A recent decision by Judge Jed Rakoff of the Southern District of New York highlights the risks faced by directors and officers of companies in financial distress who fail to undertake properly their duties to the company and its stakeholders.
Continue Reading If the Shoe Fits . . . . Defendants in Nine West D&O Litigation Fail to Convince Judge to Dismiss Claims for Breach of Fiduciary Duty and Recovery of Fraudulent Transfers
Judge Jed S. Rakoff
No More Ugly American: Judge Refuses to Allow Madoff Trustee to Pursue Foreign Indirect Investors
By Ben Feder on
Posted in Bankruptcy
Judge Jed S. Rakoff of the Southern District of New York last week ruled that the U.S. Bankruptcy Code does not permit a bankruptcy trustee to recover foreign transfers. Specifically, Judge Rakoff refused to allow Irving Picard, the trustee of …
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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…
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…
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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