Madoff trustee Irving Picard is seeking to recoup nearly $65 billion for investors. However, he has only been able to procure approximately $9 billion. Of that $9 billion, approximately $6.4 billion is tied up in challenges, leaving only $2.6 billion for Picard to disburse. Picard has actually paid investors around $330 million, while reserving the remaining $2.3 billion in customer accounts.
On May 15, 2012, the United States Court of Appeals for the Eleventh Circuit issued an opinion in the TOUSA, Inc.
Irving Picard, the trustee in charge of recovering approximately $20 billion from the Madoff Ponzi scheme, may now seek claims against the wives of Bernard Madoff's two sons according to a recent court order. Judge Burton Lifland of the U.S.
We have been following the saga of the case brought by Irving Picard, the trustee overseeing the Bernard Madoff bankruptcy liquidation proceeding, against the owners of the NY Mets, Saul Katz and Fred Wilpon.
On the surface, Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”), had a very good day. Judge Jed S.
IN RE: IFC CREDIT CORP. (December 5, 2011)
Judge Jed S. Rakoff this week denied the request of Irving Picard, the trustee of Bernard L.
Today, the Federal Securities Litigation Blog continues its with its larger-than-usual blog entry examining the Top 10 securities litigation stories that were the most intriguing in 2011. As mentioned yesterday, like any sort of Top 10 list, not everyone will agree. Other bloggers will have their own lists with different stories. But on a personal basis, these stories that fascinated me – like a good book, I look forward to the next "chapter" in these stories in 2012.
Here's a quick headline look at the Top 5:
In a significant expansion of the potential risk for distressed claims traders, the Delaware bankruptcy court has recently ruled1 that traders who engage in insider trading may have their claims subordinated to equity, and that traders who amass claims sufficient to block a plan of reorganization owe fiduciary duties to all other creditors and shareholders during plan negotiations.
Leading the Past Week