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March 22, 2011

Madoff, WaMu, Borders, Lehman, Viceroy Resort: Bankruptcy

"March 22 (Bloomberg) -- Fred Wilpon, Sterling Equities Inc., the owners of the New York Mets baseball club, and Wilpon’s friends, family and associates filed a motion on March 20 to dismiss the newly revised, 373-page complaint where the trustee liquidating Bernard L. Madoff Investment Securities Inc. seeks to recover $300 million in fictitious profits and $700 million in principal repayments.

The Wilpon group, in their 94-page brief supporting dismissal, say they were “victims” who were “defrauded by Madoff” and “never should have been targeted by the trustee.” They say there are no facts to support the trustee’s complaint.

The motion to dismiss won’t be decided until late June, at the earliest."

Read more here.

March 22, 2011 in Current Affairs | Permalink

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