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 The team itself had 16 separate Madoff accounts, from which $90 million was withdrawn and used to help fund the team’s “day-to-day operations.”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

Miguel Sano suspended one game for altercation with Tigers

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Twins third baseman Miguel Sano has been suspended one game for his role in Saturday’s altercation with the Tigers, Mike Berardino of the St. Paul Pioneer Press reports. Sano will appeal his suspension, so he’ll be eligible to play until that is resolved.

On Saturday, Tigers outfielder JaCoby Jones was hit in the face by Twins pitcher Justin Haley. The Tigers’ Matt Boyd threw behind Sano when he came to the plate in the fifth inning, seemingly exacting revenge. Sano took exception, catcher James McCann pushed his glove into Sano’s face, and the benches emptied. Both Boyd and Sano were ejected from the game.

Sano has hit well in the early going, batting .241/.413/.569 with four home runs and 14 RBI with an MLB-best 17 walks in 75 plate appearances. Losing Sano for only one game won’t be the biggest deal for the Twins. Eduardo Escobar would get the start at third base to fill in for Sano if he loses his appeal.

Boyd was fined an undisclosed amount and not suspended, per MLB.com’s Jason Beck.

Matt Barnes suspended four games for throwing at Manny Machado

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ESPN’s Buster Olney reports that Red Sox reliever Matt Barnes has been suspended four games and fined an undisclosed amount for throwing at Orioles third baseman Manny Machado on Sunday. Barnes was exacting revenge for Machado’s slide which injured second baseman Dustin Pedroia on Friday, and was ejected immediately after throwing the pitch at Machado.

Barnes is appealing his suspension, so he will be able to participate in games until the issue is resolved. The 26-year-old right-hander has a 3.60 ERA and an 11/6 K/BB ratio in 10 innings so far this season.

The suspension is rather light considering Barnes’ intent. Barnes missed, thankfully, as he hit Machado’s bat rather than his helmet. Had he hit his intended target, though, baseball might’ve been out one superstar third baseman. Jeff Passan of Yahoo Sports wrote today that Major League Baseball needs to beef up its punishment for players attempting to injure other players. And he’s totally right about that. The punishment is neither enough to deter players from attempting to injure their peers, nor is it enough for teams to deter their own players from doing so.