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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…

Continue Reading Madoff Trustee Gets Call on Borderline Pitch – Judge “Skeptical” But Does Not Dismiss Claims Against Mets’ Owners

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…

Continue Reading Madoff Trustee and Mets’ Owners Aim Final Beanballs at Each Other Ahead of Summary Judgment Hearing This Week

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…

Continue Reading Madoff Trustee Seeks Summary Judgment With Respect To Fictitious Profits, Mets’ Owners With Respect to Principal Repayments — “Jack Sprat” Approach Could Resolve Entire Case

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…

Continue Reading 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

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)

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…

Continue Reading Meet the Mess, Cont’d — Former Governor Cuomo Asked to Mediate Madoff Trustee’s Lawsuit Against Mets Owners