The Wilpons aren’t gonna be out all that much money

17 Comments

We’ve heard scary numbers regarding the potential liability of the Mets owners in the Madoff mess. The trustee, Irving Picard, was using the B-word at times last year. Recently it was thought that their exposure could be $300 million or more.  A couple of weeks ago they were ordered to pay $83 million as part of the case. And today, of course, they settled for $162 million.

But in reality, it’s a lot less than that leaving their pockets.

For starters, this is because that $162 million settlement actually includes the $83 million that they had already been ordered to pay.  But the biggest thing working in their favor here is that the $162 million is to be paid out of money the Mets owners may recover in a settlement by virtue of them being victims of Madoff themselves. And they may very well recover a significant amount, as others, closer to Madoff, have put billions into a fund for that purpose.

Heyman reports that Wilpon and Katz may be out a mere $37 million net by the time this is all done. And that even then it will be payable over four years. Which is the price of a good starting second baseman.

Theoretically. I mean, it’s not like the Mets have one of those.