Friday, July 22, 2011

News: Picard Drops Claims, Win For The Wilpons

According to Mark DeCambre of the New York Post, Irving Picard, the trustee liquidating Bernie Madoff's estate, has decided to drop his damages claim of $1B against the Mets and Sterling Equities, and will instead only seek the profits earned by the organization, a number that is around $300 million.

Analysis: This is a huge win for the Mets organization and the Wilpons'. Now only on the hook for potentially $300 M, I wonder how this will effect the team and it's payroll. Keep in mind, it is not a sure thing they will even have to repay the $300 million. Hopefully this gives Sandy Alderson more leverage in his pursuit of free-agents, specifically Jose Reyes. Only time will tell.