Fred Wilpon, the owner of the Mets–who was originally said to have lost money with Bernard Madoff, and who was later determined to have made money with Mr. Madoff—filed a lawsuit yesterday claiming everyone was right the first time.
After initial reports that Mr. Wilpon lost $700 million dollars and that he might have to sell his beloved baseball team, Irving Picard, the trustee trying to wrangle Madoff’s missing money, released a report last month saying the Mets owner actually made $47.8 million. But Mr. Wilpon’s suit claims the question of what he lost should be determined by his account balance on November 30, 2008—an argument made by other investors who withdrew more than they put in, but lost the “money” in their accounts.
A hearing is set for February 2 of next year. In the meantime, U.S. Marshals are selling Mr. Madoff’s sweet Mets jacket to benefit whoever the victims end up being.
