Jim Forkin of CNBC reports the judge in the upcoming Madoff/Wilpon/Mets trial ruled this afternoon that it is the defendants — meaning the Mets owners — who have the burden of proof. Not the bankruptcy trustee.
This is a pretty big deal. I haven’t seen the exact ruling, but it would seem that rather than forcing trustee Irving Picard to prove that the Mets owners were willfully blind to Madoff’s scheme while investing with him, it is now on the Mets owners to prove that they didn’t know that it was a scam or, that they behaved prudently at all turns or something along those lines.
The exact bogey they have to meet is key here. Depending on how it’s phrased, it could put the Mets owners in a prove-a-negative situation, or something close to it.
No matter what it is, however, it’s way easier to play defense than offense in these things, and thus the case just got that much tougher for Fred Wilpon, Saul Katz and the Mets.