The Wilpons didn't lose as much money to Madoff as believed

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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.

Yu Darvish lands on 10-day disabled list again with triceps tendinitis

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Bad news for the Cubs’ Yu Darvish: The right-hander is headed back to the disabled list with right triceps tendinitis, the team announced Saturday. It’s the second such assignment for Darvish this season, but the first time he’s been sidelined with arm issues. Neither the severity of his injury nor a concrete timeframe for his recovery has been revealed yet, but the move is retroactive to May 23 and will allow him to come off the DL by June 2, assuming all goes well.

Prior to the injury, Darvish went 1-3 in eight starts with a 4.95 ERA, 4.7 BB/9 and 11.0 SO/9 through 40 innings. Needless to say, these aren’t the kind of results the Cubs were hoping to see after inking the righty to a six-year, $126 million contract back in February, though the circumstances affecting his performances appear to have largely been out of his control. He missed a start in early May after coming down with the flu and has struggled to pitch beyond the fifth inning in five of his eight starts to date.

The Cubs recalled left-hander Randy Rosario from Triple-A Iowa in a corresponding move. Rosario has yet to amass more than five career innings in the majors, but has impressed at Triple-A so far this year: he maintained an 0.97 ERA, 2.8 BB/9 and 6.1 SO/9 through 19 1/3 innings in 2018. As for Darvish’s next scheduled turn in the rotation, Tyler Chatwood is lined up to take the mound when the Cubs face off against the Giants in the series finale on Sunday. A starter for Monday night’s game has yet to be determined.