The big one — the case brought by the bankruptcy trustee for the Bernie Madoff debacle — is still going on, but the Mets are now poised to settle a bit of business.
It’s a lawsuit brought by employees of Sterling Equities — the company run by Fred Wilpon and Saul Katz — accusing the Mets owners of breaching the fiduciary duties by mishandling investments with Madoff, putting employee 401K money with him and that sort of thing.
Terms of the settlement weren’t disclosed, but it’s not like you or I care about that so much. The key here is that, one-by-one, Wilpon and Katz are getting this stuff put to bed. I would guess that they’ll get the big case brought by Irving Picard put to bed soon too. And they’ll have some minority investors in place, at least if you believe them when they say how much interest there is in all of that.
After that, baseball will be the primary order of the day in Queens.
(thanks to Martin S. for the heads up)
The Texas Rangers just announced that they have fired Jeff Banister as the team’s manager. Bench coach Don Wakamatsu has been named interim manager for the remainder of 2018 season.
Banister was in the last year of his contract with the club, but there was an option for 2019. Rangers brass, obviously, has decided to go in a different direction following what will be the club’s worst finish in Banister’s tenure. At the moment the Rangers are 64-88 and are assured of last place in the AL West.
Banister was hired before the 2015 season and led the Rangers to first place finishes in each of his first two seasons. The club fell to a disappointing third place and a 78-84 record last season, however, and this season the descent has continued. Injuries and under achievement has been the order of the day for the past two years and, with the career of Adrian Beltre nearing its end and the Rangers having been passed up by the Astros as the class of the division, a rebuild is in the club’s future.
Banister ends his reign as the Rangers’ skipper with a record of 325-313.