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Friday Roundup: Madoff, Reyes, Turner

Posted By Howard Megdal On May 20, 2011 @ 9:00 am In Today's Mets headlines | Comments Disabled

Happy Subway Series Day to you! Before we focus on baseball itself, here are a few items of note:

See my answers to Mets questions from Chad Jennings over at the LoHud Yankees Blog [1].

The New York Times has a good rundown [2] of Bernie Madoff Trustee Irving Picard’s response to the dismissal request by Sterling Partners. The key takeaways from it are twofold.

One is to realize that the judge in the case can buy completely the assertion by Fred Wilpon and Saul Katz that they knew nothing of Madoff’s Ponzi scheme, and still come to the conclusion that they owe the money Picard is asking for. His burden of proof is merely that the Mets’ owners should have known. At issue over this question is $700 million of the $1 billion Picard is seeking.

So when Picard describes an effort by Sterling Partners to look into possible “fraud insurance” against their Madoff holdings, and the Sterling Partners respond by pointing out that they didn’t end up purchasing it- well, if the standard were that the Sterling Partners knew, that would be a pretty good defense. But when the standard is “should have known”, that’s not particularly helpful.

The other is to notice how little is being argued about the $300 million part of Picard’s claim. And that’s because neither side disputes the figure of what Picard calls fictitious profits. And whether the standard of “money out minus money in” should be what the Sterling Partners, or other net winners, owe has been argued by Picard already before this very bankruptcy judge.

And for an ownership group seeking $200 million right now to pay off a host of non-Picard debts, that looming $300 million they’ll owe barring an incredibly unlikely turn of events (the judge ruling against himself?) is a huge problem, to say nothing of the other $700 million.

I know this is depressing. But there’s no more important story concerning the future of the New York Mets than this one, unfortunately.

As for the man it impacts, Rob Castellano has a terrific look [3] at some of the fallacies about Jose Reyes. I’ve previously argued much of this on this blog, but Rob’s got greater detail, and even charts!

Unfortunately, Rob fails to debunk the idea that the Mets better trade Reyes because they are cursed [4], so I guess that one is true. Argh.

Let’s leave on a positive note. Justin Turner has 10 RBI in his past five games. At this pace, over a 160-game season, Turner would drive in 320 runs.

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URL to article: http://mets.lohudblogs.com/2011/05/20/friday-roundup-madoff-reyes-turner/

URLs in this post:

[1] over at the LoHud Yankees Blog: http://yankees.lhblogs.com/2011/05/20/lohud-subway-series-q-a/

[2] has a good rundown: http://www.nytimes.com/2011/05/20/sports/baseball/mets-looked-at-fraud-coverage-for-madoff-stakes.html?src=mv&ref=sports

[3] has a terrific look: http://www.amazinavenue.com/2011/5/20/2132075/the-three-fallacies-of-jose-reyes

[4] better trade Reyes because they are cursed: http://www.nypost.com/p/sports/mets/deal_reyes_before_curse_hits_him_0ErZezLP5MRV9wSDzCEgnJ

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