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Oh. Goody.

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So, it looks like Wilpon and Katz have lost enough that they won’t be interested in properly capitalizing their team but, alas, not enough to sell the team.

However bad for Mets fans, however, the settlement actually seems reasonable if I understand the existing law correctly. Wilpon’s argument that he was entitled to some percentage of profits from the Ponzi scheme is absurd. But absent independent evidence, the argument made by the trustees that Wilpon and Katz had actually become part of the fraud is also pretty problematic; regardless of what one perhaps should have figured out after x years of consistent profits continuing to put money into a Ponzi scheme is in fact pretty good evidence that you don’t know that it’s a Ponzi scheme.

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