NEW YORK -- The New York Mets owners and a trustee for Bernard Madoff's fraud victims settled Monday for $162 million in a case aimed at undoing the damage from a massive investment scheme.

The Mets owners will not pay anything for three years.

In addition, Wilpon, Katz and their families and businesses will not have to pay much, if any, money out of pocket. Instead, they will now be eligible to receive up to $178 million from the billions of dollars that the trustee collects from the net winners. The proceeds that they receive from the trustee will be credited toward the $162 million they owe over a five-year period. The Mets owners will be responsible for any amount that is not collected.

As part of the settlement announced in Manhattan federal court Monday, the Mets owners won't have to make a payment for three years. Instead, they will surrender any recoveries from their claims against the bankruptcy estate, which amount to about $178 million.

After three years, the Mets will make payments to the estate to cover any amounts not resolved by their claim recoveries. Messrs. Wilpon and Katz will personally guarantee up to $29 million of the settlement.

Mets interested in dealing Pelfrey. Good luck with that
By Jon Heyman

The Mets would like to trade Mike Pelfrey, sources say. However, the likelihood of finding a taker considering his abysmal spring and high salary seems remote. Pelfrey has a 14.90 ERA this spring.

Sources suggest the Mets aren't enamored wigth Pelfrey's salary (no surprise there, as he makes $5.6875 million) or his body language. "He gives off a deer-in-the-headlights look,'' one A.L. scout said.

Thee Mets could release Pelfrey and be responsible for only one-fourth his salary, but that doesn't seem especially likely, either. Pelfrey, 28, has allowed 20 hits in 9 2/3 this spring, which isn't easy to do. Last year he was 7-13 with a 4.74 ERA, and he came to camp saying he was determined to make amends for that.

"The best thing for him might be to get out of New York,'' one rival exec said.

One other issue with trading Pelfrey is that the Mets don't have depth among starters. Veteran Miguel Batista is their sixth starter right now. Top prospect Matt Harvey, like Pelfrey a former No. 1 pick, was very impressive this spring, with all shutout innings, before being sent out. Harvey, though, had a 3.32 ERA in Double-A last year so he didn't quite dominate that level.

Barry Jive wrote:Pelfrey is worse than Kendrick

Swiggers wrote:
Another Mets fan in the league mentioned that 2 of his 3 sons have switched their allegiance to the Yankees.