Madoff's Dealings with the Mets: Lookin' Shady to Me

The New York Mets have made the news recently but, unfortunately for them, it's not because their spring season is boding well for the rest of the season. Instead, the Mets are finding serious opposition is coming from the trustee in the Madoff case, Irving Picard, who is suing the Mets' owners...

Madoff Trustee's Amended Complaint - More Bad Stuff 'bout the Mets (Owners)

Irving Picard, the trustee overseeing the liquidation of Bernard L. Madoff Investment Securites ("BLMIS") , has filed an amended complaint (the "Amended Complaint") that seeks to buttress his allegations against Fred Wilpon and Saul Katz, the owners of the New York Mets, and...

Madoff Trustee Agrees To $162M Settlement With New York Mets’ Owners

NEW YORK - (Mealey's) The owners of Major League Baseball's New York Mets and the liquidation trustee of Bernard L. Madoff Investment Securities LLC (BLMIS) agreed on March 19 to a $162 million settlement of claims relating to the defendants' alleged profiting from Madoff's massive Ponzi...

Madoff Trustee Agrees To $162M Settlement With New York Mets’ Owners

NEW YORK - (Mealey's) The owners of Major League Baseball's New York Mets and the liquidation trustee of Bernard L. Madoff Investment Securities LLC (BLMIS) agreed on March 19 to a $162 million settlement of claims relating to the defendants' alleged profiting from Madoff's massive...

Wall Street Journal Talks with “The Ponzi Book” Co-Author Kathy Bazoian Phelps about Madoff-NY Mets Settlement

The Wall Street Journal's Bankruptcy Beat blog yesterday featured a conversation with bankruptcy attorney Kathy Bazoian Phelps of Danning, Gill, Diamond & Kollitz, LLP, co-author of the The Ponzi Book: A Legal Resource for Unraveling Ponzi Schemes and author of the The Ponzi Blog , about the...

Stockbroker Safe Harbor Defense in Ponzi Schemes Remains Unresolved Following Picard v. Katz Settlement

The stockbroker defense in § 546(e) of the Bankruptcy Code creates a safe harbor for recipients of certain types of transfers and can bar fraudulent transfer claims brought by a trustee. In Picard v. Katz , this was a $1 billion issue, and one that will now not go up on appeal due to the settlement...