[Liz]

........while withdrawing some $48M in net profit from Madoff, the Wilpons used his phony statements as a "soft collateral" for loans a) to avoid tax hit on profit and let it compound, and, b) use cheaper source of capital. Now they need to raise money (by selling part ownership) and give some "legitimacy" to their claim of net loss with Madoff..........

Mmmmmmmm.......not to worry, The IRS will figure that all out. They're r-e-a-l-l-y good at math (/snix).

Interesting that Madoff had "liquidity problems" at the end of 2005; it suggests that he might have had unusually high rate of redemptions / withdrawals and had to cover it by getting fresh capital, promising a higher rate of return in a "special investment opportunity"....... ……

"Hi, I'm Bernie. Trust me."

[Wiggins]

No doubt MLB Players Association will be looking for some kind of regulation on how deferred money is invested by owners with the next CBA. I believe MLB will force the Wilpon’s to sell out completely to pay off this debt fast with the hopes that this thing goes away from at least a baseball perspective. Aside from all the victims that lost everything, this is giving MLB a black eye. Maybe two. Thank you for the post.