Wilpon-bilker Bernie Madoff wasn't the only fraudster with baseball connections. This year's other high profile Ponzi artist -- Allen Stanford -- had multiple baseball players as clients, all of whom had a portion of their assets frozen as the case against the Texas investor started to break last February.
Eventually the funds became unfrozen and the ballplayers -- including Johnny Damon, Greg Maddux, Carlos Pena, Mike Pelfrey and Xavier Nady -- withdrew their cash. As a result, all of them were facing lawsuits from the government seeking to grab back money on the basis that it should rightly go to other ripped-off investors. But now they're in the clear, as a U.S. appeals court ruled yesterday that such lawsuits -- known as clawbacks -- can't go forward.
Whether Johnny Damon's new found liquidity will cause him to lower his contract demands remains to be seen.
Eventually the funds became unfrozen and the ballplayers -- including Johnny Damon, Greg Maddux, Carlos Pena, Mike Pelfrey and Xavier Nady -- withdrew their cash. As a result, all of them were facing lawsuits from the government seeking to grab back money on the basis that it should rightly go to other ripped-off investors. But now they're in the clear, as a U.S. appeals court ruled yesterday that such lawsuits -- known as clawbacks -- can't go forward.
Whether Johnny Damon's new found liquidity will cause him to lower his contract demands remains to be seen.
Ah, surely it's a great day in America when someone will not be sued....
And here I always thought that "clawbacks" were the ones you wanted to luck into on a bind date.
I was worried for them and their million's, I'm so glad I will finally sleep tonight, after many sleepless night's.