Trustee Cites Interest-Free Madoff Loan In Filing
NEW YORK (WFAN/AP) – The trustee recovering money for investors in Bernard Madoff’s Ponzi scheme has filed new court papers that he says shows the cozy relationship between Madoff and the owners of the New York Mets.
Trustee Irving Picard filed the papers Friday in U.S. Bankruptcy Court in Manhattan.
He says Madoff made an interest- and cost-free bridge loan to the Mets’ owners to aid the purchase of the broadcast rights for the Mets from Cablevision. The papers said the transaction was documented by a single-letter agreement that falsely described the loan as an “investment” by Madoff’s wife in the company.
In a statement, Mets owners Fred Wilpon and Saul Katz called the court papers “the latest chapter in the work of fiction created by the trustee.”
From the Mets:
Statement From Fred Wilpon, Co-Founder And Chairman, And Saul B. Katz, Co-Founder And President Of Sterling Equities, In Response To The Trustee’s Amended Complaint:
“The amended complaint is the latest chapter in the work of fiction created by the Trustee. We will pursue a vigorous legal defense that will set the record straight and vindicate us.”