Madoff Trustee Begins Seventh Pro Rata Interim Distribution of Recovered Funds to Madoff Claim Holders
New York, July 1, 2016 – Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), commenced the seventh pro rata interim distribution from the customer fund to eligible BLMIS customers on June 30, 2016.
The SIPA Trustee is distributing approximately $190.247 million on a pro rata basis to BLMIS account holders with allowed claims, bringing the aggregate amount distributed to eligible claimants to approximately $9.47 billion, which includes approximately $836.6 million in committed advances from the Securities Investor Protection Corporation (SIPC). The seventh distribution represents 1.305 percent of each claim dollar and will be paid on claims relating to 972 BLMIS accounts to record holders of allowed claims as of June 15, 2016. When combined with the prior six distributions, in aggregate, at least 58.369 percent of each customer’s allowed claim amount will be paid, unless that claim has been fully satisfied. Currently, the SIPA Trustee has allowed 2,597 claims related to 2,249 BLMIS accounts. Of these, 1,296 accounts will now be fully satisfied following the seventh interim distribution. All allowed claims totaling $1,200,024.90 or less will be fully satisfied after the distribution.
To date, the SIPA Trustee has recovered or reached agreements to recover approximately $11.168 billion since his appointment in December 2008.
State Court Judgment Recorded After Filing of the Bankruptcy is Not a Transfer Under §547(b)(4)
Gallinghouse & Assocs., Inc. v. Black (In re Black), Nos. 15-11935, 15-1071, 15-1073, 2016 Bankr….Read More
Whether a Complaint Adequately Identifies a Particular Transfer is Determined by Asking Whether a Defendant Could Respond to the Claims with Appropriate Affirmative Defenses
March 24, 2017 – Spradlin v. Pryor Cashman LLP (In re Licking River Mining, LLC),…Read More
Trustee Satisfies all Elements of §547(b) to Avoid the Transfer as a Preference
Conti v. Coastal Warranty, LLC (In re NC & VA Warranty Co.), Nos. 15-80016, A-15-9035,…Read More
A New York Court Rejects Merkin’s Attempt to Avoid Trial in the Madoff Clawback
January 30, 2017, New York – In a clawback war between Madoff Trustee, Irving Picard…Read More