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...
Judge Jed S. Rakoff this week denied the request of Irving Picard, the trustee of Bernard L.
Madoff Investment Securities LLC ("BLMIS") , to pursue an immediate appeal
Rakoff's recent decision to dismiss most of the counts set forth...
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...
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'...
Burton Lifland , the bankruptcy judge overseeing the liquidation proceedings of Bernard L.
Madoff Investment Securities LLC ("BLMIS") made a shrewd decision last week
in appointing, on his own initiative, former Governor Mario Cuomo...
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...
by Kathy Bazoian Phelps
Irving Picard, the trustee in the SIPA bankruptcy proceeding
of Bernard L. Madoff Investment Securities, LLC, has asked the Second Circuit
Court of Appeals to overturn two decisions from the Southern District of New
NEW YORK - (Mealey's) The brother of convicted Ponzi
scheme mastermind Bernard L. Madoff has agreed to pay more than $90 million to
settle claims that he participated in his brother's massive Ponzi scheme but
could escape any payment under...
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...
"An under-appreciated evil of substantial
frauds . . . is how they pit their victims against one another." United
States v. Dreier , 682 F. Supp. 2d 417, 418 (S.D.N.Y. 2010).
In the typical Ponzi case, some victims may
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...
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...