83 Million Reasons the Mets Will be Sold
Added by Eddie Utley on March 6, 2012.
The judge promised something by March 5th and he handed down a verdict that rocked the Wilpons yesterday. The Mets owners were ordered to pay $83M to Irving Picard for recovery of funds from the Ponzi scheme.
I don’t know why the Mets thought they’d end up at nothing owed. No matter what, they will have to pay something even after appeal. There is more to the story though. The Wilpons and company still have to go in front of a jury and could possibly end up owing $386M or more.
I don’t see how the Wilpon family will get out of this without having to sell the team. What court in theUSwould see them as getting duped in a Ponzi, especially when they were in one previously and had to pay out money. I understand that when you have millions, you can’t just throw it in the stock market and hope and pray but this is not the first dance for these guys.
They tried to sell shares and there are two reports out there; One had them selling the seven shares and another had them selling 12. I think the seven is probably more accurate but even that is a shell game since Jeff Wilpon is buying one, Saul Katz is buying one and SNY is buying four. That leaves the possible Steve Cohen share (who like everyone else wants to own the Mets).
I want to see new owners for the Mets but not this way. Unfortunately the Wilpon’s won’t give it up willingly either. This could get ugly…..well uglier.