Fred Wilpon, the owner of the New York Mets , was a
close friend of Bernie Madoff, and it has been generally believed since the
outset of the scandal that Wilpon, his family and affiliated enterprises lost
hundreds of millions in the great Ponzi scheme. It has also been known
that the Wilpon group...
On this edition, Benjamin D. Feder of Kelley Drye & Warren LLP discusses the background of the lawsuit filed by Irving Picard, trustee of Bernard L. Madoff Investment Securities LLC, against the Wilpon Group, owner of the New York Mets. Mr. Feder explains the issues involved in the lawsuit and the...
The well known travails of Fred Wilpon, the principal
owner of the New York Mets, have all converged this past week. He, his
partner Saul Katz and their families and affiliated enterprises (the
"Wilpon/Katz Group") lost several hundred million dollars when Bernard Madoff's
Fred Wilpon, Saul
Katz, and their families and affiliated enterprises (the "Wilpon/Katz
Group") last week formally requested the dismissal of the adversary proceeding
commenced by Irving Picard, the trustee
of Bernard L. Madoff Investment Securities LLC ("BLMIS") . In a two
A recent New York Times article by Andrew Ross Sorkin
severely and unfairly criticizes Irving Picard, the trustee for the Bernard L.
Madoff Ponzi scheme. It states, "Mr. Picard has had much more success
collecting money for himself and a dozen law firms and consultants than any
victim of Mr...
A class of Madoff investors has settled with Fairfield
Greenwich and its related entities for up to $80.25 million.
These entities were Madoff feeder funds that had invested
over $4.5 billion with Madoff. In their second amended complaint, the investors
asserted claims of common law fraud federal...
Just in time for Valentine's Day, the court-appointed
bankruptcy trustee overseeing the aftermath of Bernard Madoff's $65 billion
Ponzi scheme has sought court approval to make a third
distribution to victims. Irving Picard, the bankruptcy trustee,
indicated his intention in today's court...
by Kathy Bazoian Phelps
The Madoff trustee and Madoff victims hoped to hold the banks liable for alleged wrongdoing. The banks hoped to escape liability on the theory that the Madoff trustee, standing in the shoes of Madoff’s company, was a wrongdoer that should be barred from suing the banks...
The trustee tasked with recovering funds for victims of Bernard Madoff's $65 billion Ponzi scheme announced he had reached a settlement with a Connecticut hedge fund that acted as a "feeder fund" in shoveling millions of dollars into Madoff's scheme. Irving Picard, the court-appointed...
"In this zero sum game where funds are limited, hard choices must be made....The plain language, purpose, framework and distribution scheme of SIPA, as well as (legal) precedent, all support the method chosen by the trustee" - U.S. Bankruptcy Judge Burton Lifland
A federal bankruptcy judge...