Sometimes it hurts to be too smart: http://www.nypost.com/p/news/local/manhattan/deal_out_mets_face_suit_yR7iLlyw9hpqdT8v1O4gfL "Picard's lawsuit accuses the Mets owners of profiting from Madoff's scheme by pulling out $300 million in profits before the $65 billion scam collapsed in December 2008. The suit, accord ing to sources, also claims that the own ers either knew or should have known that Madoff was a fraud -- but turned a blind eye as they earned massive profits. Because of those claims -- and because of evidence that the Mets' owners were financially savvy enough to have pulled money out from another Ponzi scheme after getting wise to it -- Picard may be seeking punitive damages that could expose the owners to total damages of up to $1 billion. That amount likely exceeds the Mets' total value, pegged by Forbes at $858 million last year."
I believe I read that the claw back period is seven years for anyone that withdrew profits. These folks had to know this was coming, and for this amount of money you would think this would have been news sooner.