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From Wikipedia, the free encyclopedia

Saul B. Katz
Born1939 (age 80–81)
EducationB.A. Brooklyn College
OccupationReal estate developer
Known forCo-founder of Sterling Equities
Former President of the New York Mets
Spouse(s)Iris Wilpon
ChildrenHeather Katz Knopf
Natalie Katz O’Brien
David M. Katz
FamilyFred Wilpon (brother-in-law)

Saul Katz (born 1939) is a real estate developer, former president of the New York Mets and accused Bernie Madoff co-conspirator.

Biography

Katz was born to a Jewish family[1][2][3] in Brooklyn.[4] He graduated from Brooklyn College in 1960[5] with a degree in accounting.[6]

Sterling Equities

Katz is a co-founder of Sterling Equities. In 1972, he cofounded Sterling Equities, a commercial real estate development company, with his brother-in-law Fred Wilpon.[7] They built a development of townhouses in Tarrytown, a suburb in Westchester County which was very successful.[8] Seeking to minimize their tax obligations, they purchased real estate throughout the country that had favorable tax treatment[8] which turned out to be a boon since they were unknowingly buying property at the bottom of the market.[8]

New York Mets

Saul Katz first bought an ownership stake in the New York Mets in 1980. In addition, he serves as the President of the Brooklyn Cyclones, a Mets minor league affiliate.[9] In 2014, Katz was rumored to be interested in selling his ownership stake in the Mets.[10] In 2020, a deal to sell the team to hedge fund billionaire Steve Cohen fell through over issues of team control. A similar deal with David Einhorn fell through in 2011.[11] In February 2020, it was reported that Katz and his partners were willing to sell the team without maintaining control. The price may exceed the record of $2.6 billion offered by Cohen. [12]In August, Cohen again entered into exclusive negotiations to buy the Mets. In September a deal was reached for Cohen to purchase 95% of the franchise from Katz and the Wilpons for approximately $2.4 billion and on October 30, he was approved by MLB's owners.

Madoff Ponzi Scheme

Saul Katz, Fred Wilpon, and Jeff Wilpon were portrayed as co-conspirators in the Bernie Madoff Ponzi scheme.[13] Sterling Equities and individuals affiliated with Katz and Wilpon received $300 million in respect of investments in the Bernard Madoff Ponzi scheme.[14] Lawyers for the Madoff Trustee cited evidence that Sterling partners shopped for fraud insurance as evidence they were "well aware" that Madoff was carrying out a Ponzi scheme.[15] Wilpon and Katz "categorically reject[ed]" the charge that they "ignored warning signs" about Madoff's fraud.[16] Irving H. Picard, the Madoff Trustee, has alleged that Katz's relationship with Mr. Madoff was extensive and longstanding and that they continued even after suspicions were raised.[17] Picard sued Katz, his partner Fred Wilpon, and Sterling Equities for 1 billion in illegal profits from the scheme.[18] In 2012, Saul Katz, Gregory Katz, Fred Wilpon, Jeff Wilpon and other Sterling Equities partners settled with Picard for $162 million.[19][20]

Bayou Hedge Fund Group Ponzi Scheme

Saul Katz and his partner and brother-in-law Fred Wilpon were involved in another Ponzi scheme which was orchestrated by Samuel Israel III and they were forced to pay $13 million to investors when Israel's hedge fund collapsed.[21] Through their partnership with Peter Stamos, Sterling Stamos, Wilpon and Katz were accused of withdrawing nearly all of their $30 million investment from the fund immediately before it collapsed. They settled in 2009 for $12.9 million dollars.[22]

Personal life

Katz is married to Iris Katz, sister of the Mets managing partner Fred Wilpon.[8] They have three children: Heather Katz Knopf, Natalie Katz O’Brien,[4] and David M. Katz.[23] The Katzes live in Glen Cove, New York and have a winter home in Boca Raton, Florida.[8]

References

  1. ^ Record Pilot: "Chabad Bids Shalom...Festival of Lights Illuminates Village Square By Carla Santella Archived 2015-09-23 at the Wayback Machine December 14, 2007
  2. ^ Jewish Foundation for the Righteous: "On Monday, December 1, 2014, the JFR will honor Iris and Saul Katz with the Foundation’s Recognition of Goodness award" retrieved October 24, 2014
  3. ^ New York Times: "Paid Notice: Deaths KATZ, ROSE" September 23, 2003
  4. ^ a b New York Post: "Mets’ owners’ kin made millions from Madoff: suit" By Kathianne Boniello February 6, 2011
  5. ^ Brooklyn College Foundation Board of Trustees retrieved October 24, 2014
  6. ^ "Saul B. Katz | TRD Research". therealdeal.com. Retrieved 2020-02-15.
  7. ^ Sports Illustrated: "Pays The Price" by Tom Verducci May 30, 2011
  8. ^ a b c d e The New Yorker: "Madoff’s Curveball - will Fred Wilpon be forced to sell the Mets?" by Jeffrey Toobin May 30, 2011
  9. ^ "Archived copy". Archived from the original on 2011-09-18. Retrieved 2012-01-11.CS1 maint: archived copy as title (link)
  10. ^ "Report: Katz wants to sell stake in Mets". SNY. Retrieved 2020-02-15.
  11. ^ Newman, Kyle (2020-02-07). "Steve Cohen's Bid To Buy The New York Mets Is Dead; What's Next?". Elite Sports NY. Retrieved 2020-02-15.
  12. ^ "NY Mets Said to Be for Sale With No Preconditions on Control". finance.yahoo.com. Retrieved 2020-02-27.
  13. ^ O'Keeffe, Teri Thompson, Nathaniel Vinton, Michael. "Mets owner Fred Wilpon 'distraught' over accusations he profited from Madoff's Ponzi scheme: sources". nydailynews.com. Retrieved 2020-02-15.
  14. ^ Belson, Ken; Sandomir, Richard (March 3, 2011). "Cuomo Has Held Talks With Both Sides in Mets Case". The New York Times. Retrieved March 4, 2011.
  15. ^ "Mets' owners shopped for fraud insurance: Madoff trustee". InvestmentNews. 2012-03-05. Retrieved 2020-02-27.
  16. ^ Madoff Trustee: Mets Owners Ignored Ponzi Warning Signs, Chad Bray, The Wall Street Journal, February 4, 2011, Retrieved February 4, 2011.
  17. ^ "Bernard L. Madoff: Master of the Ponzi Scheme" (PDF).
  18. ^ December 4, Newsday Staff Updated; Pm, 2019 9:04. "Timeline of Wilpon family's ownership of Mets". Newsday. Retrieved 2020-02-15.CS1 maint: numeric names: authors list (link)
  19. ^ Vardi, Nathan. "Mets Owners Settle Madoff Claims For $162 Million". Forbes. Retrieved 2020-02-27.
  20. ^ "UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK IRVING H. PICARD, Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC,  v. SAUL B. KATZ, et aI.," (PDF).
  21. ^ Cowan, Alison Leigh (2011-01-30). "For Mets Owners, a Costly Precursor". The New York Times. ISSN 0362-4331. Retrieved 2020-02-27.
  22. ^ "Report: Wilpons invested in another Ponzi". ESPN.com. 2011-01-31. Retrieved 2020-02-27.
  23. ^ New York Times: "In Real Estate, New Faces, Old Names" By DAVID W. DUNLAP March 20, 1994
This page was last edited on 1 November 2020, at 17:31
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