Crime, Politics and Policy has previously predicted that the Mets will eventually seek bankruptcy protection in the wake of the revelation of the Madoff fraud, the Mets' owners' large exposure to losses and a lawsuit (still under seal by the Manhattan federal district court) filed by Madoff bankruptcy estate trustee Irving Picard reportedly for $1 billion. As more details and allegations emerge, it becomes likelier that the Mets may already be insolvent, and that the Wilpon family will need to consider divesting of the entire franchise in what could even become a distressed sale situation.
Eric Dixon is a New York lawyer who handles investigative matters, legal matters, strategic analysis and crisis management for businesses, individuals and political organizations. Mr. Dixon has previous, substantial experience as a lawyer handling corporate transactions. Mr. Dixon can be reached for consultation or comment at 917-696-2442 and edixon@NYBusinessCounsel.com.