Bankruptcy

Recent Posts

Madoff Trustee Meets Stern v. Marshall
Posted on 16 Jan 2013 by Kathy Bazoian Phelps

In connection with the SIPA proceeding of Bernard L. Madoff Investment Securities, LLC, the district court issued its ruling on whether the U.S. Supreme Court decision in Stern v. Marshall , 131 S. Ct. 2594, 180 L. Ed. 2d 475 (2011), prohibits the... Read More

Judge Rakoff Squeezes Strike Zone for Madoff Trustee
Posted on 10 Oct 2011 by Kelley Drye & Warren LLP

Judge Jed S. Rakoff last week largely sided with Fred Wilpon and Saul Katz, the owners of the New York Mets , and their families and affiliated enterprises (the "Wilpon/Katz Group") on their motion to dismiss the adversary proceeding brought... Read More

Madoff’s Brother Agrees to $90M Settlement in Trustee Lawsuit
Posted on 7 Feb 2013 by Timothy Raub

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... Read More

Madoff Trustee's Amended Complaint - More Bad Stuff 'bout the Mets (Owners)
Posted on 24 Mar 2011 by Kelley Drye & Warren LLP

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... Read More

Ponzi Victims Pitted Against Each Other: Madoff Trustee v. California Attorney General
Posted on 5 Apr 2012 by Kathy Bazoian Phelps

"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 employ strategies... 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