So it’s finally over. Mets owner Fred “Wimpy” Wilpon will gladly pay Tuesday if you give him a hamburger today. But in this case “Tuesday” is three years from now and “hamburger” is the big business known as the New York Mets.
The Madoff clawback suit is settled with the Mets on the hook for $162 million but with the money not payable until three years from now. And if that wasn’t enough of a win for the Wilpons, they likely will not have to pay that much money. You see, the Wilpons are available to receive money from the loser fund, getting back some cash they lost when Madoff’s scam collapsed.
Originally, the owners were being sued for $1 billion dollars. That amount was later reduced to $386 million, as Judge Rakoff limited the amount of time that the trustee could look back to two years. However, the decision to limit the period to two years was one of many things that could have been reversed upon appeal.
It’s hard to declare a decision that makes you liable for $162 mil...