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Here is the
full statement regarding the lawsuit against New York Mets owners Fred Wilpon, Jeff Wilpon and team president Saul Katz.
The three men are being sued by Irving Picard, the trustee for Bernie Madoff victims. The lawsuit was unsealed today, claiming that the Wilpons made over $300 million in profits from Madoff, while the Wilpons claim they lost $500 million.
Last week the Mets
announced that they were discussing selling a portion of the team to help settle the lawsuit, a stake perhaps as high as 25%. As soon as the announcement was made, many
doubted that the Wilpon's would just be able to sell a stake in the Mets, and might have trouble raising the funds with selling a portion of SNY, a regional cable channel, in which they own a 65% stake in. Comcast
and Time Warner
TWC own the rest.
Recently, the Wilpons have been more amenable to potentially
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to settle the lawsuit, should they not be able to find a buyer for a portion of the Mets.
Earlier this week, the Wilpons met with
MLB Commissioner Bud Selig to discuss the situation, including the potential sale of a stake in the Mets.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted In: NewsLegalBernie MadoffBroadcasting & Cable TVConsumer DiscretionaryFred WilponNew York Mets
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