Don’t worry about investing in a Ponzi scheme as long as you are smart or lucky enough to recoup your money before the whole thing falls apart. That is the upshot of U.S. District Judge Jed Rakoff’s decision to significantly limit the amount of money trustee Irving Picard can seek from New York Mets owner Fred Wilpon.
It’s a huge decision. Because a professional sports franchise is involved (and I’m using the term “professional” very loosely when talking about the Mets), how this impacts Wilpon and the team on the field will dominate most of the headlines and discussions about the ruling.
But make no mistake, Judge Rakoff’s ruling will have a major effect on how much money is ever recovered for victims of Madoff’s shenanigans, and could have an effect on the future liability for all investors in Ponzi schemes….
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Ed. note: Due to the Labor Day holiday, we’ll be on a reduced publication schedule today. We’ll be back to normal tomorrow. A restful and happy Labor Day to all!
* AT&T faces a tricky balancing act in dealing with the Justice Department’s challenge of the T-Mobile deal. [New York Times]
* If you’re confused about the current role of lawyer-turned-entrepreneur Michael Arrington over at AOL, in the wake of AOL’s acquiring his TechCrunch site, you’re not alone. [Digits / Wall Street Journal]
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* Paul Bergrin wants to represent himself in his racketeering case. They say that a man who represents himself has a fool for a client, but that’s not the case when you’re considered the Baddest Lawyer in the History of Jersey. [Philadelphia Inquirer]
* Hordes of Biglaw lawyers couldn’t stop the DOJ from trying to block the AT&T/T-Mobile merger. New antitrust issues abound, like “higher prices, fewer choices and lower quality products.” They already have a monopoly on crappy coverage. [Am Law Daily]
* BitTorrent porn? On my grandma’s computer? It’s more likely than you think. After this California granny scolded Steele Hansmeier, the lawsuit against her was dropped. She mailed the firm a Werther’s Original in thanks. [Huffington Post]
* Nudity first, names later. I like this sheriff deputy’s alleged style. A girl in Utah is suing over a roadside traffic rendezvous that she says turned into an illegal strip search. [Standard-Examiner]
Lenny Dykstra was once a famous for being a scrappy center fielder for the Mets and the Phillies. Now he’s more famous for taking the same scrappy approach with the law. In January, Dykstra was accused of sexual assault by his housekeeper. In May, Dykstra was indicted for bankruptcy fraud. Oh, how the mighty have fallen.
No charges were brought against the former ball player for sexual assault earlier in the year. In fact, Dykstra cracked jokes about the accusation, quipping: “If she was assaulted on Saturdays, I’m a ballerina dancer on Sundays.” But now it’s time for this twinkle toes to batter up, because apparently Dykstra really likes his housekeepers.
I’m starting to notice a trend here with men and their illicit love for housekeepers. So, what has Nails been nailed with now?
Fortunately, you gave me so much paper. Otherwise, I would have had to watch a Mets game, which would have been a very painful process.
– the eminently quotable Judge Jed Rakoff (S.D.N.Y.), praising the thorough briefing by lawyers involved in the legal battle between the Bernard Madoff trustee, Irving Picard, and the owners of the New York Mets, Fred Wilpon and Saul Katz.
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* Illinois is giving sex trafficking victims the chance to vacate their prostitution convictions. Even if Reema Bajaj gets convicted, she still couldn’t use this law to clear her name. [Chicago Sun-Times]
Yesterday was the last day of July, and baseball fans know that this day is important because it’s the trade deadline. (Seamheads and baseball lawyers understand that it’s actually only the nonwaiver-trade deadline, but why take the fun out of it?) So I spent some time this weekend following the interwebs to see whether the Red Sox would do anything to improve their league-leading team (and even better, thwart the Yankees from improving at the same time).
At one point, there were reports that the Red Sox had traded for A’s pitcher Rich Harden. But the Sox scuttled the deal once they learned that the oft-injured Harden had a hospital bracelet tattooed on his arm to save time. (They ended up acquiring left-handed pitcher Erik Bedard, who is injured slightly less often than Harden.)
But as I was watching the annual trade-deadline special on the New England Sports Network after Sunday’s game (apparently, I have no life), I saw a laptop commercial that only a law firm could appreciate.
Whose ad it was and why it made me think of the sorry state of law-firm marketing, after the jump.…