The lawsuit by Mets executives Saul Katz and Fred Wilpon challenging trustee Irving Picard‘s claims against them in the Madoff bankruptcy has been assigned to Southern District Judge Jed S. Rakoff. That does not necessarily mean the judge will preside over this case, as he must still decide if the suit raises significant non-bankruptcy questions to warrant its withdrawal from Bankruptcy Court.
Karen Wagner of Davis Polk & Wardwell, who represents the Mets defendants and their investment vehicle Sterling Equities, argues in this motion for withdrawal that Mr. Picard’s attempt to recoup $1 billion from the Mets defendants raises important issues about the interpretation of the Securities Investor Protection Act that should be decided outside of Bankruptcy Court.
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