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Judge Rakoff Squeezes Strike Zone for Madoff Trustee

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 by Irving Picard, the trustee of Bernard L....

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...