You're watching...
John Thomas Financial CEO Tom Belesis on Mets owners’ decision to settle with the trustee for Madoff fraud victims.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Play ball then try to play -- a jury of your peers Condoleezza says the world bonds are wise not to play games here because in this anti rich and -- Very well might have been blinded in my divided them well what do you think it is on this on usual settlement when they were all ready to go to trial.
In -- you know it's great to see you -- billion and -- them like this where.
You know -- penalized if you do well I think the lawyers did a great job it happened so out of the case because if you look at it entirely.
You know -- -- 178 million dollar claim I don't know how much comes out of their pocket but it's not as big as it what it looks like.
You know what is surprising about this case and is that it started out what the you know.
Litigants about wanting a billion dollars that was our religious -- our ballpark started figure.
That got whittled down a little brown -- down.
Our -- you know that they -- say nothing less than 300 million dollars -- on the -- we come to this settlement which I suspect in a few years.
There's not going to be the number paid probably a lot less and and with rights and offerings in the stuff that will mean this is very little cash.
What are you you know in and of Miami where you don't like we're right now I think that it was better for them to settle but if you look at like this the trustee had a lot of tough claims to prove.
Number one.
You know what how are they gonna prove that they knew about the fall when the government did it.
You know don't just ridiculous secondly you know claiming that piece -- -- too good to be true so he should -- -- was a fraud what about all the other investors who lost money.
Thirdly -- they recommend to their friends to get into this investment -- Citi call -- was gonna testify at the trial on their behalf so.
A lot of the claims were very topic you know what -- -- where we will pro business.
They've probably -- won the case.
In other words you look to date here probably in May be right about this that it just went to draw on this anti fat cat type of environment that.
Then my at a loss and loss a lot more so they're gonna take care they're they're they're -- and -- and -- -- It's unfortunate because they had a lot of the reputations tarnished because of this.
And politically it would just -- the -- and what they're dumb of the maps -- -- that's that's probably Haaretz that thought that was right at -- yesterday on about their.
Their business trip that business reputation sell either they wanna put any -- that's -- -- Felt that's just to settle.
Put in the back and -- -- with what they do best which is you know managing and getting the Mets the went -- on that spokesman's.
