Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Text of Madoff victims complaint against Mets owners
NY Post ^ | 2/5/11

Posted on 02/05/2011 1:14:04 PM PST by NativeNewYorker

But the Sterling partners’ reliance on Madoff’s consistent and steady returns ran further than just opening hundreds of accounts. Sterling used its BLMIS accounts as a substantial source of liquidity to develop and sustain its businesses, including professional baseball and real estate. For instance, much of the approximately $90 million of other people’s money withdrawn from the Mets’ BLMIS accounts helped fund its day-to-day operations. Sterling also used BLMIS returns to generate sufficient profits to meet capital commitments for its Sterling American Property real estate funds. Further, BLMIS returns provided the necessary cash flow to Sterling’s internal bank—Sterling Equities Funding, a clearing house for the movement of intermingled funds and financial obligations between and among the Sterling partners, their families, and their related trusts and entities.

(Excerpt) Read more at nypost.com ...


TOPICS: Business/Economy; Crime/Corruption
KEYWORDS: madoff; mets; ponzi; wilpon
The document is very long, but damning.
1 posted on 02/05/2011 1:14:08 PM PST by NativeNewYorker
[ Post Reply | Private Reply | View Replies]

To: Liz

FYI


2 posted on 02/05/2011 1:16:17 PM PST by ken5050 (Palin/Bachman 2012 - FOUR boobs are better than the two we have now!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NativeNewYorker
But the Sterling partners’ reliance on Madoff’s consistent and steady returns ran further than just opening hundreds of accounts.

Collateral damage.

They received the benefit of other peoples money. Now that's a laugh since a person that sells an asset high and the asset goes down in value later is held harmless, generally.

So the court must decide that this situation is not "general" and for how many layers.

For example, the Stirling's used the funds to purchase stadium improvements from a general contractor who profited handsomely. Is the contractor held harmless?

3 posted on 02/05/2011 2:25:14 PM PST by cicero2k
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson