Ding dong the witch is dead. Which old witch ? The wicked witch! Ding dong the wicked witch is dead ! Yes, it's true. After two years of Bankruptcy Court, mediation and District Court, Wilpon et. al and Irving Picard have settled their lawsuit .
While the numbers on paper say $162 million , the reality is that no more than $29 million may actually change hands. Why you say ? Because in addition to the Trustee's claims against Wilpon and Katz, they have claims of their own against Madoff totaling $162 million. So the long and the short of it is, if the Trustee doesn't recover $162 million in the next 3 years for Wilpon's claims then Wilpon and Katz will only have to fork over $29 million to Picard.
This is the biggest Grand Slam the Mets have hit in the last 10 years! Biggest strikeout for Picard.
So what was really accomplished here by Picard? Wilpon and Katz were dragged through the mud. The Mets are in disarray. Picard's law firm earned tens of millions of dollars in fees on this case alone . Judge Rakoff is uniformly recognized as an excellent jurist. And all for what ? A whopping $29 million dollars!
If you ask me I think Picard has been a huge disappointment. Of the nine billion he has recovered, $7 billion was a gift from the billionaire's widow in California. On top of that Picard's law firm has billed a measley $275 million. From the initial claim against Wilpon of $1 billion , $29 million will be paid.
Who were the real stars here? Wilpon's attorneys....That's who!
Let's play ball...Opening day is upon us!
Steve "Scoop " Goldman reporting .
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