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Meet the Mess, Cont'd -- Former Governor Cuomo Asked to Mediate Madoff Trustee's Lawsuit Against Mets Owners

Judge 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 to act as mediator in the lawsuit brought by Irving...

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...

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...

Five Weeks Until Pitchers and Catchers Report, Eight Weeks Until Lawyers Report - Madoff Judge Confirms Mid-March Trial For Trustee's Claims Against Mets' Owners

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 of Judge Rakoff's recent decision to dismiss most of the counts set forth in Picard's adversary proceeding against...

Madoff Trustee Asks the Second Circuit to Overturn Standing Rulings

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 York dismissing his common law claims against financial...

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...

Ponzi Victims Pitted Against Each Other: Madoff Trustee v. California Attorney General

"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 to seek advantage over other victims. These may...

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...

Madoff’s Brother Agrees to $90M Settlement in Trustee Lawsuit

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 a consent order filed Feb. 6 in a New York federal...