Wednesday, February 13, 2013
Wilpons' Madoff settlement down to $86M
By Adam Rubin
Timothy A. Clary/AFP/Getty Images
PORT ST. LUCIE, Fla. -- Coincidental to Fred Wilpon's visit to the Mets' spring-training complex, the trustee recovering money for victims of Bernard Madoff's Ponzi scheme on Wednesday announced plans to seek court approval to make a third payment to victims.
And that helps the Wilpon family.
If approved by the court, victims of the Ponzi scheme will now have recovered 42.867 cents for every dollar they lost in the Madoff affair.
As part of the Wilpons' settlement with the trustee, the sides stipulated that the Wilpons lost $178 million in certain Madoff funds, while making $162 million from other funds.
The Wilpons, like other victims, can deduct the nearly 43 cents per dollar from their losing funds from the $162 million eventually owed to the trustee.
Here's the math:
$162 million owed, minus 42.867% of $178 million lost, yields the actual payback to the trustee.
So the Wilpon family, businesses and charities right now would owe the trustee $85,696,740 -- divided into two installments, and payable in 2016 and 2017.
That obligation should further decrease as the trustee recovers more funds for all victims.