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Madoff/Mets case may cost $6.2 billion; payout delayed |
[ [ [['Conrad Murray', 15]], [ [['she-devil', 12]], [ [['diana nyad', 13]], [ [['Joshua Komisarjevsky', 10]], [ [['CASCO Signal', 13], ['Yu Yuan station', 13]], [ [['It is difficult to assess how many birds are affected', 7]], [ [['Andy Rooney', 9]], [ [['villages where people are trapped under collapsed houses', 8]], [ [['The absence of Borders is going to be felt across the industry', 6]], [ [['Anders Behring Breivik', 8]], [ [['like there is no way out', 9]], [ [['including snipers picking off protesters from rooftops', 5], ['Violence has flared anew in Yemen in frustration', 6]], [ [['Dolores Hope', 7]], That’s all the news for today. Posted in mets-news | Comments Off
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New York Mets ruling will delay payouts to Madoff victims |
The trustee’s attorney revealed at a Manhattan hearing that the a ruling limiting the team owners’ exposure to $386 million will also affect other money being recovered for investors. The trustee recovering assets lost in Bernard Madoff’s fraud is delaying a planned Friday payout to those who lost money because of a judge’s ruling that limits the amount the owners of theNew York Mets might have to return. Skip to next paragraph The trustee’s attorney, David Sheehan, revealed at a Manhattan hearing Wednesday that the ruling by U.S. District Judge Jed Rakoff limiting the team owners’ exposure to $386 million will also affect other money being recovered for investors. Sheehan said court-appointed trustee Irving Picard expects to appeal the ruling, which was contrary to findings made by a bankruptcy judge and another district judge. Sheehan said checks that were supposed to be mailed to investors on Friday will be delayed an undetermined amount of time while lawyers study the impact of the ruling. He added that they will definitely go out by the end of the year. “We know people are depending on payouts,” Sheehan said after the hearing. Sheehan said about $6 billion of the $17 billion the trustee is trying to recover for investors could be affected by Rakoff’s order, possibly reducing a potential payout by up to $3 billion. Rakoff tossed out most of the claims made by Picard. On Wednesday, he moved the trial date in the Mets’ case to March 19 and set a schedule for lawyers to argue whether a jury should hear the case. Thousands of investors lost billions of dollars in the fraud, which Madoff revealed in December 2008 when he confessed that statements telling investors they had about $68 billion weeks earlier were fraudulent. In fact, there was only several hundred million dollars left. Picard said in a document filed earlier this year that the total principal lost by all investors was approximately $19.5 billion. He is pursuing $17.3 billion of it, because that represents the amount he would have to recover to return 100 percent of the principal lost by those who are eligible to receive a distribution in the bankruptcy proceeding. He had planned to distribute more than $272 million on Friday on claims related to 1,224 accounts. The average payout was to be $222,551. Madoff, 73, is serving a 150-year prison sentence. Rakoff on Wednesday added to the good news he delivered to the Mets’ owners when he said that their liability “may be much less than” $386 million, depending on how much of the amount is determined to consist of fictitious profits and how much was principal. In his written decision, Rakoff made it harder for Picard to try to recover the principal payouts made to theMets owners, saying he would have to prove that they knew about the fraud. In his lawsuit, Picard said the Mets owners received $83.3 million in fictitious profits and $301 million in principal in the two years before a bankruptcy filing was made regarding the Madoff assets. Picard has argued that he is entitled to recover $295 million in fictitious profits and $710 million in principal received by the Mets owners and related entities in the six years before the bankruptcy filing was made. Sterling Partners, a business entity that includes the Mets owners, said in a statement Tuesday that it was pleased that the judge had limited what Picard could claim to a two-year period. Lawyers for Mets owners have repeatedly said that the defendants had no idea Madoff was not investing their money as he said he was. Picard has filed more than 1,000 lawsuits seeking to recover billions of dollars lost by Madoff investors. Picard has argued that some investors, including the Mets’ owners, owe large sums of money to other investors because they withdrew enough that they came out hundreds of millions of dollars ahead, at the expense of the others. The Mets’ finances have become a distraction for the team this year. The club’s cash-strapped owners announced in May that they had agreed to sell a minority share to hedge fund manager David Einhorn for $200 million. But the deal fell through Sept. 1, and the Mets said they would seek to sell shares of up to $20 million to family members and other potential investors without risking the possibility of losing a controlling interest. Thanks for visiting our blog =). Posted in mets-news | Comments Off
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Jose Reyes of New York Mets wins NL batting title, but still gets booed at Citifield |
By RONALD BLUM Perhaps playing his final game for the Mets, Reyes led Braun .336 to .335 at the start of the day. Reyes bunted for a hit in the first inning of New York’s game against Cincinnati and then came out with a .337 average. That left Braun needing to go 3 for 4 or better in Milwaukee’s regular-season finale against Pittsburgh, but Braun had an 0-for-4 night and wound up at .332. “I’m humbled and honored,” Reyes said in a statement issued by the Mets. “It means so much to my family and my country, the Dominican Republic. I have been through a lot over the past few years, so this really means a lot to me. It’s also very special to be the first Mets player to win a batting title. There have been so many great players throughout our history.” Detroit’s Miguel Cabrera won his first AL title, giving both leagues new batting champions for the second straight year. Cabrera finished at .344, with Boston’s Adrian Gonzalez and the Texas Rangers’ Michael Young at .338. Fans at Citi Field booed when Reyes came out. “It was kind of tough,” said Reyes, who can become a free agent after the World Series. “I want to stay in the game. They have to understand, too, what’s going on. They have to feel happy about it if I win the battling title.” That he did, about 9½ hours after taking his final swing of the year. “I’m not going to judge him. I respect whatever decision he decided to make,” Braun said before the game, adding after: “I’m a little disappointed, of course, but the chances of actually going 3 for 4 weren’t likely.” Toronto’s Jose Bautista won his second straight major league home run title with 43, while the Los Angeles Dodgers’ Matt Kemp homered in his next-to-last at-bat to lead the NL with 39, one more than Milwaukee’s Prince Fielder. After threatening to become the first Triple Crown winner since Boston’s Carl Yastrzemski in 1967, Kemp faded from the batting race and had a .324 average. Kemp led the NL with 126 RBIs, the first Dodgers player to lead the league in homers and RBIs since Dolph Camilli in 1941. The Yankees’ Curtis Granderson topped the AL with 119 RBIs, one more than teammate Robinson Cano and two in front of Gonzalez. Cincinnati’s Drew Stubbs struck out 205 times, ending Mark Reynolds three-year run as strikeout king. Adam Dunn of the White Sox hit just .159, but didn’t play Wednesday and finished with 496 plate appearances, six shy of qualifying. The post-1900 record low among qualifiers was set by Rob Deer at .179 in 1991. Eugenio Velez of the Dodgers went 0 for 37 this season, a record for at-bats by a position player without a hit, topping Hal Finney’s 0 for 35 with Pittsburgh in 1936. Hitless in 46 at-bats since May 2010, Velez broke the modern record for non-pitchers with one more than the mark shared by Pittsburgh’s Bill Bergen (1909), Dave Campbell of San Diego and St. Louis (1973) and Milwaukee’s Craig Counsell (this season). Seattle’s Ichiro Suzuki had 184 hits, ending his record streak of 10 consecutive 200-hit seasons. The Chicago Cubs’ Starlin Castro (207) became the youngest player (21 years, 188 days) to win the NL hits title, Young and Gonzalez tied for the AL lead with 213, one ahead Boston’s Jacoby Ellsbury. Bautista (.608) and Braun (.597) led in slugging percentage, and Bautista (.447) and Cincinnati’s Joey Votto (.416) topped on-base percentage, with Votto heading the NL for the second straight season. Atlanta’s Michael Bourn swiped two bases and his 61 steals led the NL for the third straight year, while Oakland’s Coco Crisp and the Yankees’ Brett Gardner shared the AL lead with 49. Among pitchers, Detroit’s Justin Verlander at 24-5 had the most wins in the majors since Arizona’s Randy Johnson in 2002. Verlander also won the AL ERA (2.40) and strikeouts (250) titles, becoming the first winner of a pitching triple crown since San Diego’s Jake Peavy in 2007. Clayton Kershaw of the Dodgers led the NL in ERA (2.28) and strikeouts (248) and tied Arizona’s Ian Kennedy for the lead in wins (21). Tampa Bay’s James Shields had 11 complete games, the first in double digits since Johnson’s 12 in 1999, and Philadelphia’s Cliff Lee became the first pitcher with six shutouts since Tim Belcher’s eight for the Dodgers in 1989. Detroit’s Jose Valverde topped the AL with 49 saves, while Atlanta’s Craig Kimbrel and Milwaukee’s John Axford shared the NL lead with 46. Pittsburgh (72-90) had a losing record for a major league-record 19th straight season, extending its own record. Thanks for reading! . Posted in mets-news | Comments Off
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Most Madoff trustee can get from Mets is $386 million |
[ [ [['Conrad Murray', 15]], [ [['she-devil', 12]], [ [['diana nyad', 13]], [ [['Joshua Komisarjevsky', 10]], [ [['CASCO Signal', 13], ['Yu Yuan station', 13]], [ [['It is difficult to assess how many birds are affected', 7]], [ [['Andy Rooney', 9]], [ [['villages where people are trapped under collapsed houses', 8]], [ [['The absence of Borders is going to be felt across the industry', 6]], [ [['Anders Behring Breivik', 8]], [ [['like there is no way out', 9]], [ [['including snipers picking off protesters from rooftops', 5], ['Violence has flared anew in Yemen in frustration', 6]], [ [['Dolores Hope', 7]], Thanks for reading! . Posted in mets-news | Comments Off
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New York Mets exercise Midland native Terry Collins’ option as manager through 2013 |
NEW YORK – The New York Mets announced Tuesday that they exercised the 2013 option on manager Terry Collins’ contract, guaranteeing that Collins will remain manager for the next two seasons. Collins, a Midland native, spent the 2010 season as the Mets’ minor league field coordinator before getting the job as the manager this season. Collins and the Mets were 76-85 through 161 games. Previously, he managed the Houston Astros and Los Angeles Angels. The move enables the Mets and Collins to prepare for the winter, including hiring assistants and pursuing free agents.
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Madoff Trustee Can Only Seek $386 Million From New York Mets, Judge Says |
Enlarge image Irving Picard Irving Picard, the trustee liquidating Bernard L. Madoff’s investment firm. Irving Picard, the trustee liquidating Bernard L. Madoff’s investment firm. Photographer: Ramin Talaie/Bloomberg The trustee liquidating Bernard Madoff’s firm “appears” to be able to seek about $386 million U.S. District Judge Jed Rakoff dismissed much of the “The most that the trustee can recover from the defendants Rakoff’s order was the first time the judge has said about Rakoff said it remains an open question how much of that Rakoff said yesterday that Picard must show the Mets owners The bankruptcy court case is Picard v. Katz, 1:10-ap-05287, To contact the reporters on this story: To contact the editor responsible for this story: Please enable JavaScript to view the comments powered by Disqus. That’s all the news for today. Posted in mets-news | Comments Off
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