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”.



Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s


%d bloggers like this: