The trustee who is recovering money for victims of convicted swindler Bernard Madoff’s Ponzi scheme announced Monday another round of intended distributions of recovered funds, ESPN New York said on December 22.
And that helps the ownership of the New York Mets baseball team, headed by Fred Wilpon, ESPN said.
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Eligible victims of the Ponzi scheme will soon have recovered 48.546 cents for every dollar of principal they lost in the Madoff affair, according to the report.
As part of the Wilpons’ settlement with the trustee, the sides stipulated that the Wilpons lost $178 million in certain Madoff funds, while making $162 million from other funds.
The Wilpons, like other victims, can deduct the 48.546 cents per dollar from their lost funds from the $162 million eventually owed to the trustee, ESPN said
So the Wilpon family, businesses and charities had their debt reduced by approximately $86 million, and now owe the trustee $75, 588, 120 – divided into two installments, and payable in 2016 and 2017, the report said.
That obligation should further decrease as the trustee recovers more funds for all victims, according to ESPN.
Investors lost $17.5 billion when Madoff’s securities firm collapsed during the financial crisis. Mr Madoff is currently serving a 150-year sentence for securities fraud.