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Owners of Mets look to save their skins from Madoff schemes

Mets owners going through their attorneys have acquired 2 sworn depositions that they believe weaken the assertion regarding the $1 billion lawsuit. Irving Picard, who is the court-appointed trustee that is retrieving monies for the people suckered into Bernie Madoffs schemes, which were filed against them in December according to the sworn depositions from Peter Stamos and Ashok Chachra the business partners. The attorneys for Fred Wilpon and Saul Katz submitted a motion to dismiss and a motion for summary judgment last Sunday. This was their initial offensive maneuver in regards to a suit which has placed doubts on their principles and which has greatly hurt their characters and made them to put part of the team up on the auction block. The lawsuit which is known as a "clawback" action regarding the Mets owners, would make them give back monies to around two decades worth of investments. This includes an alleged $300 million in a bogus windfall and $700 million in capital. This is derived on the belief that Wilpon and Katz "knew or should have known" that Madoff was perpetrating an illegal scheme because of the many obvious signals that was staring them right in their eyes. The opposing console Karen E. Wagner commented that the complaint is without merit and ridiculous. She went on to say that her clients had no such warnings. So this case could just come down to what the jury thinks that the Met owners knew or should have known in regards to the monies that Madoff was supposedly using to invest for them. Time will tell how this case will end up put it is hard to believe that when you give someone this kind of money to invest you do not or would not keep an eye on it.

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