Madoff Revisited; Judge Rakoff Makes Difficult Decisions...This Time His Ruling Dismisses Trustee's Case Against a Major Bank.

Judge Rakoff is experienced, intelligent , hard-working and is not shy about making tough decisions. As you might know he has been assigned the Trustee's case against Fred Wilpon and Company. He is also the Judge assigned to the case against HSBC Bank, [one of a thousand cases filed by the Trustee] seeking damages for Madoff victims based on allegations that the banks should have observed "Red Flags" and then investigated accordingly.
Well bad news for the Trustee and "Madoff Victims " worldwide. Judge Rakoff just issued a decision dismissing the action brought against HSBC .... and as I understand it the decision could very well be a "death knell" to suits against banks worldwide as it relates to the 'Ponzi Scheme". Tough stuff, but I believe the right decision.
Oh well, the matter is sure to go up on appeal and take on a "life of it's own"!
Mr. Trustee, you can't win em all!

Defense in Strass-Kahn Has Accuser Exactly Where They Want Her.....

Remember a few months ago. DSK gets arrested, , humiliated, found guilty in the Court of public opinion, resigned from the IMF, house arrest...political aspirations shot to bits! Well now, he's free without bail, the accuser is getting bashed in the press, her attorney is begging the D.A. not to drop the criminal charges, there's some slight sympathy for Strauss-Kahn and his attorney is publicly defending his client's credibility and the accuracy of her statements she has made during the investigation. Wow, how things have changed!
My opinion ; Defense has the accuser exactly where they want her!
Stay tuned!

Madoff-Wilpon Revisited ; Trustee Has Shifted Gears Again....Will it work?

Well, the legal wrangling between the Trustee, Irving Picard and "The Wilpon Camp" continues . As you know , the venue has shifted from Bankruptcy Court to U.S. District Court . The case has been assigned to Judge Rakoff .
So how has the Trustee shifted gears ? First off, Judge Rakoff has preliminarily noted that he may very well apply "Securities Law " rather than Bankruptcy Law. Picard therefore must argue what Securities Law standards now apply against Wilpon and Company . Secondly, as I understand it , Picard is now arguing that assuming Wilpon was an "ordinary investor " rather than a "sophisticated investor", that he still had a duty to make a reasonable investigation after certain "red flags " became evident to Wilpon.
That may very well be the crux of the battle...Picard now argues that there were numerous red flags obvious to Wilpon and Katz; Wilpon's team will most definitely argue that there were no contemporaneous red flags, but rather that they have been concocted by the Trustee and his legal team "after the fact " in an effort to make out a "prima facie case".
So you now have the battlegrounds...My prediction...Judge Rakoff does not dismiss the case in its entirety, but significantly limits the scope of potential recovery for Picard.
In other words, round one to Wilpon! Let's wait and see....

So NFL Lockout is Over; Ok NBA, Your Turn!

I'm like wow! Can't believe how excited some of my buddys and in-laws are about the fact that the NFL season is saved. I'm happy too, and once the weather gets cold I do look forward to the games....but I'm in no rush for the NFL season to start.
Now , it would be great for the NBA to follow suit. Wishful thinking ? Who knows. Well, if it doesn't happen there is college hoops every night, Rutgers and Seton Hall are close to me...and the Israeli League. Did someone say "Euro-League"?
Let's see what happens come late August , early September.For now, let's enjoy the summer!

Jennifer Pharr Davis, You Are a True "Trail-Blazer"...The Appalachian Trail That Is!

Ok here's one for you...What starts in Maine? Ends in Georgia? Is 2180 miles long, takes you thru rivers , woods, streams, Mountains and paths, past bear, moose, skunks, porcupines and other wild animals, and has never been covered by a human being in less than 47 days by foot?
If you guessed the Appalachian Trail, you were right! The "Trail" is marked only by white blazes on tree trunks and takes you through rough, flat , inclined and mountainous terrain. Ms. Pharr Davis' best time is 57 days. This summer she is trying to break the record of 47 days. Imagine this, you need to do almost 50 miles per day, every day walking for about 15-17 hours in the heat and humidity. Yikes!
So next time someone calls "hiking " a wimpy sport, or not even a sport...Tell em to join Pharr Davis in Blairstown N.J. for the final 1200 miles of the hike.
Oh Ms. Davis, I hope you have plenty of "deep woods bug spray".

NFL Owners Approve New Collective Bargaining Agreement....So Big Deal!

Hip , hip, hooray ...The greedy owners agreed to a new collective bargaining agreement ! The NFL Players Union I'm sure will follow suit..just in time to start the season and get their paychecks..The network is happy, fans are happy...So let the games begin!
You know what, next time you guys have a strike, lockout and lawsuit....Don't tell me. Just wake me when it's over!
Let's go Jets!

Unfortunately , The United States Slavery Museum Having a Tough Time Getting Off the Ground...

The plans to build the US National Slavery Museum in Fredericksburg Va., was conceived by L. Douglas Wilder , the nation's first elected black governor about 10 years ago. About 38 acres were donated and architectural models were even prepared. Some artifacts were donated .
So where does the museum stand today? It doesn't! The lot is vacant, overgrown with weeds. No construction, no nothing.. Except for a $215,000 tax bill from the City of Fredericksburg, who is making noise about auctioning off the property. Good luck in this real estate market...But that's not the point.
This is a great and worthy endeavor, long overdue and would educate and enlighten not only African Americans but all races , creeds and colors about the terrible, shameful period of American history. Slavery.
So where do we go from here? First of all, Fredericksburg, show some compassion and back off! Governor Wilder, respectfully, are you in or out? We need energetic, well-connected, strong leadership. And most importantly "Corporate Amererica and Academic America "get financially involved! Not many worthier causes!
It would be downright disrespectful to let this project die in the wind...The kids today, and generations to come need to be educated!
Remember, talk is cheap!

Lenny Dykstra("Nails "),Another Victim of Life in the Fast Lane!

I guess it can happen to anybody...One day riding high, on top of the world , nothing but upside, the next day bankruptcy, divorce, financial empire destroyed, family relationships ruined and then the arrest and criminal charges.
Look at the beloved Lenny "Nails " Dykstra , 1986 member of Mets world championship team, 1993 member of Phillies team which went to the "Series ", second in the MVP voting to Barry Bonds one year . A guy who would run through a wall for you... guys who played with him loved him. Gave his blood and guts every night!
Then in retirement, it appeared he had everything...Valued his assets at $58 million a few years ago. Then bam, a downhill slide at 150 miles per hour. Apparently , he was broke...Filed bankruptcy, and then he was trolling for an easy "financial fix" ! Arrested and allegations of fraud and obstruction of justice .Man!
Is Dykstra ruined? That will be up to Lenny.. He has to address the charges, either plea or go to trial and then somehow reinvent himself in a way that maybe only Lenny Dykstra can.
In the meantime, a good place to start is to make amends with family and long-time friends. The months and years ahead will be much more bearable with a layer of support.
It's not going to be easy, but hey....life never is!

Diana Nyad , Sharks, 103 Mile Swim ,60 Hours in the Water...Nothing For a 61 Year Old Kid!

Diana Nyad , an athletic wonder and courageous, legendary long-distance swimmer is at it again at the ripe young age of 61. Ms. Nyad will attempt to swim the "Florida Straits " , Cuba to Key West in the very near future. She , of course, will have an entourage of 22 people keeping her company including a doctor, trainer, coach, "shark hunters" , nutritionest and more .
Just think about what she's doing, 103 miles in 60 hours in shark-infested , rough waters in the middle of black, desolate nights. This is one dedicated , driven, fearless woman...The preparation, training, sacrifice..."man o man ". Why ? To say she did it? "Life would not be complete without it "? Writing a book ? A goal ? Lunacy ? Or an extreme midlife crisis ?
Whatever the reson, she's in for the swim and journey of her life. Be careful, be safe and we can only ask that you give it your all.
Good luck!

Woman's World Cup Soccer; Gut-Wrenching Loss to Japan.

Well one thing about sports in the summertime....You get to watch sports on the tube you might not watch during football, basketball and hockey season. The French Open, Belmont Stakes, Wimbledon, The British Open Golf, Tour De France and The Woman's World's Cup(FIFA). The World Cup Final today was a "nail-biter " , which ended in a "shootout " going to Japan . The US woman were bigger, stronger, faster and I thought better, but somehow the Japanese woman never gave up and pulled out a historic victory for themselves and their stricken country.
US woman; You trained hard, played great, never gave up and showed true grace and character even in defeat.
You both deserved to win!

Judge Reggie Walton Declares a Mistrial in Clemens Trial; What Was the Real Reason ?

Shocking news flash heard around the sports world mid-afternoon yesterday in the criminal trial of Roger Clemens . Yes, on day 2 , a mistrial declared by Federal Court Judge Reggie Walton . To make things more interesting, the parties must return to Court on September 2nd for the Judge to decide if the case actually even gets retried .
So was the case mistried because of the carelessness of the well-respected prosecutors, because Clemens is lucky or because deep down Judge Walton immensely dislikes the case and was looking for a reason to "mistry or dismiss it" ? Perhaps Judge Walton truly believes that this was and is "a baseball matter " and that Congress stuck their big noses in a little too far by conducting lengthy hearings on arguably a private matter . Or maybe, two major mistakes by "experienced prosecutors" during opening statements and again while playing a video (which should have been delicately redacted in accordance with the Court's instructions) was too much , too soon and the Judge thought better to end it quickly rather than drag it out with inevitably the same result.
Whatever. Bottom line , the case is mistried, Clemens goes home to Texas, prosecutors are eating an "all you can eat serving of craw" and Clemens' fate will now first rest in the hands of the US Attorney and come September 2nd, in the palms of Judge Walton. A lot of time , money and effort have been wasted. Oh well Roger, you got very lucky through some big time "rookie mistakes "......We'll see how far it gets you.
Remember "Rocket " , the Government is broke, but somehow they'll be able to come up with another $10 million to retry you if need be! Enjoy the summer. Time now to toast Steven Durham, the prosecutor who made it all possible ! Bottoms up.

Federal Appeals Court in D.C. Holds Exxon Mobil Corp. Not Immune Under Alien Tort Statute!

The Federal Appeals Court in Washington D.C. recently held that Exxon is not immune from liability for brutality allegedly caused by agents of their company against a group of Indonesian villagers. Great, ballsy decision and you know what ? The correct one! The decision flies in the face of an earlier ruling by the Federal Court of Appeals for The Second Circuit(New York) in another Alien Tort Act case .
D.C. Circuit Judge Judith Rogers wrote in the majority opinion," The law of the United States has been uniform since its founding that corporations can be held liable for the torts committed by their agents....This is confirmed in international practice, both in treaties and in legal systems throughout the world....It would create a bizarre anomaly to immunize corporations from liability for the conduct of their agents in lawsuits for shockingly egregious violations of universally recognized principles of human rights " Well said Judge Rogers .
Why condone a behavior in a "third world country" that would inevitably bring about a criminal prosecution here ?
Oh , and Second Circuit Court of Appeals, "Man Up " ! Your protection of big multi-national corporations is shameful!

Roger Clemens' Criminal Trial, Let the Game(Testimony ) Begin.

"Mr. , my sh_t doesn't stink ", Roger Clemens , will now really get his day in Court. A Federal Jury consisting of 10 woman and 2 men has been selected to hear the case . Opening statements will given as early as today. Should make for some interesting reading during the dog days of July and August, especially with football and basketball currently on the shelf.
From some of the snippets of jurors' profiles I've read about, it looks like the defense has done a good job in the selection process . Only time will tell.
I can tell you this, Washington D.C. is not where Roger wants to be spending his summer!
Prediction, guilty on some perjury counts . Unfortunately for Roger Andy Petite's testimony will carry tremendous weight.
Stay tuned.

L.A. Dodgers,Maybe You Should Move Back to Brooklyn!

Los Angeles, the home of the Lakers, USC Football, UCLA Basketball, the Kings and "the once proud Dodgers". Yes, Koufax, Drysdale, Valenzuela, Garvey, Davey Lopes, Piazza, Ron Cey and of recent vintage "Manny ". Yes, one of the most beautiful places in the country to watch baseball, with annual attendance of $4 million. Eating tacos, drinking beer and watching the Dodgers. Plus 5 championships(will doublecheck ) since arriving in L.A. Tommy Lasorda eating pasta every night in the best Italian Trattorias .....And now this!
Disgrace, bankruptcy, a messy, ugly public divorce between the owners, Major League Baseball taking over the team's financial operations. Can you imagine, Manny Ramirez being a creditor to the tune of $21 million ? The people of L.A. must be losing sleep over the thought of losing the Dodgers after losing the Rams and Raiders!
Somehow, if my dad and grandfather(2 Brooklyn boys from President Street) were still alive, I can't help thinking that a small smile would appear on their faces...Just a small amount of payback for losing their "beloved Dodgers " to the West Coast.
Bring em back to Brooklyn...Plenty of room for a new, domed stadium!

Jeter Joins "Select Company " With Hit Number 3000 on Dream-Like Day at The Stadium .

He did it! He did it! Jeter got his 3,000th hit with a homer , at home and did it in "fairy tale fashion" going 5 for 5 including the hit knocking in the go-ahead run . Derek will be the first to tell you that the pressure to get to the milestone and to do it at home was immense. The guys who sell the flash bulbs made a fortune.
I'm sure the pressure, stress and exhaustion take a lot of the fun out of things for the pursuer. Just last year we watched A-Rod's gut wrenching pursuit of 600 homers. Aaron's chase of Ruth took on a life of it's own , together with the disgusting "racist sideplot"! We saw Rose's pursuit of Cobb, McGuire and Sosa's of Maris, Bond's breaking the 70 homer mark. Even going further back Drysdale's pursuit of the scoreless inning record . Baseball, like no other sport is truly a "statistical orgy".
So Derek, you join Mays, Aaron, Carew, Gwynn, Clemente, Rose, Cobb, Tris Speaker and more. With 3-4 more productive years you may be able to creep up on Aaron's 3700 hits. Who knows? Wow !
I do know one other thing Mr. Jeter; You're a class act and a sure fire "first ballot Hall of Famer ! Congrats.

John Mackey, NFL Great Tight End Passed Away; He Was a Man's Man!

Hall of Famer John Mackey (#88) passed away this week. He was only 69 and suffered for many years from"frontotemporal dementia ". To me , it's tragic how these great "warhorses " give their blood and guts to the game, provide lifetime lasting thrills to generations and die forgotten, poor and deteriorated. Happens far too often . Is it really worth it? To whom ? The player, the fan , the owners.....Certainly not their families. Eight or nine years of thrills vs. a lifetime of pain, injury ...premature passing. Tough stuff!
Let's talk about old #88 as a player. He played with the Colts from 1963-1971(1972 with the Chargers) and along with QB Johnny Unitas revolutionized the tight end position. He was fast , strong like an ox, fearless and dished out pain life a "runaway freight train"! Just watch old film of him...It took 5-6 guys to bring him down , defensive backs bouncing off him like a pinball machine. And a lot of TD's over 50 yards too.
One thing most don't remember about Mackey is he actually made the "original Immaculate Reception " before Franco Harris in the the 1971 Superbowl vs. Dallas. Johnny Unitas throws a pass to Colts receiver Eddie Hinton. The ball bounces off Hinton's hands, grazes the fingertips of Mel Renfro(Cowboy's Pro Bowl defensive back) and ends up downfield into the waiting arms of Mackey who takes it 75 yards for a touchdown! Colts go on to win 16-13 on a last second( actually 5 seconds) field goal. Stuff dreams are made of !
John Mackey ,you were and are special . I plan on getting my hands on some old film of you...the thrills will never go away!

Met's Owners May Have Caught a Break in Madoff Lawsuit; Judge Rakoff in Federal Court Agrees to Decide Motion to Dismiss!

The Wilpon's may have caught their first real break in the lawsuit brought by the Trustee of the "Madoff Bankruptcy " which seeks to recoup hundreds of millions of dollars.
The thrust ( in large part ) of the lawsuit filed in Bankruptcy Court is the " turning the blind eye theory " . Basically the suit seeks to hold the Wiplon's to a higher standard than "Joe Blow Investor " .
The Wilpon's recently filed a motion to dismiss the lawsuit and had sought to have U.S. District Court Judge Jed Rakoff hear and decide the motion, rather than Bankruptcy Judge Burton Lifland. The Wilpon's are also seeking to have Securities Law apply rather than Bankruptcy Law.
Just this week , a somewhat sympathetic Judge Rakoff decided he will keep and decide the motion and he may very well apply Securities Law ( About which he is a renowned expert) in his analysis. All good for the Mets' ownership group.
At this point I would make one suggestion to all involved: Call your mediator Mario Cuomo right away and get the case resolved! Good luck.

Life Without the NFL or NBA, Things Won't be So Bad !

Well, this is the first time I remember two professional sports having "lockouts " at the same time , Of course it's July and we're watching baseball, tennis , golf, soccer , WNBA and now "The Tour De France " . So no withdrawl symptoms yet.
I got to be honest with you, I love the NBA (Have the NBA package) and once it gets colder I look forward to the NFL . But without NBA hoops or NFL football , will that really change things a bit for me ? Not really.
First thing I would do is to shift gears and follow college football more closely. The networks would probably move things around and come up with Sunday night, Monday night and Thursday night college football. You know what? People would realize they don't miss the NFL THAT MUCH!
As to hoops, it's a " no-brainer". College hoops is available 7 days a week as it is . Throw in some "Euro-hoops " and I'm good . Ron Artest is already talking about playing overseas as I'm sure scores of other players are too. The Europeans must be drooling!
You know , at the end of the day, you'll still be watching "quality athletics" from big time programs. Good stuff.
Maybe we all need a break from greedy-spoiled players and owners who continue to plead poverty every second of the day.
And this gives us all a perfect opportunity to get back in shape ourselves. To all the "weekend warriors "; Enjoy!

"DSK Update "; Today's Reports , D.A. Close to Dismissing All Charges Against Strauss-Kahn...?

DSK and his legal team can "taste it " now ! An outright voluntary dismissal by the D.A.'s office , less than 2 months since Strauss-Kahn's arrest, "quickie indictment(What District Attorney said "you can indict a ham sandwich? ") and immediate calls for a 'public castration" .
This matter in a very short time has come(sorry about my choice of words) " full circle", taking on a life of it's own. First, DSK, international sex fiend. Short story, "A Night at Rikers". To," I Can't Run the IMF While under Home Confinement ". To, "he did it to me too, eight years ago" . To, an outcry by French women, we're "mad as hell and we're not going to take it anymore "! To the D.A.'s discovery that the "alleged victim " may not be someone you want babysitting your kids... To a modification of home confinement with posted arm guards to "it's ok, we really don't need bail "(or for that matter care about bail, or this case!).
And now, a possible dismissal of all charges...and yes,maybe an invigorated Presidential candidate in France. And by the way, now that he's almost free, perhaps a "sex reunion " with Governor Arnold, John Edwards, Anthony "Wiener " and our former President......Where will they "hold it " ? Probably "Scores" or just maybe "The Sofitel Hotel...
Stay tuned!

Clemens Criminal Case Finally Going to Trial; Seven Cy Young Awards Down the Tubes ....

Roger Clemens' criminal matter is finally coming to trial next week . Hard to imagine this 7-time Cy Young Award winner, fiercest of competitors and one the greatest(power) pitchers of all time is actually fighting to stay out of jail!
He had it all , including probably in excess of $30 million in the bank(conservative estimate) and no matter what the outcome of the criminal case, his name, legacy and reputation will be tarnished forever . Unfortunately he will probably never make Cooperstown.
After all the "smoke clears " the only question that remains is will he be banished from the Hall of Fame with a criminal conviction next to his name(Bonds) or will he denied entry like Rose, Sosa, McGuire and Palmeiro ?
At the end of the day , I believe he'll either be convicted of perjury or obstruction of justice, serve 8 months to a year and return to his family, fortune and loyal friends(We will see what loyalty is all about).
He'll have all this plus relatively good health.....Roger will just have to start a new type of productive life...He will have that opportunity.
I hope and pray for him that he does not spend the next 40 years of his life trying to obtain something which, for the first time in his life may be unobtainable......Cooperstown!

Wowee, Kazowee, That was Fast, D.A.'s Case Against Strauss-Kahn Imploding Already!

" Maid-Gate ", the sexual assault criminal case against 'DSk" and the accompanying "home confinement circus " apparently is falling apart right before our very eyes. Just a month or so into the proceedings, and reports have it that the felony count may be dropped and bail modified to "ROR " as early as today. Stunning! Will apologies be necessary? Craw eaten? Reinstatement to head (key word) the IMF?...Ok, let's not go crazy!
Civil suits against the City of NY, it's Police Dep't and the Sofitel Hotel ? Who knows .

As is usually the case , these sexual assault prosecutions and cases "live and die" on the believability of the accuser. The prosecution, it seems, in a short time has uncovered enough nauseating information about the accuser where they just don't believe anything she has to say. Better to " cut bait " now then drag it out further and to create a "Fargo effect".
If the felony is dismissed, it's basically all over except for the crying.
I can tell you one thing, Dominique Strauss-Kahn is feeling a lot better today , than he felt during his first night at Riker's Island!
Happy 4th of July to all.