In a breaking tweet, Richard Sandomir of the New York Times reports the Mets have settled for 162M with Picard
at 9:23AM, Richard simply tweeted “SETTLEMENT”
His next two tweets at 9:25 and 9:28AM detailed that it is a 162M settlement and if he heard correctly, the payment can be made through their own recoveries as Madoff losers. What I understand this to mean, is that where all Madoff losers are getting some portion back when they can recover, they can subtract those from their settlement, so the real number will actually be lower.
Additionally, Sandomir’s latest tweet at 9:36AM states that Wilpon and Katz will pay 29M together, but more details are not out yet.
According to Boomer and Carton (not sure the source), with the idea that they will get a “Credit” for losses, this will come in potentially considerably lower. At this point, Picard and company are looking at a .50 to .60 on the dollar repayment, which sounds very optimistic. With that said, the Mets will wait 4 and a half more years before repaying, which will allow that loss amount to solidify and at that point will repay.
So at the end of the day, this is over and the Mets will likely pay between 81M and 162M to Madoff. Hopefully this is good news (not for the folks hoping for ownership to sell though), in that the Mets will be able to spend some money on the team… or so we can hope.
More updates via Mr North Jersey 9:57AM
According to WFAN the Mets will not pay anything for 3 years but Metsblog reported that Baumbach is saying $29M is due Apr 13.
Waiting for more details on this but it seems the net number will be $29M.
According to @darrenrovell he tweets:
The deal between the Mets owners & the Madoff trustee was hammered out on Friday, mediated by former NY Gov Mario Cuomo.
The happy Mets owner following 162 million settlement. twitter.com/jimbaumbach/st…
— Jim Baumbach (@jimbaumbach) March 19, 2012