I read Wilpon's Folly, Megdal's mini-book last night in about 80 minutes. It's actually an easy to understand account of what happened, what is happening and what could happen. Obviously, it was tough to keep the smoke from coming out of my ears during some portions. Megdal makes a pretty decent case that ownership should have at least seen some red flags in their dealings with Madoff by providing specifics and he even delves into the Einhorn situation and how that all fell apart...mostly due to Wilpon's hubris. Essentially, the book explains that Wilpon and Katz have so many loans out on their assets (which are all intertwined and dependent on each other) that even if they sold the team NOW, they would not have enough funds to cover the balances on those loans that come due over the next 3 years. The Wilpons would be ruined and the Madoff victims would get nothing. Also, there is no way that Wilpon does not realize this and that he feels that maybe he can catch lightening in a bottle with a low budget team overachieving that will allow him to stave off bankruptcy for another year. In Fred's mind, a low percentage shot is better than no shot at all. Medgal offers that the best solution would be for the Wilpon's to give the Mets over to the trustees. This would allow the trustees to run the Mets and pay off the debts owed by the team with Sandy Alderson promoted to team president. The trustees would infuse the team with money to put forth a competitive team, ticket revenue would go up and Picard would be able to recover some funds for the Madoff victims after the team's debts were paid. Eventually, the trustees could sell the team in 5-10 years for a profit, as MLB teams are always rising in value. Medgal opines that the Mets might even sell more tickets as soon as 2012 due to the fact that the Wilpons are out and that the trustees could spin that fans buying tickets would directly help the victims of the Madoff scam...kind of like charity. The Wilpons could retain ownership of SNY (the only part of the works that still makes a profit and a part that they could never sell off anyway due to Comcast's first right of refusal to buy the network) in order to try and stave off bankruptcy. Medgal feels this would be the best case scenario for all involved. Either way, after reading this, it is even more obvious that until the Wilpons admit defeat, nothing is going to get better in Flushing.