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="Edgy DC":1pslbvjh]Your headline seems to imply that Fred and Jeff were amoung the defrauders, not the defrauded.[/quote:1pslbvjh]
Aren't deceptive headlines a favorite past time of the crane pool?
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Kong76
Dec 14 2008 10:22 AM
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From NY TIMES web-site:
Wilpon’s Losses in Fraud Case May Affect Mets
By MICHAEL S. SCHMIDT
Fred Wilpon and Bernard L. Madoff grew up in the 1940s less than a dozen miles from each other in middle-class neighborhoods of New York City. Wilpon went on to become a wealthy real estate investor and the principal owner of the Mets, and Madoff one of the most successful traders on Wall Street.
Madoff and Wilpon have had a close personal and financial relationship for more than two decades, and Wilpon entrusted Madoff with hundreds of millions of dollars to invest, according to several people with knowledge of their relationship. But Madoff’s investment firm has collapsed in what federal authorities are describing as a $50 billion Ponzi scheme, and questions are being raised about whether the fraud could harm the Mets’ status as a big-payroll franchise.
Bob DuPuy, the president and chief operating officer of Major League Baseball, said Saturday that he and Commissioner Bud Selig had spoken with Wilpon on Friday. DuPuy said that all three believed that the fraud case would have no effect on the Mets’ operation.
But interviews Saturday with several people with knowledge of Wilpon’s business dealings revealed concern about significant problems that Wilpon and the Mets could encounter because of the reported fraud. Although it is unclear how much money Wilpon may recoup, any significant financial loss by a team owner raises questions about how those losses may affect the franchise.
“Any fraud that has been committed against Fred is something of deep distress to all of us and we feel very badly about the entire matter, but we all believe that this will not affect the team,” DuPuy said in a telephone interview.
Wilpon invested his own money and that of his investments firm, Sterling Equities, with Bernard L. Madoff Investment Securities. That company had a long track record of strong and steady returns, but Madoff was arrested Thursday morning by federal agents at his apartment in Manhattan and later charged with securities fraud for operating what the authorities were portraying as the biggest Ponzi scheme in financial history.
DuPuy said that the Mets were a separate entity from Sterling Equities and Wilpon’s other investments.
“The Mets are completely self-sufficient, and we have confidence that none of the other investments will affect the team,” DuPuy said. “They have been one of our most successful franchises on and off the field, and they are going into a magnificent ballpark next spring, and we expect it to be business as usual.”
Wilpon bought the Mets in 1980 in a partnership with Nelson Doubleday and became the team’s principal owner in 2002, when he bought Doubleday’s share of the team. The losses that Wilpon has sustained as a result of the Madoff fraud case could hamper his ability to pay back debt related to that buyout.
The losses could also hurt Wilpon’s ability to help the Mets weather the current economic downturn. Many sports leagues, including Major League Baseball, are bracing for lower revenue next season as consumers cut back on discretionary spending.
Perhaps most troubling is the possibility that losses incurred by Sterling Equities could put pressure on Wilpon to raise money by selling other assets. Because Sterling invested money directly with Madoff, Wilpon may have to come up with money to reimburse some of his own investors for losses. That may cause him to sell valuable assets, including a portion of his ownership in the Mets.
This year, Forbes magazine estimated the value of the Mets to be $824 million, making it the second-most valuable baseball franchise, behind only the Yankees.
After Wilpon became the Mets’ principal owner, the team had several down years. In recent years, Wilpon has made a concerted effort to put a more competitive team on the field. The payroll has surged as the team started its own television network, SportsNet New York, which broadcasts Mets games.
In 2008, the Mets had the second-highest payroll in baseball. Despite the current economy, the Mets have planned to keep their payroll at the same level in 2009. This week, the Mets signed Francisco Rodríguez to a three-year, $37 million contract to be the team’s new closer.
One person who has worked directly with Wilpon said that Wilpon and Saul Katz, the president of the Mets, who is a co-founder and president of Sterling Equities, were very close with Madoff.
“They were more than just business associates; they were friends and there was an enormous amount of trust,” the person said.
That friendship may or may not end up being something that Mets fans regret.
Eric Dash and Jack Styczynski contributed reporting.
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MFS62
Dec 14 2008 10:55 AM
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I mentioned this in my little ditty in the "Starting Pitching, ought-nine" thread.
Later
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Rockin' Doc
Dec 14 2008 11:27 AM
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metirish - <i>"We should pass the bucket around for Fred and Jeff."</i>
Only if they use the money to sign a starting pitcher.
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Kong76
Dec 14 2008 12:08 PM
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MFS: I mentioned this in my little ditty in the "Starting Pitching, ought-nine" thread <<<
Read the web-site article and stuck it in the thread that made most sense to
me. I hadn't/still haven't read the starting pitching thread.
Maybe if I bury a request for Willets to answer me whether Wednesday mor-
ning is cool for a parody post-off he'll see it here!
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metirish
Dec 14 2008 04:48 PM
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NBC Evening News says Wilpon lost $300 million.
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Edgy DC
Dec 14 2008 05:21 PM
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My bet says the Times headline is misleading.
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Kong76
Dec 14 2008 05:32 PM
Edited 1 time(s), most recently on Dec 14 2008 05:35 PM
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Rich people generally have insurance to protect against people who work
for them doing something illegal that causes loss or liability.
I wonder if really really really rich people have insurance to help out if you
get dicked by people who put their money to work for them.
This guy was a big story on Friday and I was surprised it didn't effect the
market more. Maybe it will tomorrow. Ya gotta wonder when the house of
cards really could fall when a bad story or two a week continues to surface
and things are already historically off the charts bad.
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John Cougar Lunchbucket
Dec 14 2008 05:33 PM
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="metirish":2djmtncp]NBC Evening News says Wilpon lost $300 million.[/quote:2djmtncp]
wOw.
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Ashie62
Dec 15 2008 04:15 AM
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Per CNBC 6AM Madoff victims are HSBC 1 Billion Nomura 300 Million..Senator Frank Lautenberg amount unknown..I hopes it all he has
Eagles Owner 300 million
and Fred the Tycoon 300-400 million..Man Between Madoff and Citigroup I almost think I'm too pissed and embarrased to spend any money on Mets tickets or sit in that stadium
But, by April I'm sure I'll feel differently
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metsmarathon
Dec 15 2008 11:38 AM
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the madoff thing makes me not so much pissed or embarassed, so much as alarmed, as there's some pretty big names caught up in it along with wilpon. i mean, damn.
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soupcan
Dec 15 2008 11:50 AM
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I know a guy who is one of these 'really really really rich people' that KC speaks of.
I asked him if he knew and/or invested with Madoff:
I met his brother once. But we didn’t invest because we didn’t understand what he did and he never would disclose it. This was a bunch of sheep following their friends.
He has been around for a long time and did everything right for a grift. He made it difficult to invest with him, never returned big numbers, etc. what a setup. What a mess..
Lots of lawsuits pending, I am sure, especially for the fund guys. They are dicks anyway so bye bye to them.
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soupcan
Dec 15 2008 12:23 PM
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And he adds:
This one was about the greedy folks at the country clubs following their friends and not doing due dilly. The funds of funds just want to see decent returns, no questions asked. A sad state of affairs b/c most of the clients are direct or indirect thru fund of funds.
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metirish
Dec 15 2008 12:55 PM
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Minaya says Madoff fraud won't impact Mets
BY KEN DAVIDOFF | ken.davidoff@newsday.com
2:35 PM EST, December 15, 2008
Omar Minaya told Newsday Monday that his offseason plans have not been impacted by the Wilpons' involvement in the Ponzi scheme that was exposed last week.
"Based upon what we've been told, they're separate entities," Minaya said, referring to the Mets and Sterling Equities, the real-estate firm co-founded by Mets CEO Fred Wilpon. "My understanding is the baseball team is totally separate from the other business. I'm expecting to proceed the way we were before."
Sterling lost hundreds of millions of dollars in the scheme run by Bernard Madoff, a longtime friend of Fred Wilpon's.
Minaya said he wasn't aware of the Wilpons' misfortune until news broke about it last Friday. He has spoken with the Wilpons, he said, and has been told he can go forward with his plans to re-shape the Mets.
"We're talking to other clubs and agents right now," Minaya said. The Mets want to add a high-end starting pitcher to replace Oliver Perez; that pitcher could be Perez himself. For now, they're expressing satisfaction with their everyday lineup.
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soupcan
Dec 15 2008 01:18 PM
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I don't think it will impact the team or its ability to spend, but it may very well impact the Wilpon's and their ability to continue to own the team.
I have no idea what the Wilpon's are worth but $500 million is a lot of money no matter who you are. If Sterling Equities has to repay its investors, they may have to sell the team to raise that money.
On Edit- basically what it says in the times article...(RMPL)
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John Cougar Lunchbucket
Dec 15 2008 01:31 PM
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Zactly.
And who ever heard of the Wilpons making a big investment with improper due dilligence?
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metirish
Dec 15 2008 01:38 PM
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Ouch
Saul Katz lost a boat load too.
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Frayed Knot
Dec 15 2008 05:22 PM
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Maybe this means that they won't be able to finish games next season unless they apply for 'TARP' money.
ba-dum-ching
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metirish
Dec 16 2008 07:07 AM
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[url=http://www.nydailynews.com/money/2008/12/15/2008-12-15_ill_save_the_mets_says_long_island_liquo.html]I'll save the Mets, says Long Island liquor mogul Martin Silver[/url]
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I'll save the Mets, says Long Island liquor mogul Martin Silver
BY BILL HUTCHINSON
DAILY NEWS STAFF WRITER
Monday, December 15th 2008, 9:01 PM
A Long Island liquor mogul is offering to buy the Mets from Fred Wilpon, one of the victims in Bernie Madoff's $50 billion Ponzi scheme.
Martin Silver, owner of Syosset-based Star Industries, told the Daily News he's putting together a team of partners to make Wilpon an offer for the major league franchise.
"As a life-long Mets fan and a season ticket holder for over 25 years, I would not like to see the Mets organization fall into the wrong hands," Silver wrote in a letter to Wilpon requesting a meeting to air his offer.
Silver, part owner of a minor league baseball team in Wilmington, Del., said he has spoken to potential investors and estimated he could put together an offer of $600 million to $700 million for the team. Forbes magazine has put the value of the Mets at $824 million.
"If Mr. Wilpon is in so much trouble. ... It's like real estate, it comes down in value," said Silver, who in June sent Wilpon five whole chickens to express his displeasure over the firing of manager Willie Randolph.
Wilpon's Sterling Equities reportedly lost some $500 million it had invested with Madoff's company. Wilpon, who bought the Mets in 1980, has told Major League Baseball officials his losses won't affect the team's operations.
Silver, whose company's flagship spirit is the popular Georgi Vodka, said that while the economy has tumbled, his liquor business is booming
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Benjamin Grimm
Dec 16 2008 07:12 AM
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He sure looks good in that cap!
This thing may lead the Wilpons to end up selling the team, but I'm sure they'll do what they can to at least enjoy one season at Citi Field. How bittersweet it would be for them to open their palace/shrine just as they're forced to sell?
Maybe the new owner will start working on plans to move the Mets into a replica of Shea Stadium.
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metirish
Dec 16 2008 07:14 AM
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Silver sent Fred five whole chickens to show his displeasure after they fired Randolph , I don't like him already.
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Edgy DC
Dec 16 2008 07:19 AM
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But I sure wouldn't want the Mets to end up in the wrong hands.
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John Cougar Lunchbucket
Dec 16 2008 07:44 AM
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Douche.
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Benjamin Grimm
Dec 16 2008 07:49 AM
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Yeah, really. How is this guy much different from Gary Carter circling around Willie Randolph's dying corpse?
EDIT: Dying corpse? I should be able to do better than that!
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metirish
Dec 18 2008 09:59 AM
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Wilpon's not broke.
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"The individual partners lost some money at Madoff. But it doesn't affect the Mets. It doesn't affect the Citi Field project. It doesn't affect (team-owned television network) SNY or any of our operating businesses.
"How is that possible? We have other money. Just because you guys don't know how much money we have, we have other money and other funds outside of (the Mets).
"It's called diversification."
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Jeff mentioned how he and Madoff's son have been close friends for 30 years, that's got to hurt. I should say that he also mentioned that as much as this blows he feels for the people who" don't have the ability to restock their bank accounts."
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John Cougar Lunchbucket
Dec 18 2008 10:02 AM
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Jeffy is the kind of millionaire other millionaires are ashamed of.
I'm sure these guys didn't look into how Madoff made his money because they didn't wanna know.
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metirish
Dec 18 2008 04:57 PM
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soupcan
Dec 18 2008 07:00 PM
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="metirish":p4wu4e1y]http://www.thebigmoney.com/articles/news/2008/12/16/madoff-madness[/quote:p4wu4e1y]
Wow.
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metirish
Dec 18 2008 07:36 PM
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="soupcan":b7piiu4g]="metirish":b7piiu4g]http://www.thebigmoney.com/articles/news/2008/12/16/madoff-madness[/quote:b7piiu4g]
Wow.[/quote:b7piiu4g]
I had the same reaction after I read that article yesterday.
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Rockin' Doc
Dec 18 2008 08:27 PM
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Damn, that's some scary stuff. I'm glad I just bury my money in my wife's garden beside our house.
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Edgy DC
Dec 23 2008 02:23 PM
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Fund manager Rene-Thierry Magon de la Villehuchet, 65, dead of an apparent suicide after losing $1.4 billion for his investors in Madoff's fraud.
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Edgy DC
Feb 05 2009 05:41 AM
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The News reports today that Fred's buddy Sandy Koufax got schemed also.
Tim Teufel too! That's the last straw. You don't bilik Tim Teufel.
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Ashie62
Feb 05 2009 05:47 AM
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Kevin Bacon also...Collateral damage..The Mets willing to trade Ramon Castro and keep Cancel per NY Post
Ah..a million ain't what it used to be...Oops..I mean a billion..
Is Teufel Jewish?
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Fman99
Feb 05 2009 07:04 AM
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| ="Edgy DC"]The News reports today that Fred's buddy Sandy Koufax got schemed also.
Tim Teufel too! That's the last straw. You don't bilik Tim Teufel. |
I think Teufel was always so fidgety at the plate because someone had their hands in his pockets, takin his dagburn money!
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Edgy DC
Feb 05 2009 07:11 AM
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Teufel is very not Jewish.
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G-Fafif
Feb 05 2009 10:05 AM
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Teufel's the devil.
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Ashie62
Feb 05 2009 10:34 AM
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="G-Fafif":3ln5kx9l]Teufel's the devil.[/quote:3ln5kx9l]
He made a deal with the Devil
Now we know why we won Game 6
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G-Fafif
Feb 05 2009 10:51 AM
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Good thing the Red Sox didn't have Gott on their side.
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metirish
Feb 06 2009 07:14 AM
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The Mets in all forms are all over this list .
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Bernie Madoff tie to Mets' money prompts fear of major losses
BY GREG B. SMITH
DAILY NEWS STAFF WRITER
Friday, February 6th 2009, 3:02 AM
Newly released documents make clear that New York Mets' money got caught in Ponzi schemer Bernard Madoff's web of deceit.
Mets Chief Operating Officer Jeff Wilpon had admitted that his family and business partners lost money to Madoff's $50 billion Ponzi scheme, but he's always insisted the team won't be hurt in any way.
"It's truly two different things," Wilpon said.
But documents reveal that 13 accounts with direct ties to the Mets show up on a list of Madoff client victims filed in Manhattan bankruptcy court.
The Mets' accounts include one called Mets II LLC; six accounts for Sterling Mets Limited Partnership, listed as "care of" Mets Vice President Leonard Labita, and six accounts for Sterling Doubleday, the company that used to own the Mets.
There's also an account for the Brooklyn Baseball Co. and one for Coney Island Baseball, business entities that own the Mets' Brooklyn minor-league baseball team.
The Mets have repeatedly tried to distance themselves from investments their parent company, Sterling Equities, placed with Madoff.
A big worry would be if Sterling had acted as a so-called "feeder fund," placing other people's investments with Madoff without telling them. Several such funds face multibillion-dollar lawsuits.
Thursday, Sterling said it was never a feeder fund for Madoff. Instead, the company said, "Sterling's partners, as well as various friends and family members of those partners, are among the scores of unfortunate victims of the Madoff fraud."
Records show many Wilpon family members and Sterling executives and their families placed money with Madoff.
Sterling won't disclose how much money it put with Madoff over the years. But records show Sterling Equities alone appears to have more than 180 accounts.
gsmith@nydailynews.com
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Edgy DC
Feb 06 2009 11:39 AM
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Wow, Bobby F. Nystrom.
Kyra Sedgwick is half Jewish. Shocking!
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seawolf17
Feb 06 2009 11:45 AM
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| ="Edgy DC"]Kyra Sedgwick is half Jewish. Shocking! |
Funny! She doesn't look Druish.
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Edgy DC
Feb 23 2009 07:31 AM
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Damn, nobody asked me why that's so shocking. I figured I could count on Fman at least to set me up. Oh, well. The moment's passed.
Anyhow, under the headline of "Your Daddy? My Daddy Too!" Yuki Wilpon's father has <a href="http://www.bloomberg.com/apps/news?pid=20601080&sid=abyklogg3jaw&refer=asia" target="blank">brought his multi-billion dollar company to bankruptcy</a>. Oddly enough, the firm is in deep debt to Citi, and their viabliity isn't going to be helped by their billionairre debtors going bankrupt.
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MFS62
Feb 23 2009 07:37 AM
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="Edgy DC":2vsw6hk3]Damn, nobody asked me why that's so shocking. I figured I could count on Fman at least to set me up. Oh, well. The moment's passed.
[/quote:2vsw6hk3]
pant, pant, gasp
Sorry.
Late to the party.
I ran as fast as I could.
I hope its not too late.
OK,
why is that so shocking?
Later
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metirish
Feb 23 2009 08:01 AM
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Is Yuki's hubby the Wilpon son that acted as Asia scout for the Mets?
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Edgy DC
Feb 23 2009 08:07 AM
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Moment's passed.
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MFS62
Feb 23 2009 08:37 AM
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="Edgy DC":14jnjjn2]Moment's passed.[/quote:14jnjjn2]
Pretty please?
With ice cream on top?
Later
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Edgy DC
Feb 23 2009 08:49 AM
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Nah. Stupid, sexist, vaguely insulting at many levels, and not particularly funny.
Cleaning up my act starting with a new respect for Ms. Sedgewick, co-star of charming mediocrities like <i>Singles</i> and <i>Phenomenon</i>.
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MFS62
Feb 23 2009 09:02 AM
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| ="Edgy DC"]Nah. Stupid, sexist, vaguely insulting at many levels, and not particularly funny.
Cleaning up my act starting with a new respect for Ms. Sedgewick, co-star of charming mediocrities like <i>Singles</i> and <i>Phenomenon</i>. |
Oh.
I thought you were going to say something about the really bad Southern drawl she puts on in her starring role in her cable show, The Closer. Her accent is so difficult to understand, at times you wish for subtitles. Makes the show unwatchable for me.
Later
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