Met’s owners strike out in Madoff court, and don’t get to count their “profits”. Look for a sale of the team, soon, because the Wilpons have no money. I’d say this judge got it right:
Dennis Jacobs, one of three judges hearing the case at the 2nd U.S. Circuit Court of Appeals, questioned whether a court-appointed trustee should be expected to make payouts based “on whatever amount Madoff made up while chewing on his pencil and looking at the ceiling.“
This ruling isn’t going to help Walter Noel with his own “we were victims too” argument.
UPDATE: I misread the article. As this WSJ makes clear, today’s hearing did not yield a ruling. But if the judges’ comments are indicative, the Wilpons shouldn’t hold out much hope.