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SBD/March 1, 2011/Franchises
MLB Reportedly Has Received List Of Prospective Mets Bidders
Published March 1, 2011
DEFENSE WINS CHAMPIONSHIPS: In N.Y., Belson & Cowan report Fred Wilpon and Mets President Saul Katz on Thursday "will argue their case" against the clawback suit filed against them by Irving Picard, the trustee overseeing the recovery of funds from Bernie Madoff's Ponzi scheme. They will appear "in the federal appeals court for the Second Circuit in Manhattan, where they will be lined up against" Picard and the SEC. Several lawyers said that the appeal is "perhaps the last chance for the Wilpons and Katz to stop what has turned into a legal freight train bearing down on them." The decision by the appeals court is "not expected for months," and if the judges uphold Federal Bankruptcy Judge Robert Lifland's ruling against the Mets owners, they "can appeal the case further, an uncertain process that would take many more months." The Wilpons and Katz "have the option of continuing to negotiate with Picard and his legal team" (N.Y. TIMES, 3/1). Meanwhile, the N.Y. POST's Kosman, DeCambre & Mangan report the "cash-starved Mets are desperately seeking a new loan -- totaling tens of millions of dollars -- to cover their basic operating expenses." JPMorgan Chase, which "led the banks that loaned the team about $430 million last year," is "trying to recruit other institutions to join a syndicate to put together a new loan that would tide the Mets over until they sell a minority stake in the ballclub." A source said that both the Mets and MLB are "exerting strong pressure on JPMorgan to make that loan happen" (N.Y. POST, 3/1).