Friday, 29 August 2014
Last updated 9 hours ago
Nov 7 2011 | 12:16pm ET
Buffeted by a series of crippling legal defeats, the court-appointed trustee in the Bernard Madoff case says he's not sure how much he'll be able to recover for the arch-fraudster's victims.
Picard has recovered $8.7 billion of the roughly $17.3 billion in principal lost in the $65 billion Ponzi scheme. But most of that money is tied up in appeals, and several recent court decisions appear to have severely limited the amount he'll be able to recover.
"We have a $5 billion settlement and a $1 billion settlement," Picard told Bloomberg News. "It's all being appealed."
Picard is doing some appealing of his own. In recent months, he's seen almost $30 billion in lawsuits against banks junked by judges, and a ruling in favor of the New York Mets' owners that could cut the amount he can recover from Madoff clients by more than $6 billion.
"Some of my authority to bring those actions has been called into question," Picard said. "We will be appealing those decisions. In my view, unless we are imaginative, creative and go after some of these things, the victims don't have a chance of becoming whole."
Despite his difficulties in making lawsuits against banks stick, Picard last week sued another, seeking almost $1 billion from BNP Paribas. According to the lawsuit, a Madoff feeder fund transferred $975.5 million to a BNP unit—and that feeder fund, Harley International, has not coughed up any of the $1.07 billion default judgment Picard one against it.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...