The Madoff-Mets theory proferred by Compliance Insights on Tuesday?  Forget about it - it's already in the garbage.  The commodity traders are no longer in play to buy a share in the NY Mets.  And, even if they were, the purchase price wouldn't, couldn't, approach $300 million.  Instead, the team today confirmed that hedge fund manager David Einhorn is the successful bidder.  Mr. Einhorn is president of New York-based Greenlight Capital, which he began in 1996 with $1 million.

The deal reportedly is $200 million for less than 49% ownership of the major league team.  The personal investment by Einhorn is subject to the successful negotiation of a mutually acceptable definitive agreement  - which the parties expect to enter into by late June.  The deal would also require the approval of Major League Baseball. 

“We are very excited about David joining our ownership group for several reasons.  David’s investment immediately improves the franchise’s financial position."   "Equally important, David’s intelligence, integrity and success in both business and civic affairs provides us with another perspective in evaluating what is best for this organization and our fans, and we welcome his input."  - -  Fred Wilpon, Chairman & CEO of the New York Mets.

“Having an opportunity to become part of the Mets franchise is exciting beyond my wildest childhood dreams. I spent my first seven years living in New Jersey and rooting for the Mets ... I look forward to partnering with the Wilpon and Katz families through the good seasons, the tough seasons and especially the championship seasons.”

The Mets expect to lose some $70 million this year, according to Fred Wilpon, they are hundreds of millions in debt - including the $25 million the team borrowed from MLB.

In the meantime, Madoff trustee Irving Picard has a $1 billion lawsuit against Mets owners Fred Wilpon and Saul Katz, and others.  Picard had originally sought to clawback approximately $300 million in fictitious profits that Wilpon and others withdrew from their investments with Madoff.  And, of course, former New York Governor Mario Cuomo has been mediating talks between Wilpon and Picard - with little success.   [CNBC.com, 5/26/11]