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Wilpon insists that he will retain majority ownership of the Mets, which he owns through his company, Sterling Equities.
FORBES: Pressed By Madoff Suit, Mets Owners Seek a Lifeline
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Perhaps he put up his share of regional sports channel SportsNet New York as collateral or some of the real estate owned by Sterling Equities, the holding company for his MLB franchise?
FORBES: Einhorn Deal Shows Desperation Of New York Mets
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The two men founded Sterling Equities in 1972.
NEWYORKER: Madoff��s Curveball
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Now, Related and Sterling Equities controlled by Mets owners Fred Wilpon and Saul Katz will take a shot with a revamped plan that delays the housing aspect and introduces a larger retail component next to a world-famous professional sports complex.
WSJ: Plan Upends Willets Vision
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But, what is a loss for Cohen in the Dodgers sale could be a win for the Mets, and that includes Sterling Equities, the owners of the club which includes Fred and Jeff Wilpon, as well as Saul Katz.
FORBES: After Dodger Deal, Wilpon and Katz Should Sell the Mets to Steven Cohen Immediately
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The terms under which Fred Wilpon and his company, Sterling Equities are negotiating a settlement with Irving Picard, the man seeking compensation for the Madoff victims, will likely turn one way or another based on the degree to which Picard can show that Wilpon or his people sensed any trouble with the fund before getting out.
FORBES: Madoff Trust Must Show Wilpon Saw Red Flags