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Shortly after their team’s last pennant, Mets owners Fred Wilpon and Saul Katz had what proved to be a prescient idea: In spite of his genius, perhaps they should not entrust every dime they had to Bernie Madoff. You might call this good luck. You might call it only marginally fortunate, since the Mets family saw about 700 million fake dollars disappear one day in December 2008. You might, if you were named Irving Picard, call it indisputable evidence that Wilpon and Katz were in cahoots with the biggest fraudster of all time.
In any event, Wilpon and Katz kicked a few bucks to McKinsey vet Peter Stamos to start a hedge fund, which is more or less the only reason they still have any bucks to not spend on competent baseball players. Now, however, Stamos desires to sow his oats unencumbered by any grandfatherly baseball owners. Or by Bank of America, for that matter, which is fortunate, because Bank of America has bigger things to deal with than its non-voting stake in a $6.6 billion hedge fund.
Peter Stamos, the former McKinsey & Co. consultant who joined New York Mets co-owners Fred Wilpon and Saul Katz to start a hedge-fund firm in 2002, reacquired their stakes through a management buyout.
Stamos Capital Partners LP bought back interests held by the two partners as well as Merrill Lynch & Co., the New York-based firm disclosed in a regulatory filing….
The transaction enables Stamos to take advantage of a buyer’s market for stakes that financial institutions hold in money-management firms. Merrill is now owned by Bank of America Corp., which has been divesting holdings of hedge funds such as Stamos Capital to comply with the 2010 Dodd-Frank Act.
They may no longer be co-owners of the former Sterling Stamos, but Wilpon and Katz remain pretty sure it’s not a Ponzi scheme or something.
Wilpon, 76, and Katz plan to maintain their investments in Sterling Stamos’s hedge funds, according to a person familiar with the matter who requested anonymity because the information is confidential. Katz, Wilpon and their affiliates had about $393 million invested in Sterling Stamos funds as of September 2008, according to a lawsuit filed by Irving Picard, the liquidator for Madoff’s securities firm in the wake of the Ponzi schemer’s December 2008 arrest. The current figure is lower, said the person familiar with the matter.