I’m not smart enough to understand all this stuff, but Howard Megdal broke down some of the legal stuff in New York Magazine:
let’s rank the possible outcomes from most likely to least likely:
Outcome No. 1: Rakoff lets the trial go forward, as-is. He leaves untouched both Picard’s pursuit of $300 million in fictitious profits — something that even Wilpon’s lawyers didn’t make much headway in disputing Friday, following a decision Tuesday by the Second Circuit Court of Appeals in Picard’s favor — and the $700 million Picard seeks to recover, a claim based on the idea that the Wilpons “knew or should have known” Madoff was a fraud.
via Ranking the Possible Outcomes for Fred Wilpon, From Most Likely to Least Likely.
