— Days Without Shea —

Filed under: Baseball | Mets
by Kingman on May 20 at 11:33AM
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Irving Picard and crew came after Sterling Equities big time Thursday.

"Court papers filed by Irving Picard allege that team owners Fred Wilpon, Saul Katz and their investment firm, Sterling Equities, suspected as early as 2001 that Madoff was running a Ponzi scheme, and considered purchasing "fraud insurance" against any losses.

The Manhattan Bankruptcy Court filing cites handwritten notes by Sterling partner Arthur Friedman regarding "Madoff insurance" that would provide coverage in the event of "Fraud or Fidelity (Ponzi)" and "Insolvency for any reason."

The Wilpons and Katz family supposedly researched getting fraud insurance, based on the advice of another Madoff investor. Picard cites this as proof the Wilpons knew who they were dealing with in Madoff as far back as 2001.

I'm no lawyer...and certainly no Wilpon defender...but doesn't the fact that the Wilpons didn't get the insurance prove they trusted Madoff and were indeed duped?

[May 20, 2011 12:49 PM]  |  link  |  reply
mike said

your last paragraph makes a good point. But if the above is true then the wilpon's stating they they had no idea what was going on and received no warnings or red flags appears to be a lie.

[May 20, 2011 3:41 PM]  |  link  |  reply
kingman said

I see your point, Mike. The total ignorance argument is looking weaker, although i would testify that the Mets owners are very dumb at times.

[May 21, 2011 7:57 AM]  |  link  |  reply
DyHrdMET said

I'm really not sure what to believe. I probably wouldn't be convinced until a jury comes back with a verdict.

Fred Wilpon was either a great accomplice or a great patsy.

But who do you think would play Fred Wilpon in the made-for-TV movie?

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