Posted by: youngragingbull | February 13, 2013

Madoff victims to receive another $505M

The trustee in charge of liquidating Bernard Madoff’s former firm is looking to win court approval to distribute another $505 million to victims of the now infamous Ponzi scheme that cost customers more than $17 billion.

The trustee Irving Picard plans to seek permission from U.S. Bankruptcy Judge Burton Lifland, who oversees the liquidation of Bernard L. Madoff Investment Securities LLC, according to a posting late Tuesday on the trustee’s website.

If the judge grants approval for the third distribution, the amount of money advanced or distributed to customers would rise to $5.44 billion, close to half of the 2,499 claims totaling $11.05 billion that Picard has deemed “allowed”.

 

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