It looks like the Wilpons have won round 1 in a legal battle against Irving Picard.
According to Mark DeCambre of the New York Post, Picard dropped his damages claims against the Wilpons and Sterling Equities. DeCambre says that profits that were made by the Wilpons are being sought in bankruptcy court. DeCambre also says that Picard dropped the claim against the Wilpons because he was told that it won’t hold up in court without any evidence.
Adam Rubin of ESPN New York said on his twitter page that the Mets could now be liable for $300 million dollars instead of the original $1 billion dollar estimate back when this whole fiasco started.
This is good news for the Mets and the Wilpons. I know I am not an economic anaylst or expert, but this actually is good simply because the Wilpons will probably pay a lot less then what they would have paid (if the damage claim held up), and now the Mets will probably be less affected by this for the future to come.
The only other question in this whole saga is whether or not the Wilpons will be found guilty of making profits off of Madoff. If the Mets get away with that claim, the Mets will get their hands out of this mess, and (if a deal is in place) the new minority owner David Einhorn will be stuck as the minority owner. All in all, this is still good news. We’ll have to wait and see what happens in court.