NY judge blocks immediate appeal by Madoff trustee
Tuesday, January 17, 2012
NEW YORK (AP) -- A federal judge says a trustee trying to recover money for investors in Bernard Madoff's Ponzi scheme can't immediately appeal a ruling limiting how much the New York Mets' owners might lose.
The judge said Tuesday letting trustee Irving Picard appeal his September ruling would delay a March trial. The judge limited what the Mets' owners might have to pay to $386 million, depending on how much was fictitious profits and how much was principal.
Picard was seeking $1 billion. He says the Mets' owners received $83.3 million in fictitious profits and $301 million in principal in the two years before Madoff's fraud was revealed in December 2008. He says he's reviewing the judge's ruling.
The Mets' owners say they're pleased with the ruling.
Madoff pleaded guilty and is serving a 150-year prison term in Butner, N.C.