: Game 1 of Astros-Royals resumes play after 48-minute rain delay

Kansas City Royals' Mike Moustakas watches his two-run home run off Chicago White Sox starting pitcher Jose Quintana, also scoring Kendrys Morales, during the sixth inning of a baseball game Wednesday, Sept. 30, 2015, in Chicago. (AP Photo/Charles Rex Arbogast)
AP Photo/Charles Rex Arbogast
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UPDATE: Play has resumed after a 48-minute rain delay. Chris Young has replaced Ventura for the Royals.

8:30 p.m. ET: And now we’re officially in a rain delay in Kansas City. It will be interesting to see how long this lasts and how it might impact Ventura and McHugh.

8:29 p.m. ET: The Royals are on the board in Game 1 of the ALDS against the Astros.

After the Astros tacked on another run against Yordano Ventura in the top of the second inning on an RBI single from Jose Altuve, Kendrys Morales connected for a solo homer against Collin McHugh to lead off the bottom of the inning. The ball traveled an estimated 369 feet near the right-field foul pole.

With rain falling at Kauffman Stadium, the Astros lead 3-1 as we move into the top of the third inning.

Sean Rodriguez has apologized to the cooler he beat up

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Pirates utility man Sean Rodriguez made headlines for all the wrong reasons after Wednesday’s Wild Card Game against the Cubs. After being ejected for his role in a benches-clearing scuffle, he took his frustrations out on the cooler in the Pirates’ dugout. If you haven’t seen it already, watch the video below…

That poor cooler never had a chance.

With the benefit of a few hours to decompress, Rodriguez issued the following apology on his Twitter account this afternoon:

It’s nice to see that Rodriguez has a sense of humor about the whole thing.

Adrian Beltre diagnosed with back strain after MRI

Texas Rangers' Adrian Beltre leaves the game, escorted by a trainer, after being injured in the third inning against the Toronto Blue Jays in Game 1 of the American League Division Series in Toronto on Thursday, Oct. 8, 2015. (Frank Gunn/The Canadian Press via AP) MANDATORY CREDIT
Frank Gunn/The Canadian Press via AP
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Adrian Beltre was in serious pain when he exited Game 1 of the ALDS against the Blue Jays and Jeff Wilson of the Fort Worth Star-Telegram reports that the veteran third baseman was diagnosed with a back strain following an MRI.

Beltre suffered the injury when he tried to break up a double play with a slide in the first inning. He stayed in the game initially and even received an anti-inflammatory injection, but his back locked up on him again after he hit an RBI single in the third. He was replaced by Hanser Alberto, who finished the game at third base.

The Rangers haven’t ruled out Beltre for Game 2 on Friday, but Joey Gallo and Ed Lucas are traveling to Toronto just in case a move needs to be made. They are obviously hoping that won’t be necessary.