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‘Multibillion Dollar’ Settlement Coming To Madoff Creditors From Picower Estate?
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Reports suggest that the estate of Jeffry Picower, who was one of
Bernard Madoff’s major investors, is prepared to settle
claims by paying $2 billion to the Madoff trustee, for distribution
to creditors. Not quite the $7.2 billion the trustee was
seeking, but apparently it’s equal to the amount that Picower
took out of his accounts with Madoff in the six year
“fraudulent transfer” period preceding the Madoff
bankruptcy filing. Articles on this are available online at
http://dealbook.blogs.nytimes.com/2010/05/04/investors-estate-to-pay-madoff-victims-2-billion/?src=busln
and http://online.wsj.com/article/SB10001424052748704342604...
Where Is Bernie Madoff Still a Hero? Prison
(June 6) -- Bernard Madoff may wear the same standard-issue khakis
as the other inmates at North Carolina's Butner Federal
Correctional Complex, but to them, he isn't just prisoner No.
61727-054. The $65 billion Ponzi schemer is considered a hero and a
celebrity among fellow convicts, solicited for autographs and
business advice, New York magazine reports in a new feature story
on newsstands Monday.
Breaking: Madoff Gets 150 Years
Well, the question has been answered. Bernie Madoff has been
sentenced to years in prison. The matter now shifts to the Bureau
of Prisons, which will make the decision on where Madoff will be
sent. Possibilities might include the low- or medium-security
prisons near New York City like Fort Dix, N.J., Otisville, N.Y., or
Allenwood, Pa.
Frenzy outside the court: Madoff gets 150 years
Inside a packed Manhattan courtroom, Miriam Siegman and eight other
victims of Bernard Madoff directed their anger at the 71-year-old
disgraced financier. Madoff "discarded me like road kill," Siegman
said.Even before the one-time financier was sentenced to 150 years
in prison, Siegman, 65, hobbled out of the federal courthouse and
into the media scrum that has followed the secretive money manager
from his Upper East Side apartment seven months ago to this
sentencing Monday.There, anger toward Madoff appeared to have
shifted more to the regulators that many believe failed to stop the
massive fraud. Victims and nearby protesters took the government to
task for not preventing Madoff's Ponzi scheme. U.S. District Judge
Denny Chin said estimated losses for investors were more than $13
billion,...
Fees for Madoff trustee's law firm top $50 million
A law firm employing the trustee winding down Bernard Madoff's
investment firm has won court approval to be paid $20.3 million of
additional fees, pushing its total to $50.9 million for 13-1/2
months of work.In an order made public on Thursday, U.S. Bankruptcy
Judge Burton Lifland in Manhattan authorized the additional payment
to Baker & Hostetler LLP, plus reimbursement of $390,200 of
expenses, covering the Oct. 1, 2009 to Jan. 31, 2010 period.Baker
& Hostetler has been awarded $59.8 million of fees overall, but
is deferring 15 percent, or $9 million, until the liquidation of
Bernard L. Madoff Investment Securities LLC is complete, court
records show.Irving Picard, the court-appointed trustee and a Baker
& Hostetler partner, has been trying to recover assets for
victims of Mad...
