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 The team itself had 16 separate Madoff accounts, from which $90 million was withdrawn and used to help fund the team’s “day-to-day operations.”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.

Lineups for Dodgers-Cubs NLCS Game 6

CHICAGO, IL - OCTOBER 16:  Kyle Hendricks #28 of the Chicago Cubs throws a pitch in the first inning against the Los Angeles Dodgers during game two of the National League Championship Series at Wrigley Field on October 16, 2016 in Chicago, Illinois.  (Photo by Jonathan Daniel/Getty Images)
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With Game 6 of the NLCS just hours away, the Dodgers will opt for a lefty-heavy lineup against right-hander Kyle Hendricks. Batting leadoff is rookie outfielder Andrew Toles, who made one appearance at the top of the lineup during the 2016 season. The Cubs, meanwhile, will bench Jason Heyward in favor of Albert Almora Jr.. This will be Almora’s first start of the playoffs, and while he has yet to face Kershaw in October, his right-handed bat could play well against the lefty at the bottom of the lineup.

Game time is scheduled for 8 PM EDT; lineups are below.


1. Andrew Toles (L) LF
2. Corey Seager (L) SS
3. Justin Turner (R) 3B
4. Adrian Gonzalez (L) 1B
5. Josh Reddick (L) RF
6. Joc Pederson (L) CF
7. Yasmani Grandal (S) C
8. Chase Utley (L) 2B
9. Clayton Kershaw (L) LHP
1. Dexter Fowler (S) CF
2. Kris Bryant (R) 3B
3. Anthony Rizzo (L) 1B
4. Ben Zobrist (R) LF
5. Javier Baez (S) 2B
6. Wilson Contreras (R) C
7. Addison Russell (R) RF
8. Albert Almora Jr. (R) RF
9. Kyle Hendricks (R) RHP

Report: Kyle Schwarber will return to the Arizona Fall League on Saturday

CHICAGO, IL - AUGUST 16:  Injured player Kyle Schwarber #12 of the Chicago Cubs is seen in the dugout before a game against the Milwaukee Brewers at Wrigley Field on August 16, 2016 in Chicago, Illinois.  (Photo by Jonathan Daniel/Getty Images)
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UPDATE, 5:08 PM EDT: Cubs’ manager Joe Maddon will not rule out a World Series appearance for Kyle Schwarber if the Cubs advance.’s Carrie Muskat reports that Schwarber could play through a simulated game on Sunday, during which the Cubs’ medical and baseball staff would evaluate his chances for a late season return. If he does play, it will likely be in a pinch-hitting or DH role and not on the field.

Cubs’ outfielder Kyle Schwarber will return to the playing field on Saturday, per a report by the Chicago Tribune’s Mark Gonzales. The club’s prized left fielder suffered a season-ending injury when he collided with Dexter Fowler back in April, tearing both his ACL and LCL and undergoing intensive knee surgery later that month.

While no nerve damage was discovered during the surgery, the Cubs have kept a close eye on Schwarber during his recovery and put a kibosh on any part-time or full-time role with the team until the spring of 2017. Getting a few reps in during the Arizona Fall League appears to be the last step in the 23-year-old’s rehab process. He will be part of the Mesa Solar Sox’ ‘taxi squad,’ making him eligible for games on Wednesdays and Saturdays only.

Schwarber batted .246/.355/.487 with 16 in 69 games with the Cubs during his debut season in 2015. He will be added to the Mesa Solar Sox roster in advance of their set against the Salt River Rafters on Saturday evening.