Madoff Trustee’s Recovery Reaches $12.7 Billion out of Estimated $17.5 Billion Lost in Principal
November 20, 2017, New York – Earlier last month, Irving H. Picard, Esq., as trustee for the substantively consolidated liquidation proceeding of Bernard L. Madoff Investment Securities LLC (BLMIS) and the Chapter 7 estate of Bernard L. Madoff submitted his eighteenth interim LLC report under SIPA §78fff-1(c).
As of November 20, 2017, the trustee has allegedly recovered or reached agreements to recover approximately $12.781 billion, representing nearly 73 percent of the estimated $17.5 billion in principal lost in the Ponzi scheme by BLMIS customers who filed claims.
This recovery purportedly far exceeds any prior restitution effort related to Ponzi schemes both regarding dollars and percentage of stolen funds recovered.
Debtor Avoids Payment Made to Her Former Attorneys on Account of Legal Fees As Preference
Pantazelos v. Benjamin (In re Pantazelos), Nos. 15-bk-08916, 15-ap-00314, 2016 Bankr. LEXIS 4512 (U.S. Bankr….Read More
Millennium Lab Trustee Initiates $35M Clawback Suit against Citibank and Others
November 7, 2017, Delaware – Earlier last month, a Chapter 11 trustee for the estate…Read More
Fifth Circuit – No Ponzi Clawback From Golf Channel
Janvey v. Golf Channel, Inc., No. 13-11305, 2016 U.S. App. LEXIS 15407 (5th Cir. Aug….Read More
Creditors Sue Billionaire Blavatnik in Trial Over Lyondell Bankruptcy
New York, October 17, 2016 – Almost a decade after the ill-fated deal that created…Read More
Supreme Court Hears Arguments in Merit Management Group vs. FTI Consulting Concerning Split Among Circuit Courts on the Scope of the Safe Harbor in Section 546(e)
November 7, 2017, Illinois – Last month, the Supreme Court heard oral arguments in Merit…Read More