Wednesday, April 08, 2009

Corruption: Madoff Trustee seeks to sell Mets season tickets

Irving H. Picard, the SIPA Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC ("BLMIS"), filed a motion with the Bankruptcy Court today seeking approval of the sale of two New York Mets season tickets owned by BLMIS.

In an effort to maximize the value of BLMIS's season tickets, the Trustee reached an agreement with the Mets to facilitate the transfer of seats in the Delta Club Gold section of Citi Field with all privileges afforded to purchasers of season tickets in such locations, including parking privileges, renewal opportunities and the opportunity to purchase playoff tickets. "The New York Mets have been very helpful in assisting us in the process of deriving value from the Mets tickets held by BLMIS," said Mr. Picard. "Their cooperation is appreciated and will allow us to generate the best possible return for Madoff's victims."

If the Court grants the Trustee's motion, Opening Day tickets, as well as tickets for other April games, will be sold individually by the Trustee to the highest bidder through an online auction or ticket broker. The remaining season tickets will be sold to the highest bidder in an online auction beginning in mid-April. The minimum bid for the season tickets will be fifty percent of their face value.

Source: Irving H. Picard of Baker Hostetler LLP

Published by Mike Hitchen, Mike Hitchen Consulting
Putting principles before profits