Tag Archives: Madoff
IRVING PICARD, MADOFF TRUSTEE, IS AT IT AGAIN
Did you miss him? Irving Picard, the Trustee liquidating Bernard L. Madoff Investment Securities LLC, was back in the news recently. U.S. Bankruptcy Judge Burton Lifland of the Southern District of New York concluded that “time-based” damages to victims of the massive Ponzi scheme should not be awarded. The ruling means that Madoff victims who still stand to recover from the liquidation will not have their distributions adjusted for interest or inflation. In anticipation of the decision, Picard held approximately $1.36 billion in reserve that can now be distributed more quickly, albeit at his desired “discount.” Although Picard has already […]
Making Sense of the Settlement Between the Owners of the Mets and Picard in the Madoff Case
On March 19, 2012, the day the trial of the lawsuit by Irving Picard, the bankruptcy trustee in the Madoff case, against the owners of the Mets was to begin, the parties reached a settlement of Picard’s claims. The material terms of the settlement were placed on the record before District Court Judge Jed Rakoff. A transcript of the proceeding can be found here. Under the settlement, which is subject to Court approval on motion under Rule 9019 of the Federal Rules of Bankruptcy Procedure, Picard is to be paid $162 million in satisfaction his claims against Saul Katz and […]
Madoff Trustee Says Defendants ‘Eviscerate’ Court, ‘Pervert’ Law
The liquidator of Bernard Madoff’s firm said people and companies he has sued in 247 actions are “eviscerating” the bankruptcy court and “perverting” the law by rushing to find new judges for their cases. Defendants in lawsuits by trustee Irving Picard including JPMorgan Chase & Co. (JPM) and the New York Mets owners have asked district judges to decide whether Picard has a right to sue them, and for how much. They seek an “escape hatch” from bankruptcy court, which Congress intended to handle such cases as clawbacks of money withdrawn from a Ponzi scheme, the trustee said yesterday. Picard […]
Mets Ruling Used Within Days as Weapon in Fighting Madoff Trustee Suits
A judge’s ruling that slashed a billion-dollar claim against the owners of the New York Mets three days ago is already being used as a weapon by other defendants in lawsuits brought by the liquidator of Bernard Madoff’s firm. Safra National Bank of New York yesterday asked a bankruptcy judge to dismiss a suit by trustee Irving Picard, citing U.S. District Judge Jed Rakoff’s Sept. 27 ruling. Rye Select Broad Market XL Portfolio Ltd., based in the Cayman Islands, separately asked a federal district judge to take its Madoff suit out of U.S. bankruptcy court, citing Rakoff’s decision in the […]
Judge Narrows Madoff Trustee’s Suit vs. Mets Owners
In a ruling that could have a far-reaching impact on lawsuits seeking money for Bernard Madoff‘s victims, a federal judge threw out the bulk of claims by a court-appointed trustee who sought to recover about $1 billion from the owners of the New York Mets baseball team. The decision by U.S. District Judge Jed Rakoff limited—though didn’t eliminate—possible financial ramifications from the epic Ponzi scheme for one of Major League Baseball’s most valuable franchises.Beyond making it harder for trustee Irving Picard to recover the owners’ principal investment in the Ponzi scheme, the ruling indicated that he would only be able […]
