Madoff Trustee vs. the Wilpons - Meet the Mess

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...

Ben Feder of Kelley Drye & Warren Discusses the Madoff Trustee's Lawsuit Against the Owners of the New York Mets

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...

Looks Like Fred Wilpon Picked the Wrong Week to Quit Drinking

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 long running...

Mets' Owners Swing for the Fences Against Madoff Trustee

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 hour...

NY Times Column Criticizing Madoff Trustee Flawed on Many Levels

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...

Investors Settle with Madoff Feeder Fund Fairfield Greenwich for Up To $80.25 Million

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...

Valentine's Day Surprise for Madoff Victims as Trustee Seeks to Make Third Interim Distribution

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...

Second Circuit Bars Trustee’s Claims Against Banks in Madoff Ponzi Scheme Case

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...

Madoff Trustee Reaches $98 Million Settlement With Feeder Fund

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...

Judge: Madoff Victims Not Entitled to Interest on Losses

"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...