Trustee Asks to Sell Madoff's Mets Tickets

The trustee overseeing the liquidation of Bernard Madoff's estate filed a motion to sell the Ponzi schemer's Mets tickets on eBay. The filing states, "Because the New York Mets’ season has already started, the trustee must sell the tickets as quickly as possible to maximize the possible recovery." According to Bloomberg News, "The Madoff firm had two Delta Club Platinum season tickets for the Mets, for seats directly behind home plate" with a "face value was $80,190 for the season." But since the right to purchase playoff seats and tickets don't transfer if those seats' tickets are sold, "Picard reached an agreement with the Mets to swap them for Delta Club Gold tickets valued at $60,750" and the Mets refunded the difference. The filing thinks the Gold seats, which are behind the Platinum ones, are "more marketable, especially given the current economic environment." More details here. Also: Mets owner Fred Wilpon's firm had invested heavily with Madoff.

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By Jen Chung in News on April 8, 2009 9:05 AM

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Rob

That extra $19,440 is going to go a long way towards repaying $64,800,000,000. Rather than exchange the seats and save $19,440, Picard should have kept them and marketed them as Madoff's old seats and made a profit on the deal. I'm sure somebody out there would have an interest in the seats just because they were Madoff's.

http://robparis.blogspot.com/2009/04/bernie-madoff-currently-known-as-inmate.html

Jen Chung

Well, the issue is that if the original seats were sold, the new season ticket holder wouldn't get the rights to buy playoff tickets.

Rob

That's true, but by changing the seats, Picard only saved $20,000. I think by being Madoff's original seats, the seats would have been worth a $20,000 premium.

I'm sure some of the people who lost their money would love to know their sitting in his seats while he sits in jail.

Plus... the Mets will blow it the last few weeks anyway.