Bankruptcy

Recent Posts

Valentine's Day Surprise for Madoff Victims as Trustee Seeks to Make Third Interim Distribution
Posted on 14 Feb 2013 by Jordan D. Maglich

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... Read More

Judge: Madoff Victims Not Entitled to Interest on Losses
Posted on 11 Sep 2013 by Jordan D. Maglich

"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... Read More

Ben Feder of Kelley Drye & Warren Discusses the Madoff Trustee's Lawsuit Against the Owners of the New York Mets
Posted on 1 Mar 2011 by LexisNexis Bankruptcy Law Community Staff

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... Read More

Second Circuit Bars Trustee’s Claims Against Banks in Madoff Ponzi Scheme Case
Posted on 8 Jul 2013 by LexisNexis Legal Newsroom Staff

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... Read More

Investors Settle with Madoff Feeder Fund Fairfield Greenwich for Up To $80.25 Million
Posted on 14 Nov 2012 by Kathy Bazoian Phelps

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... Read More

Madoff Trustee vs. the Wilpons - Meet the Mess
Posted on 4 Feb 2011 by Kelley Drye & Warren LLP

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... Read More

Looks Like Fred Wilpon Picked the Wrong Week to Quit Drinking
Posted on 31 May 2011 by Kelley Drye & Warren LLP

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... Read More

Madoff Trustee Reaches $98 Million Settlement With Feeder Fund
Posted on 28 Aug 2013 by Jordan D. Maglich

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... Read More

NY Times Column Criticizing Madoff Trustee Flawed on Many Levels
Posted on 8 Jun 2012 by Kathy Bazoian Phelps

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... Read More

Mets' Owners Swing for the Fences Against Madoff Trustee
Posted on 25 Aug 2011 by Kelley Drye & Warren LLP

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... Read More