The Mets are "bleeding cash" and could lose as much as $70 million this year, Fred Wilpon said in a story that will appear in this week's Sports Illustrated.
The embattled Mets owner told the magazine he fears the $1 billion clawback lawsuit filed by Irving Picard, the trustee who represents Ponzi scheme artist Bernie Madoff's victims, could cost him ownership of the team if Picard prevails.
Wilpon says he is willing to discuss a settlement regarding the fictitious profits that Picard has valued at $295 million, but not the $700 million in principal that he and his partners invested with Madoff in the six years before his arrest. However, according to Wilpon:
"Gov. Cuomo has not been able to at this stage convince them that the 700 is not going to be obtainable." Wilpon was referring to former New York Gov. Mario Cuomo, who is serving as a mediator between Picard and Wilpon. .............(more)
The complete piece is at:
http://www.nydailynews.com/sports/baseball/mets/2011/05/23/2011-05-23_fred_wilpon_tells_sports_illustrated_that_mets_are_bleeding_cash_in_article_to_a.html