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
Bankruptcy
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…
Continue Reading Judge Rakoff Squeezes Strike Zone for Madoff Trustee
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…
Continue Reading Mets’ Owners Swing for the Fences Against Madoff Trustee
Looks Like Fred Wilpon Picked the Wrong Week to Quit Drinking
By Ben Feder on
Posted in Bankruptcy
The well known travails of Fred Wilpon, the principal owner of the New York Mets, have all converged this past week. He, his partner Saul Katz and their families and affiliated enterprises (the “Wilpon/Katz Group”) lost several hundred million dollars when…
Continue Reading Looks Like Fred Wilpon Picked the Wrong Week to Quit Drinking
Madoff Trustee’s Amended Complaint – More Bad Stuff ’bout the Mets (Owners)
By Ben Feder on
Posted in Bankruptcy
Irving Picard, the trustee overseeing the liquidation of Bernard L. Madoff Investment Securites (“BLMIS”), has filed an amended complaint (the “Amended Complaint”) that seeks to buttress his allegations against Fred Wilpon and Saul Katz, the owners of the New…
Continue Reading Madoff Trustee’s Amended Complaint – More Bad Stuff ’bout the Mets (Owners)
Meet the Mess, Cont’d — Former Governor Cuomo Asked to Mediate Madoff Trustee’s Lawsuit Against Mets Owners
By Ben Feder on
Posted in Bankruptcy
Judge Burton Lifland, the bankruptcy judge overseeing the liquidation proceedings of Bernard L. Madoff Investment Securities LLC (“BLMIS”) made a shrewd decision last week in appointing, on his own initiative, former Governor Mario Cuomo to act as mediator in…
Madoff Trustee vs. the Wilpons – Meet the Mess
By Ben Feder on
Posted in Bankruptcy
Fred Wilpon, the owner of the New York Mets, was a close friend of Bernie Madoff, and it has been generally believed since the outset of the scandal that Wilpon, his family and affiliated enterprises lost hundreds of millions…
Continue Reading Madoff Trustee vs. the Wilpons – Meet the Mess
District Court Takes on Responsibility of Defining Dischargeable Environmental “Claims”
By Dana Kane on
Posted in Bankruptcy, Claims
The ongoing debate about the treatment of cleanup orders in bankruptcy looks to be getting a lot more interesting in the Second Circuit.
In a decision (.pdf) that could signal important precedent in the making, the United States District Court …