Monday, March 5, 2012

Wilpons Lose Latest Court Battle

This morning, US District Court Judge Rakoff ruled that the Wilpons will face trial on the Picard lawsuit. Furthermore, he ruled that the Mets' owners will be liable for as much as $83 million in fictitious profits, prior to that court date, which is set for March 19th, 2012. While it is expected that today's ruling will be appealed, ESPN's Adam Rubin reported this afternoon that the Mets would have to post bond for 110% of the pre-trial amount.

Things could still get worse for the Wilpons. Once the case is in the hands of a jury, as much as $303 million could be added onto their debt. Such a scenario could lead to eventual involvement of Major League Baseball according to multiple sources, including SNYs Rich Coutinho.

Adam Rubin also noted this afternoon that of the potential $83 million the Wilpons would have to come up with prior to the March 19th trial, only $1.7 million is held against "Mets'" accounts. The rest would fall on the Wilpon family themselves. Whether or not they can absorb this hit, or the potentially much more significant financial hit to come, remains to be seen.

Whether you hope this leads to an eventual Major League takeover of the team or not, we should all be in unison in hoping that the outcome of the case is decided quickly. At the end of the day, the financial unknown is what has prevented the team from moving forward with any significant decisions. We are getting ever closer to knowing these outcomes, and as such, closer to these dark financial times, one way or the other.