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Second Circuit Reverses Lower Courts, Preserves Madoff Trustee's Ability To Pursue $3.75 Billion of Stolen Customer Property

On Aug. 30, 2021, in a significant decision that paves the way for additional substantial recoveries for the victims of Bernard L. Madoff’s Ponzi scheme, the Second Circuit Court of Appeals preserved the ability of Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), to pursue $3.75 billion of stolen customer property currently in the hands of participants in the global financial markets.

USA, Insolvency & Restructuring, Litigation, BakerHostetler, Second Circuit
Wisconsin passes non-judicial foreclosure for timeshare

Yesterday Governor Scott Walker signed into law SB 241 which permits non-judicial foreclosures for mortgages and assessment liens on timeshare estates and licenses.  The new law took effect upon being signed by Governor Scott Walker.

USA, Wisconsin, Insolvency & Restructuring, Leisure & Tourism, Real Estate, BakerHostetler, Foreclosure
Novel bankruptcy claim allows Florida HOA to collect surcharge from first mortgagees

If there was such a contest, the 232-unit Spa at Sunset Isles would be in the running for "worst case scenario" condo-conversion.  Here is a summary of the development's situation as it existed in late 2010:  

USA, Florida, Banking, Insolvency & Restructuring, Litigation, BakerHostetler, Bankruptcy, Costs in English law, Debt, Mortgage loan, Foreclosure, Condominium, Westlaw