Wednesday, 1 October 2014
Last updated 10 hours ago
Jul 8 2009 | 10:10am ET
Ignoring Irving Picard could prove very costly to a couple of hedge funds.
The court-appointed trustee liquidating convicted Ponzi schemer Bernard Madoff’s empire has asked the judge overseeing the Madoff bankruptcy to enter notices of default against two hedge funds he says have failed to respond to his lawsuits. Picard sued Harley International and Vizcaya Partners in an effort to recoup phony profits he says the feeder funds withdrew prior to Madoff’s arrest in December.
Picard is seeking $1.07 billion from Harley, money he says the firm withdrew over the six years before Madoff’s scam collapsed. Harley is currently being liquidated in the Cayman Islands.
Meanwhile, Picard is seeking a similar default order against Vizcaya, which he says withdrew $150 million from its Madoff accounts in the 90 days before Madoff’s arrest. Picard has also asked authorities in Gibraltar, where British Virgin Islands-based Vizcaya’s bank is located, to hand over the $10.7 million of the hedge fund’s money it has.
If U.S. Bankruptcy Judge Burton Lifland grants Picard’s motion, both feeder funds could be ordered to turn over the money.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...