Looks like the long, drawn-out ownership battle for the New York Mets is finally over? Or more over than it was before. Somebody is going to give somebody else $162 million dollars, which I promise you is a whole lot of money. The Mets stay the Mets in all of this, meaning Jason Bay remains a poor signing.
Business words! Booster juice and tailored suits! Money going from one place to another! Synergy! Liability! Trying to write about this makes me long for a split squad game between the Astros and the other half of the Astros.
Richard Sandomir is tweeting the highlights, if that is your cup of tea. If you prefer the Coles notes version, allow me to direct your traffic to a blog run by a lawyer or blockquote liberally from the Wall Street Journal, which seems to be the prudent thing to do:
Irving Picard, the court-appointed trustee for Mr. Madoff’s firm, had sued the Mets owners, Fred Wilpon and Saul Katz, as well as their families and business associates for more than $300 million they invested with Mr. Madoff, who pleaded guilty to fraud charges three years ago.
As part of the settlement announced in Manhattan federal court Monday, the Mets owners won’t have to make a payment for three years. Instead, they will surrender their claims against the bankruptcy estate.
After three years, the Mets will make payments to the estate to cover any amounts not resolved by their claims. Messrs. Wilpon and Katz will personally guarantee up to $29 million of the settlement.
It seems the Mets will not make any payments now, assigning their claims to a trustee. Which are words that I just typed. Right now. There they are. In the preceding sentences.
I could grope around looking for meaning and potential ways this will affect the Mets but then I would lose sight of the fact that Bernie Madoff bilked thousands of people out of millions of dollars. That is much worse than the potential culling of Mike Pelfrey’s contract, isn’t it?