Sunday, 24 May 2015
Last updated 1 day ago
Dec 14 2010 | 1:35pm ET
It was probably only a matter of time—hedge funds specializing in distressed debt are offering cash for the claims of Bernie Madoff’s fraud victims.
“Virtually every sophisticated distressed investor is looking at the Madoff situation,” Thomas T. Janover, a lawyer at Kramer Levin Naftalis & Frankel, told the New York Times. Janover has represented clients who are considering buying claims.
Interest in the Madoff claims has been piqued in recent days by the spate of lawsuits filed by the Madoff trustee, Irving Picard. Some of the targets of the hundreds of lawsuits he’s filed are well-heeled banks—like JPMorgan Chase and UBS.
One nameless Madoff investor showed the newspaper letters he’d received from six companies offering from 20 to 34.5 cents for every dollar in claims. The letters came from firms including the Greenwich, Conn.-based hedge fund Contrarian Capital Management; Austin, Tex.-based Fulcrum Credit Partners; and Rutherford, N.J.-based Hain Capital Group.
Fortress Investment Group, Perry Capital, Silver Point Capital, the Baupost Group and Farallon Capital Management are among the hedge funds the paper says are “actively exploring the market.”
Picard has recovered $2 billion to date, and approved claims worth $5.9 billion. He's filed over $50 billion in so-called clawback lawsuits.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…