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 The team itself had 16 separate Madoff accounts, from which $90 million was withdrawn and used to help fund the team’s “day-to-day operations.”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

Mike Leake loses perfect game bid on leadoff single in the ninth

Mike Leake
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Just one week after Taylor Cole and Felix Peña tossed a combined no-hitter against Seattle, Mariners right-hander Mike Leake worked on his own perfect game through eight innings against the Angels.

It was an ambitious form of revenge, and one that Leake served up perfectly as he held the Angels scoreless in frame after frame. He sprinkled a handful of strikeouts throughout the first eight innings, catching Matt Thaiss on a called strike three in the third and getting two whiffs — called strikeouts against both Brian Goodwin and Shohei Ohtani — in the fourth.

The Mariners, meanwhile, put up a good fight against the Angels, backing Leake’s attempt with 10 runs — their first double-digit total since a 13-3 rout of the Orioles on June 23. Daniel Vogelbach led things off in the fourth with a three-run homer off of reliever Jaime Barria, then repeated the feat with another three-run shot off Barria in the fifth. Tom Murphy and J.P. Crawford helped pad the lead as well with a two-RBI single and two-RBI double, respectively.

In the ninth, with just three outs remaining, the Angels finally managed to break through. Luis Rengifo worked a 1-1 count against Leake, then returned an 85.3-m.p.h. changeup to right field for a base hit, dismantling the perfecto and the no-hitter in one fell swoop. Leake lost control of the ball following the hit, issuing four straight balls to Kevan Smith in the next at-bat and giving the Angels their first runner in scoring position. Still at a pitch count of just 90, however, he induced the next two outs in quick fashion and polished off the win with a triumphant eight-pitch strikeout against Mike Trout for the first one-hitter (and Maddux) of his career.

Had Leake successfully closed out the perfecto, it would’ve been the first of his decade-long career in the majors and the first the Mariners had seen since Félix Hernández’s perfect game against the Rays in August 2012. For their part, the Angels have yet to be on the losing end of a perfecto. The last time they were shut out in a no-hitter was 1999, at the hands of then-Twins pitcher Eric Milton.