Category Archives: Bankruptcy

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Looks Like Fred Wilpon Picked the Wrong Week to Quit Drinking

The well known travails of Fred Wilpon, the principal owner of the New York Mets, have all converged this past week. He, his partner Saul Katz and their families and affiliated enterprises (the “Wilpon/Katz Group”) lost several hundred million dollars when Bernard Madoff’s long running Ponzi scheme finally unraveled at the height of the financial crisis … Continue Reading

Madoff Trustee’s Amended Complaint – More Bad Stuff ’bout the Mets (Owners)

Irving Picard, the trustee overseeing the liquidation of Bernard L. Madoff Investment Securites (“BLMIS”), has filed an amended complaint (the “Amended Complaint”) that seeks to buttress his allegations against Fred Wilpon and Saul Katz, the owners of the New York Mets, and their families and affiliated enterprises (the “Wilpon/Katz Group”). Among other things, the Amended Complaint … Continue Reading

Meet the Mess, Cont’d — Former Governor Cuomo Asked to Mediate Madoff Trustee’s Lawsuit Against Mets Owners

Judge Burton Lifland, the bankruptcy judge overseeing the liquidation proceedings of Bernard L. Madoff Investment Securities LLC (“BLMIS”) made a shrewd decision last week in appointing, on his own initiative, former Governor Mario Cuomo to act as mediator in the lawsuit brought by Irving Picard, the BLMIS trustee, against Fred Wilpon and Saul Katz, the … Continue Reading

Madoff Trustee vs. the Wilpons – Meet the Mess

Fred Wilpon, the owner of the New York Mets, was a close friend of Bernie Madoff, and it has been generally believed since the outset of the scandal that Wilpon, his family and affiliated enterprises lost hundreds of millions in the great Ponzi scheme. It has also been known that the Wilpon group was a so-called … Continue Reading

District Court Takes on Responsibility of Defining Dischargeable Environmental “Claims”

The ongoing debate about the treatment of cleanup orders in bankruptcy looks to be getting a lot more interesting in the Second Circuit. In a decision (.pdf) that could signal important precedent in the making, the United States District Court for the Southern District of New York granted the government’s motion to withdraw the reference … Continue Reading
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