Fred Wilpon, Jeff Wilpon

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

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 The team itself had 16 separate Madoff accounts, from which $90 million was withdrawn and used to help fund the team’s “day-to-day operations.”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

Jose Fernandez’s high school jersey was returned

MIAMI, FL - JULY 09:  Jose Fernandez #16 of the Miami Marlins pitches during the game against the Cincinnati Reds at Marlins Park on July 9, 2015 in Miami, Florida.  (Photo by Rob Foldy/Getty Images)
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Yesterday it was reported that someone stole Jose Fernandez’s high school jersey, which had been hanging in the Alsonso High School dugout in Tampa for a vigil. That was pretty vile stuff indeed.

Thankfully, however, someone’s conscience got the best of them: the jersey has been returned. School officials say that a family found a large envelope outside of the high school with the words “Jose’s jersey” written on it. They took the envelope into to the school this morning and the jersey was found inside.

Bad form taking it, whoever you are, but in most cases it’s never too late to make a better decision and fix your mistakes.

The Tigers have an interesting weekend ahead of them

ATLANTA, GA - APRIL 08:  A general view of outside the stadium ahead of the Philadephia Phillies versus Atlanta Braves during their opening day game at Turner Field on April 8, 2011 in Atlanta, Georgia.  (Photo by Streeter Lecka/Getty Images)
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In late August, when everyone started looking at the schedule in an effort to see who had the easiest road ahead of them to the playoffs, the Tigers stood out as particularly blessed. The end of their season featured several games against the lonely Twins and, if things were tight heading into the final weekend, a three-game series against the lowly Braves.

Problem: the Braves have not been very lowly lately, and that could cause the Tigers all kinds of grief.

Atlanta has won 10 of 11 games. They’ve scored 66 runs in those games and their pitching staff has an ERA of 3.28 over that span. Oh, and remember how, earlier in the season, the Braves were hitting like a deadball era team, being outhomered by multiple individual players? Well, they’ve hit ten during this neat little run. Really, though, the run isn’t that little. They’ve won 19 of 30 and have been a solid team, offensively speaking, since late July. They’re hot as heck now and haven’t been pushovers for some time.

So enter the Tigers, who have been seesawing through August and September and who have to play in Atlanta this weekend without their DH, Victor Martinez. Oh, and who stand a halfway decent chance of having to fly out of Atlanta Sunday evening for a makeup game in Detroit that could then cause them to play a tiebreaker game in Toronto or Baltimore which could then have them travel to the other city for a Wild Card game. And that’s if things break decently.

If they break poorly? It’ll be a long, season-closing flight home from Atlanta. A city that was supposed to provide respite for them when it first appeared on the schedule.