I’m not going to get into the legal logistics of it, but the Wilpons were extremely lucky yesterday during their meeting with Madoff trustee, Irving Picard. In short, here’s what happened:

  • The Wilpons owe $162 million to Madoff victims;
  • The Wipons don’t start paying off the debt until 2015;
  • After paying the $162 million, the Wilpons can get in line to collect their $178 million in Madoff account losses;
  • The Wilpons can expect to collect nearly half of their losses;

All in all, this afternoon can be signified as a ‘win’ for the Wilpons. With the Wilpons encountering large stadium and television network debt in the next two years, the three year Madoff grace period will help. In addition, the Wilpons can show potential investors that their business is relatively safe.

As a sports fan, I want to see the Mets become a competitive team again. In order to be┬ácompetitive, the Mets have to spend. Given the outstanding obligations, I don’t know if the Wilpons can spend to field a winning team. New York always deserves a winner and with the Wilpons at the helm, we may not see that for a long time.