Two months from now will bring the five year anniversary of the unraveling of Bernie Madoff’s Ponzi scheme, one of the bookends, along with the collapse of Lehman Brothers., of the extraordinary Fall of 2008. To date, Trustee Irving
Bankruptcy
Whither the Bankruptcy Courts? Will They Wither? Supreme Court Again to Consider Constitutional Limits on Bankruptcy Court Jurisdiction
By Ben Feder on
Posted in Bankruptcy
Two years ago in Stern v Marshall, the Supreme Court surprised many observers by placing constitutional limits on the jurisdiction of the United States Bankruptcy Courts. The Court, in limiting the ability of a bankruptcy court judge to render a
Legal Nightmare Ends for Mets’ Owners. No Relief In Sight for Mets’ Fans.
By Ben Feder on
Posted in Bankruptcy
At the end of the day, Picard really did not have a case, but there was no way that Wilpon and Katz could risk a trial. It looks to be a fair and reasonable outcome.
http://espn.go.com/new-york/mlb/story/_/id/7708498/new-york-mets-settle-madoff-trustee-162-million
Madoff Trustee Gets Call on Borderline Pitch – Judge “Skeptical” But Does Not Dismiss Claims Against Mets’ Owners
By Ben Feder on
Posted in Bankruptcy
On the surface, Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”), had a very good day. Judge Jed S. Rakoff granted Picard’s motion for summary judgment against Fred Wilpon and Saul Katz, the owners of the
Madoff Trustee and Mets’ Owners Aim Final Beanballs at Each Other Ahead of Summary Judgment Hearing This Week
By Ben Feder on
Posted in Bankruptcy
Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”), and Fred Wilpon and Saul Katz, the owners of the New York Mets, and their families and affiliated enterprises (the “Wilpon/Katz Group”), each submitted their final
Madoff Trustee Seeks Summary Judgment With Respect To Fictitious Profits, Mets’ Owners With Respect to Principal Repayments — “Jack Sprat” Approach Could Resolve Entire Case
By Ben Feder on
Posted in Bankruptcy
The adversary proceeding of Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”), against Fred Wilpon and Saul Katz, the owners of the New York Mets, and their families and affiliated enterprises (the “Wilpon/Katz Group”), could
Five Weeks Until Pitchers and Catchers Report, Eight Weeks Until Lawyers Report – Madoff Judge Confirms Mid-March Trial For Trustee’s Claims Against Mets’ Owners
By Ben Feder on
Posted in Bankruptcy
Judge Jed S. Rakoff this week denied the request of Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”), to pursue an immediate appeal of Judge Rakoff’s recent decision to dismiss most of the counts set
The Right Kind of Broke? Judge Weighs Deeply Insolvent County’s Eligibility For Chapter 9 Protection
By Ben Feder on
Posted in Bankruptcy, Chapter 9
The travails of Jefferson County, Alabama are well known. Ordered by a federal court to upgrade its sewer system in the late 1990’s, the project was marred by corruption, cost overruns and financing with complex derivatives that ultimately saddled the County
Judge Rakoff Squeezes Strike Zone for Madoff Trustee
By Ben Feder on
Posted in Bankruptcy
Judge Jed S. Rakoff last week largely sided with Fred Wilpon and Saul Katz, the owners of the New York Mets, and their families and affiliated enterprises (the “Wilpon/Katz Group”) on their motion to dismiss the adversary proceeding brought
Mets’ Owners Swing for the Fences Against Madoff Trustee
By Ben Feder on
Posted in Bankruptcy
Fred Wilpon, Saul Katz, and their families and affiliated enterprises (the “Wilpon/Katz Group”) last week formally requested the dismissal of the adversary proceeding commenced by Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”). In a two