‘Multibillion Dollar’ Settlement Coming To Madoff Creditors From Picower Estate?

Submitted by Steven Meyerowitz on Wed, 05/05/2010 - 4:48am

Reports suggest that the estate of Jeffry Picower, who was one of Bernard Madoff’s major investors, is prepared to settle claims by paying $2 billion to the Madoff trustee, for distribution to creditors.  Not quite the $7.2 billion the trustee was seeking, but apparently it’s equal to the amount that Picower took out of his accounts with Madoff in the six year “fraudulent transfer” period preceding the Madoff bankruptcy filing. 

Articles on this are available online at http://dealbook.blogs.nytimes.com/2010/05/04/investors-estate-to-pay-madoff-victims-2-billion/?src=busln and http://online.wsj.com/article/SB10001424052748704342604575222700549182586.html.

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Comments

Madoff Settlement

Submitted by Anonymous on Wed, 05/05/2010 - 6:55pm.

$2 Billion seems like a mere pittance considering the amount of money that was made from this investment. On the other hand the trustee is going after the widows who are left penniless and are being crucified by vitriolic members of the general public.

Waiting for justice.