Mets Owners Ask High Court for Help in Madoff Case
Thursday, February 09, 2012
The owners of the Mets want the Supreme Court to weigh in on their attempt to recover money lost in Bernard Madoff's Ponzi scheme.
In a petition filed last Friday, Sterling Equities, the umbrella group that owns the Mets for the Wilpon family and other team investors. wants the highest court in the nation to reverse a lower court ruling that approved the way Irving Picard, the trustee collecting money on behalf of investors who lost money in Madoff's scheme, determined who can get money from the special fund set up for those who lost money.
Under the current ruling, Sterling Equities would not be eligible to participate in the recovery fund.
It will likely take months before the justices decide whether to hear the appeal or not.
Meanwhile, the case Picard is bringing against the Mets for over $300 million in principle and profit it received from Madoff is expected to proceed next month.
Madoff ran a massive Ponzi scheme that cost thousands of investors billions of dollars.
With the Associated Press